Loosely defined, a millennial is a person who is generally between the ages of 18 and 35 in 2016. They have also been called “Gen Y.” Mostly children of Baby Boomers, millennials are the first generation who aren’t aware of life before the Internet and personal communication devices.
When it comes to renting properties, millennials know what they want and will look for homes that meet their specific needs. Here are some of the items on their list:
Cleanliness and room to spread out are top priorities for millennials, along with plenty of natural light. Kitchens are also high on their list, with updated appliances and modern features taking precedence over original fixtures. They are also value-conscious, and won’t mind spending money for a place they like.
Millennials tend to prefer an urban neighborhood where they can walk to stores and entertainment, and enjoy history and character. They also prefer having a fitness center nearby and a place to walk the pets, like a dog park.
Most millennials do not have land lines, and a majority do not have cable TV. Instead, they want high-bandwidth Internet access. Properties should have plenty of electrical outlets to accommodate multiple electronic devices.
Since millennials make up the largest generation since their parents, Propman Property Management is seeing more and more millennials apply for rentals. As representatives for our property owners, we update owners on trends and advise them as to repairs or updates to their properties that will suit this generation and ones to come. We find that a sadly-outdated property is more difficult to rent, and does not garner as high a rental price as one in better condition, with updated amenities. In addition, tenants care more about the property when it is obvious that the owner cares about it too.
If you have a property in Northern Virginia you’d like to put on the rental market, contact Propman Property Management.
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