When you decide to become an investor, you will have a lot more ongoing decisions to make as you build your rental property business. Whether you start and maintain one Salt Lake City rental property for a little extra income or you grow your portfolio to build significant long-term wealth, the type of renters you allow into your property can make or break your success!
No matter the target age group for your property, your rental home needs to offer what they want. Without the right amenities or features, your property can't compete with other properties that cater to your ideal residents!
In the Salt Lake City area, the average age of the population is 33 years old. That means if your rental property doesn't appeal to the generation known as "millennials," you could be missing out on valuable renters!
How can property investors rent to millennials? Follow these tips from the experts in Salt Lake City property management!
Who Are Millennials?
One of the best things about millennials is that they want many of the same things that other population age groups want in a rental home. If your property caters to millennials, you'll attract Baby Boomers and Gen Z, too!
- The millennial generation ranges in age from their mid-twenties to 40 years old.
- They are established in the workforce and starting families.
- These renters are responsible young adults, and they often make excellent, respectful renters.
When targeting millennial renters, property investors need to think beyond the skewed idea of a house full of "young kids." Instead, your properties need to provide stability, space, and a few key features to help this generation choose your rental over others in the Salt Lake City market.
What Do They Want?
- Millennial renters are shedding the label that they are lazy or self-centered.
- They're building careers, stepping out on their own, and looking for the right home to keep their young families safe and happy.
Property owners can help millennials accomplish these things with the right offerings in their rental properties!
While not every millennial is headed to the 'burbs, many of them are! They want homes with yards, nearby parks, excellent schools, and walkable neighborhoods.
Buying a home is still out of reach for many adults in this age bracket, so renting a first home is a popular and more affordable option. Making your rental home attractive to young couples or new families can help these renters find and love living in your property.
Your listing should highlight the family-friendly features of your property, including:
- Backyards with fencing
- Safety features in your home
- Nearby family-friendly restaurants and entertainment
- Information about local schools, parks, and playgrounds.
Make your property inviting to millennial families, and you'll attract more qualified applicants to put through your screening process!
Smart Home Features and Digital Services
You don't need a fully-automated home, but a few smart home features can help keep your property competitive with other Salt Lake City properties among millennial renters.
This generation enjoys convenience! Installing a wifi video doorbell and self-programming, wireless thermostats give your property a technological boost that can attract millennials.
Property investors also need to offer digital services along with a technology-friendly property! These amenities include:
- Online rental payments and maintenance requests
- Online application processing and property viewings
- Communication through email and text rather than phone
Millennials don't want to write a check to pay the rent—and they don't want to have to call you to make a maintenance request. Step up your technology game to find more millennial renters!
An Emphasis on Eco-Friendly
Installing energy-saving appliances and making eco-friendly property improvements will speak to millennial renters! Make sure your property offers a way to recycle, and include the environmentally-friendly features of your property in the listing when marketing the property.
A Home for Their Pets
Professional Salt Lake City property management partners will generally recommend allowing pets in rental properties to boost your income. Pet owners are often responsible residents who renew a lease—rather than try to find another pet-friendly property at the end of a lease term.
To target millennial renters, it's essential to allow pets! Millennials represent the largest population of pet owners in the US, and they're willing to spend money providing for their pets to live their best lives.
Whether these residents are single or married, you'll expand your pool of quality renters when you offer a pet-friendly, Salt Lake City property so they can provide a home for the pets that come with them.
Property Management Can Help You Rent to Millennials!
If you're reading this and realizing that your rental property is not a millennial's dream home, we can help! In many cases, home upgrades that attract millennials and other rental populations don't require significant renovations. With the Reeder Asset Management team as your guide, we can help you make competitive property updates (without overspending), then market your property to attract the best millennial renters in Salt Lake City.
Working with only the best Salt Lake City property management helps property investors like you make more money—while protecting your investment with quality residents. Reeder Asset Management is professional property management for investors by investors! We know what it's like to depend on the rental income you earn from your properties, and we're here to help you experience a superior way to grow.
Get in touch with us to learn more about how we can put our skills to work for you in finding the right renter!