Did you know that Dallas, Texas grew its millennial population more than any other city in the United States last year?
Millennials make up the largest generation in the workforce. Not to mention, they are always on the lookout for high tech jobs in cities such as Dallas. They also continue to put off home ownership at alarming rates. Because of this, it makes sense that property owners are looking for ways to market to the millennial population more than ever these days.
The problem is, landlords aren’t always sure how to convince young renters to lease from them. One of the biggest reasons is because millennials search for rental properties in ways that are more non-traditional than many landlords are used to. They’re also looking for a very specific set of rental amenities.
That’s why today we’re going to explore some of the best ways to market to millennials so you can expand your tenant pool and offer what millennials want in a rental.
But first, we’re going to take a brief look at what a millennial is.
What is a Millennial?
A millennial is anyone born between the years of 1981-2000. Millennials are known for growing up in the digital age. In fact, millennials have had access to advanced communication and media technologies since they were born.
Here are some other interesting facts about millennials:
- They are part of the largest generation in Western society
- Besides those born in the 1930s and 1940s, millennials have the strongest sense of community
- They are conscious of social, environmental, economical, and health-related issues
- They have strong entrepreneurial spirits
- No other generation has received as much education
How to Market Your Dallas, TX Rental Property to Millennials
1. Market Your Property Online
Because millennials have grown up with technology at their fingertips, many of them are very tech savvy.
This means that when it comes time to look for a place to rent, millennials will be looking online first. It also means that traditional forms of advertising available rentals, like the print classifieds and ‘For Rent’ signs, are not going to be effective.
If you’re using Dallas rental property management, it’s important they handle marketing your available property using channels such as:
- A property management website
- Social media
- Online rental classifieds
Want to make things really easy on millennials looking for a place to rent?
Provide an email or phone number with the option to text, so those interested in leasing from you can get in touch with ease. You might also include an online contact form and application to lease so millennials can schedule showings and you can speed up the tenant placement process.
2. Showcase the Living Space
Millennials are known for being community-driven, meaning they like to live together or host their friends and families. That’s why highlighting your rental’s living space is so crucial.
For example, in your rental ads you’ll want to include detailed information about the property’s kitchen, living room, spare bedrooms, and backyard space.
And whatever you do, don’t fall into the trap of simply listing your rental property’s square footage. While the size of your property is important, millennials want to know how that square footage is being used. If it’s all garage space and master bedroom, you’ll be out of luck when it comes to attracting millennials.
3. Go Eco-Friendly
Statistics show that millennials are more willing than any generation to pay for sustainable products.
Not only do millennials want to reduce their carbon footprint, they are money conscious and looking for ways to save. If you can provide an eco-friendly rental property that comes with low utility bills, chances are high you’ll have millennials looking to lease from you.
Here are some of the important things to showcase in your rental ads:
- On-site recycling bins
- Energy efficient appliances and lights
- Smart thermostats
- Low-flow toilets and shower heads
- Non-pollutant or low VOC paint
- Solar panels
The more eco-friendly your Dallas, TX rental is, the happier your tenants will be.
4. Allow Pets
It’s not uncommon for tenants of any generation to want to bring their fur babies into a rental home. That said, studies show that 70% of millennials have pets. So, if you’re looking to market to a younger population, allowing pets in your rental helps.
Of course, allowing pets in your rental property is a big deal. Accidents, claw damage, and even injuries can plague a rental property owner that doesn’t have the right lease agreement in place. That’s why you should consider using Dallas rental property management to help you draft a lease with the right pet provisions in place.
In addition, if you’re going to let your tenants have pets, you should think about upgrading your floors to vinyl, laminate, or hardwood. Flooring that can tolerate accidents will have less damage and help keep your ROI high.
5. Highlight the Location
Millennials are looking for rentals that are close to the places they like to frequent the most. In fact, they want to feel as though they’re living in the heart of the city, without actually living in the city.
That’s why you should always highlight things like nearby:
- Public transportation and bike paths
- Shopping centers
- Entertainment hotspots
- Colleges or universities
If you can show millennials that there are tons of places to go and things to do right around the corner from your rental, you’re going to have plenty of tenants to pick from to place in your rental.
6. Give Your Property a Modern Upgrade
If your investment property is outdated, it’s time to give it a modern makeover. After all, no young tenant wants to lease a rental that looks like something their parents grew up in.
To start, you might allow tenants the option to make temporary renovations to the rental. For instance, you can let them paint the walls any color they want, so they can add a personal touch to their home. You can also brighten the kitchen by adding a fresh coat of paint to the cabinets.
Lastly, you can achieve a more modern look by changing small things like cabinet and drawer handles and knobs and faucets. There’s also the option of adding light dimmers (complete with bonus points for being eco-friendly!) or changing out the plastic light switch plates to ceramic or wood.
Need Help Marketing Your Rental Property?
If you want to attract millennials to your rental property, you need to know both what they want and need. Luckily, with a few small changes and some smart advertising, you’ll be able to generate enough interest in your rental property to have it leased to a millennial in no time.
If your Dallas rental property is the type that will work for a millennial, get in touch with HUNTAHOME and see how we can help you market and fill your property for you.
Our full-service approach to property management means we are with you from the moment your property goes vacant, to the time a tenancy is up. And thanks to our rapid tenant screening and placement processes, you’ll never have to worry about things like extended vacancies, even if you’re trying to market your rental to a specific tenant pool such as millennials.