- April 16, 2018
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With millennials flooding the renter’s market in droves, landlords and management companies of multifamily property are beginning to step up their game to keep up with the competition. The new renter is driven by experience, forcing property owners to come up with new and creative ways to interact with their prospective tenants. They also come bearing a much greater concern for the environment and ethical causes, encouraging greater awareness across the board as multifamily properties upgrade and evolve. So, with all of these changes, how do you make sure that your property maintains its reputation as a desirable place to live? Read on to learn some tips and tricks to satiating the changing needs of the typical renter.
Multifamily property holds a draw to the millennial renter because it offers a sense of community that they may not otherwise find in a single family unit. Build off of this desire by creating an environment that encourages interaction among your tenants. This may mean hosting an annual picnic, a community potluck BBQ, a neighborhood Easter egg hunt, or a communal pool party. Offering these types of experiences to your tenants will create a shared sense of commonality throughout your neighborhood, adding exponentially to the value of choosing your community over other comparable properties.
Keeping with the same idea of creating a sense of community within your multifamily property, consider offering group activities or classes. Remember that millennials are seeking out experiences over “stuff”, so speaking to their sense of creativity and adventure is a great way to stay ahead of the game. Yoga classes, art classes, book clubs, or game nights are a great way to keep your tenants interacting, learning, and therefore, content.
Be Tech Savvy
Access to technology has become increasingly important over the past few decades, and it appears as though it’s only going to keep rising. Properly equipping your multifamily property is a surefire way to keep millennial renters pouring in. This isn’t limited simply to Wi-Fi or a shared media space either. Millennials are looking for features such as keyless entry, smart thermostats, and smart lighting. In fact, a study done in 2016 showed that a whopping 86% of millennial renters say that they would be willing to pay more for an apartment that is equipped with smart technology.
Living a healthy lifestyle is of the utmost importance to this new generation, and creating a community garden is a great way to address this concern within your multifamily property. Offering a shared space where neighbors can get together and grow their own food and flowers is hugely impactful, particularly because the one thing many millennials feel that they are losing out on by choosing an apartment over a single family home is green space. This is also another great way to encourage interaction among tenants and create a growing sense of community. It may even be an additional source of income, depending on whether or not you choose to rent out plots.
Community Outreach Projects
With the ever-growing interest in ethical causes, creating some community outreach projects within your multifamily property can be another way to set you apart from the competition. There is really no end to the benefits of incorporating something like this. First and foremost, you know as a landlord that you are attracting prospective tenants who share a love and concern for the larger community and are willing to give back. Secondly, you are helping those in need, and third, you are bettering the community as a whole, which in the long run will only help to drive up the value of your property.
When it comes time to renovate your multifamily property, paying attention to your upgrades is imperative. We’ve already established that millennials are looking for both eco-friendliness and efficiency, and that these qualities are important enough that the vast majority of them are willing to pay more to have them. When considering upgrades, use eco-friendly materials such as bamboo, wood, and recycled plastic, both within the unit and throughout the grounds. Purchase appliances with high Energy Star ratings, and invest in doors and windows with greater insulation. The upfront cost will be well worth the return.
Looking for Multifamily Property in the Baton RougeArea?
With your growing knowledge of how to attract the right tenants, it’s now time to take the first step in locating the right multifamily investment property for you. Working with the experts, such as those at SVN | Graham, Langlois, & Legendre, LLC, will help to ensure you are paired with an Advisor who is well-versed in multifamily properties and transactions. This means you can trust that you are getting the best return on your investment. Take a look at our database of available properties today and contact one of our team members to begin your search!