We’ve all heard how young professionals are altering the workplace, but did you know that they’re changing the rental market, too? In fact, recent research has shown 40% of millennials will never buy their own home. Therefore, it’s becoming increasingly important for them to find a long-term rental property.
But what does this mean for landlords? And just what are young professionals looking for in a rental property? To help you appeal to this huge demographic, here are some essential styling and decorating tips.
Technology and Automation
A generation that has grown up with technology, millennials are increasingly expecting to find tech in their rental properties. While this may sound like an expensive investment for landlords, there are many simple and affordable ways to include tech when redecorating.
This could include smart thermostats that can be controlled from a mobile phone or making sure your rental property has been configured for fibre broadband.
Pets in Properties
Pets are popular among millennials and as such, pet-friendly properties are more in demand than ever before. While this may feel risky for a landlord, with millennials renting for longer, being able to live with their furry friends is essential for many. As such, allowing pets could help your property stand out.
When it comes to styling, to make a property more pet friendly and minimise risk, consider easy-clean materials, such as hard flooring.
Millennials are known for being eco conscious. As research shows, 42% look for rental properties that align with their green principles. This means incorporating environmentally friendly features could help to attract young professionals.
When styling your rental property, consider including features like LED energy efficient lighting or smart meters to monitor energy consumption.
Amenities and Facilities
For young tenants, a property is more than just a home; it represents a lifestyle. As such, when decorating, consider how the space will be used. For example, making sure there is adequate room for socialising could appeal.
In terms of styling, this could mean including a breakfast bar, considering an open plan layout or for furnished properties, including plenty of seating with a large corner sofa.
It goes without saying that millennials spend a lot of time online and when it comes to searching for a rental property, this is no exception. When it comes to styling your property, marketing is an important aspect, so consider using online processes.
This could include advertising on social media or using an online application form, both of which could attract this generation of renters.
In the past, a tidy and neutral interior, good location and plenty of space were the main priorities. But today, young professionals are looking for more. As such, consider these styling tips when renovating to attract long-term millennial renters.
Checking Tenant Credit Worthiness
A final point after making all that effort to make your property appealing to millennial tenants – you’ll want to proof that they can afford their rent and haven’t had issues with making payments on their financial bills such as loans in the past.