Attracting Millennials to Your Rental Apartment – Our Guide

Increasing house purchase prices have resulted in millennials leaning more towards renting property. The market is on the up, with around 50 per cent of the current housing market accounting for millennial renters. If you are a landlord with property such as apartments to let London wide, this target audience could well be ideal for you. So let’s take a look at top ways to attract millennials to your rental apartment.

What is a millennial tenant?

Anyone born between 1981 and 1996 is classed as a millennial. This demographic displays particular lifestyle habits and preferences that landlords and property management services agents alike can tap into when marketing their apartments to let in London. Here’s our advice on how to best target this demographic.

Sell the amenities

Millennials love added extras, especially anything to do with technology, fitness, well-being and entertainment. So, if your London rental apartment is brimming with features, be sure to sell them! Anyone searching for ‘small apartments to let near me’ will be instantly attracted to perks such as a pool, gym, rooftop garden, courtyard, laundry services, cycle storage and high speed internet… these are all major salient points.

However, not all apartments to let across London boast such amenities, and it’s not always financially viable to provide them. Instead, focus on what the local area has to offer. Local gyms, entertainment and leisure facilities, shopping centres, eateries. Anything that might spark interest is worth pushing as a selling point to the millennial generation.

Choose the right location

Savvy agents offering property management services will tell you that location really does matter to the millennial market.

Millennials tend to like living close to where they work so they can achieve a better work-life balance. Investing in rental property that’s close by key commercial zones is often a good move. If that’s not viable, try to choose property that’s close to convenient transport links so that tenants find it easy to commute as well as travel for social reasons. If there are safe cycle routes, all the better for the millennial generation!

Go pet friendly

Millennials tend love their pets. Rental property that’s pet friendly isn’t so easy to come by, so if you’re looking to source good tenants, why not consider allowing them to bring along their furry friends?

Naturally you’ll need to consider the additional wear and tear having pets as tenants will cause, and you’ll need to think about things like flooring and whether you may prefer to go down the unfurnished route. But all considered, it could be worth it if millennials is the target market you are looking to attract.

Be environmentally conscious

Millennials are environmentally aware as a generation, having grown up around recycling and renewables. There are many apartments to let London wide, but not all of them will tick all the eco-friendly boxes for the millennial renter. So if you can make yours fit the bill, you could really stand out as a go-to landlord for this demographic.

Think about things like double glazing, insulation, modern heating and hot systems, smart home energy monitors, solar power… there is a lot you can do to make your property greener. Don’t forget, as of 1 April 2018, landlords of privately rented domestic and commercial property in England and Wales must ensure their properties are at least E-rated for energy performance.

homes2let – property management services designed to help you target millennials

If you have an apartment to let in London and are interested in targeting the millennial market, talk to homes2let. Our experts have extensive knowledge in this sector and will be able to guide you towards successfully renting your property profitably to reliable tenants.