What Millennial Renters Are Looking For
Category General News
Over the last few years, millennials have come to make up a significant portion of the rental market, and that number is only increasing. So, it makes sense to make your property as attractive to them as possible.
Luckily, their needs are not too demanding.
The first step, technology.
Although not quite as attached to their devices as Gen Z, millennials are still part of the always-on generation, and they’re used to be connected 24/7. Solution = WiFi. However, it’s not as straightforward as it seems. WiFi is good; fast WiFi is better; fast, uncapped WiFi is the best! If the cost is a concern, consider that they’re more likely to stream content – movies, series, music – so you’ll no longer need to fork out cash for a DSTV subscription. Once your WiFi is sorted, there are a few other tech options to look at that’ll further improve your offering. If you’re in a position to make small renovations, consider installing smart outlets that have integrated USB charging sockets. You can also replace traditional locks with keyless entry devices; there are several options available that range in price and features.
Next up, go green.
Millennials, like much of the younger generation, are increasingly concerned with preserving the environment. Small changes can have a big impact, look into replacing old incandescent bulbs with more efficient LEDs, and similarly replace shower heads and taps with water-saving alternatives. “Green” amenities like recycling or composting options are easy and affordable to install and make long-term sense. If your property is being let as furnished, energy star-rated appliances can make all the difference – to the tenants and your budget – as do features like bike parking.
Finally, and this one’s not always up to you, provide braai facilities (or permit the option to braai) and make the space pet-friendly.
Although these may seem trivial, they can make all the difference. As working arrangements become more flexible, people are finding they have more time at home and hence are opting to have pets. It can be a risk, but it will add significant appeal. Moreover, braaiing, well, we hardly have to explain that, it’s a national pastime bordering on a constitutional right!
Implementing only a few of these changes can be the difference between happy tenants and an empty property, and no one wants an empty property.
Author: Berman Brothers Properties