Owning a rental property in Salt Lake County is a great investment move. However, there are more ways to make your investment even better – attracting millennials to rent it out.
Millennials, a generation born between 1981 and 1996, actively lead the real estate market in Salt Lake County and around the country. This is why landlords are becoming increasingly attentive to real estate trends that millennials prefer.
According to a First American Financial Corp 2020 report, in a decade, millennials, the largest generation in America, could become responsible for around 15 million home sales.
So, what do millennials want in a property?
By the end of this article, you’ll know how to keep up with the trends and make your property in Salt Lake County more attractive to millennials.
What Do Millennials Want in a Home?
Landlords around Salt Lake County who haven’t made their properties attractive to millennials may rue not doing so sooner. More millennials are taking up real estate properties by renting than any previous generation. They don’t seem to have the same desire as their parents or grandparents to own a home.
To increase your rental property’s income and reduce vacancy rates, there are a number of things you can do to make your property more attractive to the largest rental market demographic.
1. No Restrictions on Pets
Pets are one trendy possession common amongst millennials everywhere, with 37 million millennials making up 27% of pet owners. It isn’t uncommon for property owners to enforce no-pet policies in their property because they fear it’ll constitute noise and nuisance.
But even for properties with a no-pet policy, some millennials still find a way to smuggle in pets. Making your property pet-friendly will make it different, and millennials will become more receptive to it. Allowing pets vastly opens the doors to leasing your property faster.
2. Make Sure the Kitchen is Nice and Modern
The kitchen is considered the heart of the home, and millennials know this. Ensuring the kitchen looks modern, neat, and stocked with high-tech appliances may be what you need to find quality tenants.
New paint jobs, upgraded counters and appliances, and changing old cabinet pulls and handles will do the property a world of good. If the kitchen is bright and comfortable with a decent space to work in, your millennial tenant will be happy.
3. Make Your Property as Modern and Digital as You Can
As a landlord, you need to move with the times when it comes to home automation. There are always newer home amenities that millennials may look out for when renting a property.
Some of these amenities will give an overall modern look and feel to the home. One of such trends are tools that let tenants interact with their home via smartphones.
From automated cooling and heating systems to lights and automated security and alarm systems, all of these tech-savvy amenities make living easier and the property more attractive to millennials.
Besides, they also add to the worth and the cost of renting the property, making them a viable investment for you.
4. Keep Your Property Eco-Friendly
Unlike Generation X and Baby Boomers, millennials are well aware of the need for eco-friendly consciousness.
For this reason, the use of organic and recycled materials in your property will give it more of an eco-friendly status and become more favorable among Millennials. They will go out of their way to adopt a more sustainable and environmental approach to how they live.
Also, where possible, use solar panels to run appliances like heaters. All of your property’s eco-friendly features and amenities should be promoted when you list your property out for rent.
5. Promote and Market the Neighborhood’s Best Features
A neighborhood’s appeal may just be what will land you a high-quality millennial tenant. For this reason, landlords should emphasize the benefits of the neighborhood where their property is located.
Most millennials are young and unmarried in their late 20s and 30s who have an interest in new restaurants, bars, and music parties. Neighborhoods with all of these and more exciting trends will pique the interest of potential millennial tenants.
Also, most millennials will find local vegan eateries, farmer’s markets, parks, events, and gyms in their neighborhood especially desirable. For instance, in Salt Lake City, the prestigious Sundance Film Festival is one event to look out for.
If the property is accessible via public transportation, this should also be communicated. Not only is it convenient, but it’s another eco-friendly benefit.
Landlords should let potential renters know of all the entertainment the neighborhood offers. Overall, aim to show your neighborhood as community-oriented.
6. Furnish Your Property with a Washer and Dryer
In-unit washers and dryers might come across some property owners as unnecessary appliances because of maintenance and repair costs. But a discussion with the majority of millennial renters might reveal otherwise.
Washers and dryers within your property may just be what you need to win over that high-quality millennial renter. Due to the convenience that it offers to a busy millennial, this could place your property above the competition in the Salt Lake County rental market.
7. Be Open and Transparent with Fact and Figures
If there’s one way to fail as a landlord, it’s the lack of transparency with facts and figures. Some millennials you may interact with are incredibly smart, educated individuals who will ask fact-finding questions.
Most answers to these questions could be found with a simple online search or phone call. So, never present half-truths or lies about certain facts about the property or the neighborhood. This could damage your relationship with the potential tenant and cause issues if they sign a lease.
Attract More Millennials with KeyRenter Property Management
Making your property in Salt Lake County attractive to millennials means understanding their needs and the motivations behind real estate choices. As a landlord with a long To-Do List, you may not have time to cater to the millennial market or to boost tenant retention.
KeyRenter Property Management in Salt Lake County is here to help manage your rental property and make it more attractive to millennials. Our mission is to get you the most income possible from your property while making it easy to earn passive income.
Our team of educated professionals is always up-to-date on the latest trends and we specifically market properties to reach the most renters.
Contact us to see how we can help you attract more millennials to your property in Salt Lake County today!