The definition of the term “millennial” is an intangible one with many using it simply to describe young adults. Pew Research Centre, one of the think tanks in the USA, has announced that they would be applying the term “millennial” only to those people born between 1981 and 1996.
As millennials stray further away from the property buying market, the renting sector looks as if it will increase year on year. So what is it that renters are looking for? Here we suggest some hints and tips for both landlords and tenants, and perhaps giving a brief insight into what renters are looking for.
Profile of Renters
Do you allow pets? Research shows that pet friendly properties are a popular choice even if higher deposits are required.
Storage – with car insurance being extortionately high especially on young drivers, many millennials own and regularly use a bicycle. Nobody wants to trip over a bicycle or two in the hallway, so dry storage can be a deal maker.
Being pro eco-conscious involves energy saving features around the property. As well as the modern convenience of using smart phones to operate heating systems, answering doorbells or switching on lights.
Millennial renters are showing more interest in spending time outdoors so access to an outside, almost zero maintenance space, can be appealing to them.
Where your property is located has been shown to be a priority when picking out a place to live. Choosing safe areas is now becoming increasingly important for landlords and letting agencies in a bid to provide and promote the safety benefits surrounding their properties.
Those properties with good provision of outdoor lighting; double glazing and burglar alarms are seen by renters as more desirable. The obligatory smoke alarms; yearly gas safety check; electrical equipment and any provided furniture need to meet current safety regulations
One thing that is also becoming progressively apparent is that the tenant is looking for added extras. Gone are the days of picking out a property for basic needs and the bare necessities – these days we all like to keep an eye on interior decoration; eco and technological features as well as having a more flexible attitude towards diverse lifestyles.
If you are considering refurbishing your property to appeal to the renter you might like to think of adding underfloor heating; the provision and maintenance of white goods (fridge freezer, dishwasher, washing machine, tumble dryer); low maintenance outdoor spaces and the pre installation of a fast internet connection.
Ensuring that the relationship between the tenant and landlord (or agent) remains as pleasant as possible, whilst meeting the demands that property letting can sometimes feel like a challenge. From late rental payments to unforeseen repairs, the relationship can become strained. Always keep the connection as harmonious as possible. Communication by the renter to the landlord or agency needs to have a fast response time with easy text communication and possibly digital maintenance logs via an online portal.
Rent versus Buy
This age old debate presents a number of arguments in favour and against both sides. The main advantages of renting include more flexibility in location, the chance for diverse cohabiting, less responsibility for maintenance or repair work, and smaller down payments or deposits than those associated with buying. The rental option is now being seen as a long term housing solution and not the short term temporary arrangement that previous generations have viewed it.
As the cost of house prices far outreach the means of the millennials to buy, it comes as no surprise that they make up one of the leading segments within the rental market