We’ve all seen those internet ads that say, “Cut down on belly fat by doing this one thing”. While some people scoff at those ads and don’t bother to click on them, others eagerly select the ad, hoping it will be the one answer that will help them lose weight. So, if someone told you that you could have 25% of the population more likely to rent your unit by “doing a few things,” would you do it? As a landlord, your goal is to have a large pool of tenants to pick from, ensuring that you find that golden tenant who pays rent on time and takes care of the property as you would. Who makes up the largest growing rental population? Millennials. Specialized Property Management Dallas is the #1 Dallas property management company that can help you cater to Millennials and make it more likely that they’ll rent from you.
Here Are the Facts
Millennials are currently the largest living generation. But only 34 percent of them in America own a home. Millennials don’t want to be tied down to a mortgage because they are finishing college, chasing career opportunities, or they just want more freedom to be able to travel whenever they want. So, they’re renting instead of buying. Millennials were raised in the cell phone generation, so when they want something, they want it now, and they want it fast. Most are not married or choosing to postpone marriage until later in life.
Pew Research shows that “Millennial households dominate the ranks of the nation’s renters. Last year, Millennials headed 18.4 million of the estimated 45.9 million households that rent their home.”
If you go back about 40 years, most young people under 35 were anxious to get married, buy a home, and start a family right away. In fact, the Pew Research found that in 1982, 41% of households were owned by adults younger than 35 years old. Over the years, those numbers have consistently gone down, and now it’s more common for adults under 35 to rent instead of own a home.
What Millennials Want From a Dallas Property Management Company
When millennials start looking for places to rent, they’re going to ask themselves a few questions. This shows where their priorities lie.
- How close is the single-family rental home or apartment unit to my job?
- What is the Wi-Fi like? Is it fast enough to accommodate the days I have to work from home?
- Does the complex or home have a pool, work out gym, or dog park nearby where I can meet people? (About 76% of Millennials own pets, so a dog park is a huge perk)
- How safe is the rental home or apartment? Are break-ins common?
- Can I cook in the kitchen? What kinds of upgrades does it come with?
Though a lot of these questions may seem extraneous or not pertinent to renting out a home, these types of inquiries may make or break a Millennial’s decision to rent from you. Also when looking at different homes managed by various rental property management companies, Dallas millennials will Google reviews or ask around to find out what kind of customer service they can expect. Make sure your reviews or references are high if you want their business!
Why You Need to Use Technology
Some landlords or Dallas residential property management companies might think they can get away with just sticking a “For Rent” sign in the yard to attract tenants to their home. In this day and age, you’ll be waiting a long time if that’s all the advertising you want to do. Smart landlords know that Millennials are a technology-driven generation. You’ve got to have significant online marketing that can easily be viewed on a cell phone. It’s helpful to have a video walk-through of your rental home, as well as a bullet point list of the home’s amenities. You should also be sure your rental applications are available in an online format because a lot of Millennials don’t own a paper printer. Rent payments should be collected via an online system, as checkbooks are pretty much obsolete with Millennials, too. If you hire a Dallas property management company, be sure to ask them about their online presence and the methods they use.
What About the Other Pool of Renters?
You might think that by trying to get business from Millennials you’re neglecting the other potential tenants out there. This is not the case. Having amenities, upgrades, great Wi-Fi, and online systems for most everything is a great way to attract people of all ages. Money magazine reported that “[j]ust 15% of millennials’ bills are paid by mail; for seniors, that figure is 40%, according to the report. Millennials pay 61% of their bills online while seniors pay 42% of their bills online.”
What does this mean for you? Although some people older than Millennials pay bills using alternative methods, the popularity of paying bills online is continuing to increase.
To Sum it Up
If you are a landlord or Dallas property management company that wants to get ahead in this industry, do your best to focus on the Millennial generation. You can achieve this by doing the following:
- Recognize that this a huge generation of renters
- Focus on improving your property’s safety features, amenities, upgrades, and Wi-Fi
- Advertise your rental home/unit online
- Allow documents to be filled out online
- Have an online rent collection system
Out of all the rental property management companies, Dallas landlords put their trust in the skills and experience of Specialized Property Management Dallas. We have the proven processes you need, and we know how to appeal to Millennials. Call us today!