How to Best Market Your Rental Units to Millennials

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What is so difference about Millennials ?

Millennials currently spend more on rent than any other generation, which is not likely to change anytime soon. However, to appeal to this group, it is essential to keep in mind that the way they look for a property and then communicate after the move might be different than other generations. Here are some of the best ways to market rentals to Millennials and the ways that a professional answering service can help.

How Much Are Millennials Spending on Rent?

Millennials are people born between 1980 and 2000. This generation now numbers about 80 million and accounts for roughly 25% of the population. While some are beginning to buy homes, more are renting, and 35% are self-employed, so they may need to lease a business property. 

According to one recent report, the average Millennial spends an astounding $92,600 on rent before they reach the age of 30, which is about 25% more than their Boomer parents spent. As a result, up to one-third of Millennials could face renting their entire lives. 

Marketing Your Rental Units to the Millennial Generation

Lifelong rental for some Millennials is a choice. Many in this generation prefer to avoid the ties that come with owning a property, so they opt to rent. As many as 44% believe that marriage is becoming obsolete, and they would prefer to be ready to move for career opportunities. 

So, how do you market your rental properties to this generation? Here are several tips: 

  • Embrace the internet
     This generation has never known the world without the internet, and it will use this powerful tool to find and thoroughly investigate your company. The best thing for you to do would be to provide online options for filling out applications and paying rent.
  • Tout your features
     Millennials appreciate such things as the latest amenities and gadgets. If you have these, feature them in your listings and conversations. 
  • Invest in safety
     One of the top priorities of Millennial renters is safety and security. Promote the safety features of your community when you market it and invest in top-level maintenance. 

How a Professional Answering Service Can Help

It pays to rent to Millennials because you have the opportunity to secure long-term tenants. In addition, a professional answering service can help you reach and retain members of this generation in several ways. 

An answering service for property managers can help your company speak with the leads for vacant properties and screen them. Then, armed with information about your company, the call operators can talk with prospective tenants about amenities and any specific features. They can also refer the callers to an online application, if available. 

When it comes to safety and security, your professional answering service can help make sure that issues aren’t left unaddressed. For example, after-hours calls can be answered by a knowledgeable call operator who can make referrals to service providers in case of an emergency. Alternatively, the on-call person for your company can be contacted to handle these issues. 

Non-urgent matters can be entered into the system to be addressed during the next business day. In either scenario, the tenant will have peace of mind knowing that they have spoken with a live human and will receive satisfaction. 

Millennials have power in numbers, so it would be a mistake to ignore this group of customers or assume they are like everyone else. When you take the time to understand their needs and desires, your property management company will have greater success. A partnership with a professional answering service can help you achieve these goals. 

Contact Answering365 at 888-588-9800 to learn about our free consultation and experience our property management answering service firsthand. 

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