Property Management Blog

Millennials have become a major driving force in the housing market. So what is it that they want when it comes to housing? At North County Property Group we are always looking for ways to market your properties and attract different types of renters. So, we thought we would dedicate an article about appealing to this up and coming rental group!

Millennials are the segment of the population born in the years between 1980 and 1990. They are entering the workforce as young professionals and in many cases moving around the country for jobs. With the sky high cost of living and the desire to be more flexible in their job locations, Millennials have a preference for renting and are frequent prospective tenants within NCPG's portfolio of rental properties. The below graphic is a summary of research conducted about Millennials and what they want in their housing:

Also, following are some suggestions to help our clients understand what millennials might be looking for in their rental search.

Pet-friendliness

Do you allow renters to have pets? More and more, Millennials are postponing marriage and starting families later in life and instead, many have larger pets like dogs and cats for company. It can be challenging to find a rental that is pet-friendly, so being a property owner that will accept pets is always a plus

Recreation Space

Millennials are known for being extremely active — whether that's surfing in Del Mar or stand up paddle boarding on Fiesta Island, having a place to put mountain bikes, snowboards, surfboards or other rec equipment is a huge plus for active renters. That way, they could just grab their board and surf's up! These simple upgrades to your property would go a long way in helping meet their needs:

• Add outdoor bike racks
• Make space in the garage (if available) by adding surfboard racks or bike hooks.
• If you have an outdoor space, consider designating an area for working out or Yoga.>

Environmentally friendly

We've all heard it, "reduce, reuse, recycle". It seems that being eco-friendly has come more to the forefront and is now a bigger factor for renters, especially Millennials who tend to be more environmentally conscious than past generations. You probably already separate your recyclables, but there are some small, additional changes that you can make to your rental property that will go a long way to show potential renters that you are environmentally conscious:

• Replace old incandescent light bulbs with compact fluorescent or LED lights throughout the property.
• Create a space for composting or offering a recycling service.
• Properly insulate your property to keep the heat out and reduce drafts. This will also help cut down on utility costs.
• Install low-flow toilets and shower heads in bathrooms.
• If you are considering remodeling your unit or just upgrading, opt for energy-efficient appliances. They will look great and will also help slash utility costs.
• Add programmable thermostats throughout the house to keep expenses low.
• If you are considering making a major shift in energy production you may consider adopting solar panels, wind power, or another source of renewable energy if possible.

These property characteristics show potential renters we care about the environment and can be a big pull for millennials. If you are interested in making changes at your property or in your rental policies the staff at North County Property Group is ready and available to help you! 

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