Much has been said about the millennial generation. According to Pew Research, this group is made up of people born from the early to mid-1980s to the early 2000s. Millennials are in their early adulthood today, and this emerging market has different needs than previous generations. As millennials move into the rental market, do you know how to best reach them to market your single family rental properties?
1. Millennials Want Choices
Millennials are an on-demand, tech-savvy group. They know what they want, and they expect brands to take that into consideration. It's important to demonstrate that you care about their needs and are equipped to meet them. Your listings should reflect the special qualities of each property and each neighborhood so that your millennial renters can decide what's right for them.
2. Millennials Need Access
Millennials are used to instant access, whether it's through the computer screen or in their home. Properties nearby community spots such as coffee shops and recreation centers are ideal for millennials. The spaces around them should be diverse and friendly to those who are starting out in their careers or enjoying a flexible work schedule. Consider what your neighborhood has to offer that might appeal to millennial renters, and showcase it in your marketing efforts.
3. Millennials Are Unique
While there are common attributes and needs across the millennial generation, these individuals aren't all the same. We know that many millennials are delaying marriage and waiting longer to have children, but others are new parents. Your marketing strategy for a career-mobile twenty-something is going to be quite different than your marketing to a couple in their early thirties who's looking at starting a family. They're both millennials, but they're at different life stages and have unique needs.
4. Millennials Stay Connected
Millennials have grown up with the internet and they love their devices. When you're marketing to this group, make sure your listings are online and easy to find. They should also be shareable so tenants and prospects can easily tell friends about your rental properties. Once you've welcomed new millennial tenants, keep your online communication up-to-speed by using property management software to track their online property requests through your tenant management portals.
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