First, you’ll want to figure out what millennials look for in apartments to rent, then exceed their expectations. Most millennials have somewhat different values and preferences than other tenants, with a few tweaks you’ll be able to adjust your approach to attract them.
What Millennials Want in Apartments
Millennials typically rent long-term as they are uninterested in buying a home anytime soon. They also want flexibility in their living arrangements in case they need to move for work or a relationship. Millennials tend to have a rather high amount of student loan debt and need predictable expenses so they can set aside income to pay their loans.
Whether millennials are on a budget or not, they prioritize going out and enjoying life. They prefer apartments located near restaurants, bars, cafes, nightclubs, parks, gyms, and other places they can hang out, be social, and entertain themselves.
These renters may seem like party animals. However, they care deeply about the environment. They insist upon recycling at a minimum and want to curb water and electricity usage and enjoy finding new ways to conserve, reduce, and reuse. As much as they love to exist online using social media, they also highly value hanging out in person and value community.
Millennials are a bit phone shy as well. Instead of calling you or seeing you in person, they prefer to send a quick text or email.
Ideas on How to Make Your Apartments More Attractive to Millennial Renters
Ways to make your apartment more modern:
- Develop an attractive and professional website to show off professional photographs of your units
- Allow renters to apply for a unit online and pay rent online
- Let renters make maintenance requests online
- Text renters and email renters for information as opposed to calling them
- Create social media accounts for your apartment complexes to build an online community
Ways to make your apartment efficient:
- Install low-flow toilets and shower heads in bathrooms
- Use compact fluorescent or LED lights in common areas
- Offer to recycle and composting services on site
- Switch to energy-efficient appliances when upgrading units
Ways to make your apartment community-oriented:
- Advertise neighborhood amenities from bars to restaurants to farmers’ markets and parks
- Show photos of community perks (like swimming pools) on your website
- Host parties, movie nights, or social hours and then post everything on your website and social media
- Engage with renters on your social media channels