If you own a rental property in Fort Walton Beach and you’re not targeting millennials, you could be losing a lot of revenue. The rental market is full of millennial tenants. Just under 80% of millennials are renting homes rather than buying them.
Why do millennials prefer to rent rather than buy a home? They’re still feeling the repercussions of the Great Recession in 2008. They also have hefty student loan debt that will take them years to pay back.
So, if you let this large group of renters fall through the cracks, you’re missing out on leasing your rental property quickly.
By the end of this article, you will know precisely how to make your property more attractive to millennials in Fort Walton Beach and get tenants faster.
Speak Their Language
Millennials are the founders of texting and social media. So, if you want to get in front of them, you have to speak their language.
When it’s time to advertise your rental property in Fort Walton Beach, try using social media and other online listing platforms. Millennials are always scrolling through social media, so your ad will likely pop up.
Make sure you post high-quality pictures and write an enticing description of your property. You may even want to consider doing a virtual or 3D tour of your property to make it even more convenient for millennial renters.
Another way to speak their language is by choosing to text instead of calling them. Many millennials choose to communicate via text message rather than picking up the phone to talk. You’ll get faster responses from your millennial tenants this way.
Create an Eco-Friendly Space
Millennials tend to be very conscious of their environmental impact. This means they choose — and will even go out of their way for— eco-friendly and sustainable products and businesses.
If you add eco-friendly touches to your rental property in Fort Walton Beach, then it will become more appealing to the millennials there.
These eco-friendly features include low-flow toilets, energy-efficient appliances, and LED lightbulbs. Not only will it decrease the environmental impact, but it can even reduce your tenants’ utility bills.
Add High-End Finishes
If your rental property looks like it’s from the 1980s, millennials probably won’t be very attracted to it. They prefer a stylish space with modern features, especially in the kitchen and bathrooms.
Think about it… millennials are avid users of social media and they want to show off their lifestyles. If your rental property isn’t up to par and social media worthy, not only will millennials not find it attractive, they also won’t be interested in it.
Simple ways to add high-end finishes include upgrading kitchen appliances, adding granite countertops, and modernizing the bathroom. You can even add smart home features, such as a smart doorbell or surround sound speakers throughout the home.
One of the most common reasons a millennial won’t even look at a rental property is because pets are not allowed. A study by TD Ameritrade found that 70% of millennials have pets. That’s a lot of people you’re dismissing as tenants if you don’t allow pets.
If you’re worried about animals damaging or ruining your property, ask for a separate security deposit from your tenants. This can be used to repair any damages or excessive cleaning that must be done due to the pet.
You can also restrict the type of pets you allow. Maybe you’re more comfortable having a cat in your rental than a dog. You can even put a weight limit on dogs if you choose.
Provide a Washer and Dryer
Millennials are super busy people. The job market is hard enough without having to worry about paying back thousands of dollars in student loans. So, many millennials work multiple jobs. They don’t have time to go to a laundromat in the middle of the week.
When you provide a washer and dryer in the unit, it makes it convenient for your younger tenants. It’s an easy appliance to install and will make your rental property so much more outstanding to millennials in Fort Walton Beach.
Sell the Neighborhood
Most millennials enjoy going out and having a good time with friends. So, when you’re advertising or showing your property, make sure to sell the neighborhood too.
Let your prospective tenants know what restaurants, bars, cafes, gyms, and other attractions are around the neighborhood. Is there a public transportation stop within walking distance?
Millennials don’t just rent a property because it looks nice. They also put great importance on its location.
Keep It Low-Maintenance
One trait that millennials often show is that they appreciate low-maintenance things. They enjoy having nice things around, but they don’t typically love taking care of it.
For example, they may love to sit outside in a yard on a nice day with their friends. However, they don’t want to have to mow the lawn or put down weed killer.
So, try to keep the property low-maintenance and easy to care for. If there is a yard, offer someone to maintain it for a fee or work it into the rent.
Millennials are the generation of technology. They are the first to grow up with cell phones, the internet, and AI technology.
So, if you want to make your rental property more attractive to tenants, it’s time to digitize your processes. This means rather than having your tenants come to you and sign a lease, have them sign it electronically. 51% of renters prefer to sign documents electronically.
You can also digitize the way you collect rent from your tenants. Offer to receive their rent through online platforms or mobile apps rather than having them mail you a check.
Adding more digital features to your rental process makes it easy for you and your tenants. Plus, you’ll attract more millennials in Fort Walton Beach!
With these features, you may even retain your tenants longer because you’ve made the rental process pleasant for them.
Hire a Professional Property Management Company in Fort Walton Beach
It can be challenging to keep up with millennial trends when attracting them to your rental property in Fort Walton Beach.
Now, you don’t have to!
All American Realty and Investment Group is the leading property management company in Fort Walton Beach. Our professional services will help you get even more millennial tenants through strategic marketing tactics and excellent customer service.
Contact us today and speak with one of our experienced team members about how All American Realty and Investment Group can help make your rental property more appealing to millennials in Fort Walton Beach.