Real Estate Resources and Advice For Growing Families

Property Management Tips For Landlords With Millennial Renters

There is always a lot of talk in the news about the so-called Millennial generation and how they live. Some of it is negative, but really, Millennials just do things a bit differently, largely because they grew up around technology and during a time when the job market was undergoing rapid change. If you manage properties that are largely rented by Millennials, then it is important to be aware of their needs and to consider implementing these policies and changes that will make your rentals more appealing to them.

1. Accept online payments

If you are still only accepting checks as payment, then it is time to move forward. Millennials are used to paying for everything online. You really should be offering at least one online payment option, whether that is a direct transfer from a bank account or payment via a third-party service like PayPal. You can still accept checks, but that should not be your only option.

2. Offer WiFi

Sure, tenants can sign up for their own internet service, and people have been doing so for many years. But Millennials will really appreciate not having to do this. If you offer community-wide WiFi on your property and just include it in the cost of rent, it will save them the hassle of having to call to set up service and also go without service for a few days after moving in. Being able to use WiFi in common areas is also hugely convenient.

3. Build a community gym

Even if you only have a couple of rental units in the same area, building a small workout room or gym will be really enticing to Millennials. This generation cares a lot about health and fitness, and having a space they can work out in without paying high membership fees will be really appreciated. You really only need to include the basics: a treadmill, an elliptical, and maybe some free weights.

4. Host community events

Millennials like to socialize, but they often do so through organized events. If you host a game night, a movie night, or even just a coffee hour once a month or so, expect it to be well-attended. These events foster the sense of community that this generation is looking for, and they're pretty inexpensive to put on.

With the tips above, you can make your rentals more appealing to the younger Millennial generation. If you need additional tips, reach out to your renters and ask where you can improve.

For more information on property management, reach out to a local property management group.