Looking to attract a pool of millennial tenants for your property In LA? We’ve got you covered!
According to a recent housing survey, Americans are preferring to rent their living space now more than ever. Owning a home is a part of the American Dream for generations. Not to mention, it is one of the most significant financial commitments people make to secure their investments. It’s simple math; when the prices in the housing market go down, the bar graph for demand increases.
But why are millennials preferring rentals over purchasing their own homes?
The homeownership concept for millennials is a bit different than others. In fact, there are multiple reasons why millennials are preferring rentals over purchasing their own homes. One of which is the burden of high student debt that makes it challenging to save up for the down payment of a new home. Thus, widening the affordability gap.
Another reason millennials prefer rentals is that they are always looking for better job opportunities to strengthen their careers. That’s why they rent a home in cities like Los Angeles or New York City so that they can consider changing jobs as soon as they are off the lease.
All in all, it is safe to assume that millennials are dominating the renters market. So, suppose you own a rental property in Hollywood city. In that case, you should know how to attract your biggest audience, i.e., the millennials. Here we’ve got you some tips to make your property appealing to the growing demographic. Let’s take a quick look at them.
Get on with the latest payment trends
You should know that millennials have grown up in a smartphone era. Not to mention, they rely on the internet for almost everything. From ordering food to online shopping, they are accustomed to look for everything they need online.
Not only this, but many people who belong to this generation admitted that they are now used to digital currency exchange. Also, they prefer online and easy-to-make payments for nearly everything. For them, everything is on the tap of the button.
So, you need to leverage exactly that for your benefit. Try to embrace modern payment methods that help your tenants make hassle-free payments right away. You can also give them an option to use credit cards for rent payments to earn points for travel and other rewards.
Advertise your property strategically online
As outlined above, millennials turn to the internet for help. And they prefer doing the same with house hunting. And can you blame them? No one wants to spend their weekends going outside and looking for available rentals. That’s why they google available rentals in LA or any other major city to save time.
So, you as a property owner need to use the internet for your own gains. Look for some reliable listing websites where you can make your property available. All you need to make sure is to add the necessary information and everything else you want your would-be tenants to know.
If you don’t have time for all of that, don’t worry. There’s another way out for you to advertise your property for your target audience. You can consider collaborating with la property management professionals who can help you with your rental. Such professionals will not only help you with the advertising part but will also make sure that you find legitimate tenants for your property.
Go easy with the pet-policy
A recent survey highlighted that 70% of millennials are pet parents. You should also keep in mind that even if you don’t want pets in your rental, your tenants will anyway find ways to sneak them in. Not to mention, they can go to greater lengths for this. In fact, a recent study showed that 20% of renters sneak and keep their pets hidden in the rentals.
Although there are pros and cons of associating with tenants who are pet parents, it’s time to go easy on your pet policies. Try to be a bit lenient about having pets in the rentals.
You can allow your tenants to have pets on your rental property as long as they don’t damage anything or bother the neighbors. Be very specific about your pet policies at the beginning of the rent agreement to steer clear of any future troubles.
Highlight the amenities that might interest your audience
It is needless to say that every tenant surveys the neighborhood and looks for available amenities. So, in order to make your property appealing to millennials, highlight the ones that might interest them. It’ll help in giving your rental an edge over others.
Here are a few examples of amenities to highlight in your rental advertisement.
- Availability of public transportation: Millennials prefer shorter commutes and prefer using public transport rather than having their own. So, in case your rental is situated at a place where your tenants can have access to buses and ferries, you need to highlight that in your rental listing for your would-be tenants.
- Proximity to entertainment units and cafes: A recent survey confirmed that millennials love to go to restaurants or other entertainment units to blow off some steam after work. So, it would be worth mentioning a funky corner or nearby park to attract millennials for your rental.
Add a modern touch to your space
If you really want your rental to be the one that impresses your would-be tenants right away, then you need to make some changes around. Try adding a millennial vibe to your space by making it more tech-friendly and creating an incredible ambiance with the lighting. For instance, you can install an electric fireplace in the living room to make it more welcoming.
You can also consider making some changes to the backyard by making it much more appealing to millennials. This means that you can also go for advanced sprinkler systems or some cool water fixtures to elevate the charm of the space.
Also, you can make your rental more eco-friendly by installing solar panels and energy-efficient enhancements.
It is not easy to target a specific generation for your rental property in LA. Fortunately, you now have something to get started.