Between the ages of 25 and 40, Millennials make up one of the biggest cohorts of renters. According to this Statista study, 48% of renters in 2020 were Millennials. No matter which type of rental you offer, you need to appeal to this group.
At Real Property Management Phoenix Valley, we are well-versed in managing a variety of spaces and know the ins and outs of catering to the right audience. Below are six ways to target Millennial renters in Phoenix when planning out and promoting your space.
Millennials Love Pets
As the group who coined terms like “doggo” and “pupper” and likes to share photos of their pets online, it’s no secret that Millennials love their animals. In the past, residents with pets weren’t considered an attractive tenant due to the wear-and-tear or noise, but today’s renters are willing to look past any negatives and are more interested in the ability to have a pet of their own.
Beyond simply allowing pets (for a competitive fee, of course), make sure to market that as one of your key selling points. Mention the type of animals you allow and be sure to let prospects know if they can bring a pet home partway through their lease.
Do you own a multi-family property that boasts amenities like a pool and a gym? Make sure to put the dog park on the same list of highlights. Use pictures of pets on your website, print collateral, and social media. Don’t worry about scaring off people who don’t want pets, as you may have previously, but assume that the majority of renters either have a pet of their own or don’t mind living near one.
Digitalize Your Services
Most larger properties in Phoenix have adapted to using the internet as a main way of renting, but first-time landlords looking to rent a house may be inclined towards a more traditional route. Either way, just having a website isn’t enough anymore.
Lean into the digital age with chatbots that can help potential residents find what they’re looking for. Or, if that’s too advanced for your budget, consider a text option for leads to set up tours. Millennial renters are looking for a simple process; they want a new apartment at the click of a button. Make sure your website is accessible and, most importantly, that there aren’t too many steps to make contact.
Rent should be payable online when possible, as should maintenance requests and any other features like a resident forum or a place to view lease documents. If you have the resources, add virtual tours in addition to floorplans on your site. Especially after the pandemic, people expect to gather more information virtually and are more likely to sign a lease if it’s convenient.
Need help managing all of the services you want to offer? Let us help; learn more here.
Is there an abundance of shopping and restaurants near your rental? Are you near the airport or any big attractions? The age range of Millennial renters in Phoenix includes everyone from young adults who want a night life, to parents, to workers who chose Phoenix because they enjoy the city and outdoor activities. Advertise the attractions near your rental and try to gauge individual interests to cater to specific needs.
For example, mention Goodyear Ballpark for renters in Goodyear and the Phoenix International Raceway to sport lovers looking in Avondale. Young parents in central Phoenix may be interested in Encanto Park, which boasts Enchanted Island Amusement Park, and Millennials renters seeking a nightlife may be most attracted to Downtown Phoenix or Old Town Scottsdale.
If you need assistance identifying the best qualities and target audience of your rental neighborhood, check out all of the areas we serve in Phoenix Valley – we can help you find tenants quickly.
This section mainly applies to those looking to rent out a multi-family property or a house in a neighborhood with community features, but today’s renter expects amenities. For example, Millennial renters in Phoenix love a cool refreshing pool in the hot sun.
While amenities may seem like an extra expense people don’t want to pay, most modern rental communities offer shared spaces like a gym, pool, office, or recreation room. If you don’t have these spaces, advertise low rent, updated fixtures, or anything else that makes up for it.
If you do have these spaces, or are in the process of building, make sure to keep everything updated, trendy, and clean. Nobody wants to pay for a perk that doesn’t work. Take high-quality photos of your amenities for marketing materials. Make sure to show them off as a selling point when giving tours to prospects.
Millennials have grown up and matured in the era of Instagram and HGTV, so they appreciate good interior design. Trends change, so stay up to date with what’s new, like black fixtures, hardwood floors, and marble countertops.
Need help? Read more in our blog article Top 8 Choices of Flooring for Rental Properties.
Of course, some of the more modern features may be out of budget (your average renter doesn’t expect a dreamy freestanding clawfoot bathtub or exposed brick walls), but this isn’t an area to cut corners in, because it will affect how renters feel about a home with you versus your competitor. Updated fixtures other features you should make a point to brag about, since your audience is either expecting them or likely to be swayed.
Sustainability is increasingly important to renters. You’ll get bonus points (and maybe a lease) from Millennials for things like faucets and toilets with a low flow rate, easily accessible recycling stations, bike rentals, and anything that is energy-efficient. Phoenix is known for getting a lot of sun and not needing much heat, so look for solar-powered solutions or AC and high-efficiency AC units.
Need Help Finding Millennials and Other Renters?
You don’t need to manage all of this alone. Let us help you find Millennial renters in Phoenix and work on any updates or digital services that you need. Check out all we have to offer on our site and contact us today to get started.