In an article recently published on Inman.com, we see some interesting purchase activity for the millennial renter across the United States. It states that these consumers are choosing to rent over twice as long as past generations or an average of six years before making a purchase. With the idea behind home ownership a popular one for many past generations, we see a decline in its importance to this generation.
So what is important?
In one word: technology. Property owners that are showing innovation and technology throughout their properties are seeing the best return. 74% of millennials believe that technology makes their lives better according to a study done by TheNextWeb. This same study showed that only 20% of these consumers feel that owning a home is one of the most important things in their lives.
Millennials are value driven and money conscious and can view technology as a way to save them not only time but money. They also purchase differently and gravitate towards ways to get more “bang for their buck.” This is shown with the higher use of companies such as AirBnB, Uber, etc. This is important for property owners to understand as they make improvements to their properties.
What can you do?
Finding ways to appeal to this increased demand for technology can range from cheap and easy fixes to comprehensive planning. In-unit investments such as Nest Thermostats and an abundance of outlets to charge can go a long way compared to your competitors. Also, thinking about the building as a whole, included public wifi and other cheap benefits can be very appealing to certain consumers.
Talk to your target renter population and ask them what is important to them. Remember that technology is a constantly evolving aspect and preferences will change quickly. Try to find ways to appeal to saving renters both time and money – and see the reward in your rental property!