Millennials and some post-millennials are now young adults, with birth years ranging from the 1990s to the year 2000. This is a small group of the general population that came to age at a transitional time in history. As these young adults take on greater responsibilities they are moving from their parents’ homes into their own places. As a result, this demographic presents a great opportunity for someone looking to develop a profitable real estate business. Below, are some things you should consider when trying appeal to millennials to rent your residential real estate properties.
If you are still shopping around for properties, remember that millennials and post-millennials favor apartment living over open shared houses. It is far more appealing to this demographic to have a small apartment to one or two people rather than a large house with multiple rooms being rented out.
Also, millennials favor taller high-rise apartments over apartment buildings that are only a few floors, so long as the building has an elevator. This is due in large part to millennials’ appreciation of a good view to post on social media; it is a point of pride for a young person to live on the top floor of a high-up building with a great view. Compared to older adults, young millennials care about the view from the window of their apartments just as much as they care about the apartment’s interior.
Don’t get the wrong idea, though, millennials also appreciate apartment buildings with great amenities and fine finishes. They prefer nice wood flooring over shaggy-carpeting and they appreciate granite countertops and stainless steel appliances. They want to everything to be modern and sleek with a hint of rustic inspirations, as seen in stores and online websites popular among millennials.
It can be difficult to plan and renovate with this in mind, and if you find yourself truly struggling you can look for luxury real estate development services in your local area. You can collaborate with professionals to find the best way to plan, construct, and refine apartments geared towards young adults.
Location, Location, Location
It may sound cliché, but location is the most important factor when it comes to a buyer or renter deciding whether or not to settle on a property, and this rule even applied to millennials. As a whole, millennials prefer fast-paced and lively cities as opposed to slower more suburban areas. It is incredibly important to keep this in mind if you are targeting a young adult audience. There is no point in planning and renovating an apartment building if millennials are not going to want to live in the location of the building. It may be more expensive to buy and renovate in a city, but millennials are willing to pay a premium on small apartments in big cities.
Millennials and adult post-millennials are a good demographic when it comes to real estate. They are willing to rent small apartments at high prices so long as they have great views and nice finishes in a city atmosphere.