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a person reaching young adulthood (18-25) in the early 21st century.
Millennials are now the dominant demographic in the rental sector, in fact almost half of the current housing market are millennials with 90% of those being renters. With this in mind, it is a sensible decision to learn what millennial renters want and cater to this sizeable market.
So just what do millennial renters want?
A whopping 76% of millennial renters stated in a recent survey that safe streets were a priority when looking for somewhere to rent. With that in mind, doing everything to make sure your tenants feel safe is a great investment. Burglar alarms, well fitted doors and windows with locks, plus outdoor lighting can all make a big difference and help tenants feel secure in their home.
Other benefits that millennial renters look for include, space to keep a bike, the option to keep pets (even with a higher deposit) and off street parking. Additionally, millennial renters want good relations with their landlord, so clear rules and open communication are a must.
One thing is clear is that the millennial renter wants more than the basics. Decor, technology and location are all important, so in order to appeal to millennial renters it’s worth investing in some well chosen extras to attract quality tenants. Things like high specification integrated white goods and outdoor space make properties more attractive to millennial renters. Also, technology plays an important roles in the lives of young people today, so a way to report issues via an online portal, communicating via text message, quick responses and fast internet speeds are also preferable.