How to Attract Millennials to Fill Apartment Vacancies
Millennials are a major market for residential rental buildings, particularly in the South Florida area. If you are looking to fill apartment vacancies, appealing to the younger population is a great business strategy. However, since they are typically long-term renters with no plans to buy a property, millennials have very different needs and values.
What Millennials Look for in Apartments
Millennials are both smart and sophisticated. Although many people in this age group grew up having their own bedroom and traveling often, most now find themselves balancing a high student loan debt and a difficult job market. But even if they are on a budget, there are certain necessities these renters won’t budge on.
When looking for apartments, location is one of the first things renters take into account. Millennials want to be as close as they can be to the local parks, restaurants, bars, and gyms – especially when living in South Florida, an area known for its vibrant and youthful culture.
So, what if your properties aren’t located in the midst of a city hub? The amenities you offer in or near the building can help balance this out.
Many recent college graduates want apartments with multiple bedrooms so that they can split rent and save money. Additionally, millennials want services that are similar to those typically found in more suburban areas without needing to pay or look for them. Trash pick-up, a sense of security, regular maintenance and landlord services are great examples of what renters want readily available.
The one thing millennials will not compromise on is their technology needs. Having both Wi-Fi and high-speed internet is a must, and properties that offer these services throughout the entire space are preferred.
Property managers face the challenge of coming up with a rent estimate. This takes research and an honest look at what your property does and doesn’t offer prospective renters. It’s important to determine what the average pricing for a listing like yours would be, and then take a hard look at your prospective clientele. Millennials will most likely be unable to afford expensive listings, so make sure your prices are competitive without sacrificing any major income.
If you think you have all the essentials needed in order to appeal to these young renters, then the next thing you need to look into is marketing specifically to millennials.
How to Market to Millennials
The internet is not just a way to attract potential renters – it’s also the best way to find them. It has become the first-choice tool for everything ranging from ordering food to looking for apartments, so being online is a must in order to connect with these renters.
Make sure that your properties can be found on social media, rental sites, and advertisement websites to name just a few platforms. Property managers should strive to get their properties onto sites with many listings both in and outside of their area. This may seem counterintuitive, but the best potential renter for your property is the one that selects your listing after deciding on a location and price range.
Most millennials won’t even look at a place in person without first having looked at it online. It’s important that your listings are extremely comprehensive. They should highlight the most appealing amenities and have multiple high-quality photographs of your property.
Looking for an Experienced Property Manager?
Whether you own a commercial or residential property, Peace of Mind Real Estate Group can provide ideal property management solutions. Our affordable and hassle-free services can help make your life easier by managing the responsibilities of being a South Florida landlord. Call us at (954) 281-7437 or contact us here.