It’s sad that in 2018 so many people are still struggling to get on the property ladder. Although there are definitely some people who have voluntarily remained renters and have no intention of buying any time soon. This group tends to typically be Millennials. Although my husband and I miss out on being classed as Millennials, (The Pew Research Center defines millennials as those born between 1981 and 1997) we’ve rented for the last 19 years. I bought a house when I was 20, but he has never taken the plunge into home ownership. We’ve always rented simply due to a lack of a deposit. Whether you’re buying or renting it is so important to use a company like HomeLet to arrange your home insurance.
Growing up in an time of rapid change, Millennials value, priorities and expectations are quite different to those of older generations. They prioritise convenience and flexibility, so they prefer to keep their options open. They won’t sacrifice their leisure time or their health and value their work-life balance so much that they will not jeopardise it to pursue a higher salary. Hence why landlords need to pay close attention to what Millennials want if they’re going to bag reliable tenants before their competition.
What factors are important to Millennial tenants?
Location
As Kirsty and Phil would say, Location, Location, Location. They want to be able to get to work easily, but also be able to have bars and restaurants close by. Ideally they would want to be close to public transport, with good nightlife a short taxi ride away. Often with a local gym (open long hours) and some trendy local cafes.
Connection
Millennials LOVE their mobile phones, so they probably would even consider living somewhere with a poor mobile signal. They are also going to demand a strong and fast Wifi connection.
Space to entertain
Space to have friends round and all get together is going to be pretty important. Specifically the kitchen needs space and a social feel. If you can create an area inside and hopefully outside too, this will help you land a Millennial tenant.
Safety first
Millennials want to feel safe in their own home. For some this move might be the first time they’ve lived on their own and so they are going to feel safer with good door and window locks and an alarm.
Allow pets
Many Millennials are pet lovers and so they’re going to only consider pet friendly properties.
Outside space
Not least so they can stretch their pets legs, Millennials also love the outdoors, especially as an entertaining space.
Sustainability
Often Millennials feel a greater degree of social responsibility. They will be drawn to energy saving bulbs, composting, recycling services and anything else ‘green’.
Are you a Millennial? Do you rent? Have I missed out anything you would really value in a rental house? Join the debate on social media using #MillennialRenting and share your must-haves.
Disclosure: This is a collaborative post.
Comments 1
Definitely! This is what I always look for.