What Millennials Want: How to Attract Millennials to Fill Your Apartment Vacancies

October 27, 2017

By: sam@websitemuscle.com

To fill open units and reduce vacancies, you need to know what millennials look for in apartments to rent, then exceed their expectations. While millennials have somewhat different values and preferences than other tenants, with a few tweaks you’ll be able to adjust your approach to attract them.

What Millennials Want in Apartments

Many millennials are long-term renters who are not prepared to buy a home anytime soon but want flexibility in their living arrangements in case they need to move for work or a relationship. They might have a high amount of student loan debt and need predictable expenses so they can set aside income to pay their loans.

Even if they are on a budget, millennials still want to go out and enjoy life. They prefer apartments located near restaurants, bars, cafes, nightclubs, parks, gyms, and other places they can hang out, be social, and entertain themselves.

Yet these renters are not just party animals. Millennials care deeply about the environment. They insist upon recycling at a minimum (composting is a plus). They want to curb water and electricity usage, and enjoy finding new ways to conserve, reduce, and reuse. As much as these renters love being online and using social media, they also like to hang out in person and value community.

They prefer to stream shows on the internet, so fast internet is a key to keeping these tenants happy. On a related note, the internet is their first-choice tool for everything from ordering up food delivery to looking for apartments. You absolutely must be online to connect with these renters.

Millennials also tend to be phone shy. Instead of calling you on the phone or meeting with you in person, they’ll probably opt to send a quick text or email.

Ideas to Make Your Apartments More Attractive to Millennial Renters

Now that you know what millennials like, you can position your open units as modern, efficient, and community-oriented to appeal to these renters. There are many ways to go about it.

Ways to make your apartment modern:

Develop an attractive website to show off your open units and evidence of your modern approach to property management
Allow renters to apply online and pay rent electronically
Let renters make maintenance requests online
Use millennials’ preferred communication methods of email and text message when possible
Create social media accounts for your apartment complexes to build an online community

Ways to make your apartment efficient:

Install low-flow toilets and shower heads in bathrooms
Use compact fluorescent or LED lights in common areas
Offer recycling and composting services on site
Insulate your property to reduce drafts and slash utility bills
Switch to energy-efficient appliances when upgrading units
Use programmable thermostats in common areas to keep expenses low
Have an Earth Day event at your apartment complex
Adopt solar panels, wind power, or another source of renewable energy
Showcase all the eco-friendly steps you take on social media and on your website to attract renters who care about their environmental impact

Ways to make your apartment community-oriented:

Advertise neighborhood amenities, from bars and restaurants to farmers’ markets and parks
Show photos of community perks (like your swimming pool or picnic area) on your website
Host parties, movie nights, or social hours – and then post pictures on your website
Engage with renters on your social media channels
Have a virtual bulletin on your website where residents can engage and connect with each other

It is illegal to actively discriminate against renters of any age, so make sure not to explicitly turn anyone away from renting an apartment because they are or are not of millennial age. The good news is, all of these millennial-friendly strategies you adopt will make your apartment a better place for all renters in your community.

Article originally published here: https://www.appfolio.com/blog/2016/05/how-to-make-your-apartments-attractive-to-millennials/

Offering Disclosure:

The contents of this communication: (i) do not constitute an offer of securities or a solicitation of an offer to buy securities, (ii) offers can be made only by the confidential Private Placement Memorandum (the “PPM”) which is available upon request, (iii) do not and cannot replace the PPM and is qualified in its entirety by the PPM, and (iv) may not be relied upon in making an investment decision related to any investment offering by an issuer, or any affiliate, or partner thereof (“Issuer”). All potential investors must read the PPM and no person may invest without acknowledging receipt and complete review of the PPM. With respect to any “targeted” goals and performance levels outlined herein, these do not constitute a promise of performance, nor is there any assurance that the investment objectives of any program will be attained. All investments carry the risk of loss of some or all of the principal invested. These “targeted” factors are based upon reasonable assumptions more fully outlined in the Offering Documents/ PPM for the respective offering. Consult the PPM for investment conditions, risk factors, minimum requirements, fees and expenses and other pertinent information with respect to any investment. These investment opportunities have not been registered under the Securities Act of 1933 and are being offered pursuant to an exemption therefrom and from applicable state securities laws. All offerings are intended only for accredited investors unless otherwise specified. Past performance are no guarantee of future results. All information is subject to change. You should always consult a tax professional prior to investing. Investment offerings and investment decisions may only be made on the basis of a confidential private placement memorandum issued by Issuer, or one of its partner/issuers. Issuer does not warrant the accuracy or completeness of the information contained herein. Thank you for your cooperation.

Securities offered through Wealthforge, LLC Member: FINRA/SIPC. Only available in states whereWealthforge, LLC is registered. Wealthforge is not affiliated with any other entities identified in this communication.

Real Estate Risk Disclosure:

There is no guarantee that any strategy will be successful or achieve investment objectives including, among other things, profits, distributions, tax benefits, exit strategy, etc.;
Potential for property value loss – All real estate investments have the potential to lose value during the life of the investments;
Change of tax status – The income stream and depreciation schedule for any investment property may affect the property owner’s income bracket and/or tax status. An unfavorable tax ruling may cancel deferral of capital gains and result in immediate tax liabilities;
Potential for foreclosure – All financed real estate investments have potential for foreclosure;
Illiquidity – These assets are commonly offered through private placement offerings and are illiquid securities. Private Placements are Speculative.
There is no secondary market for these investments;
Private placements carry a high degree of risk
Reduction or Elimination of Monthly Cash Flow Distributions – Like any investment in real estate, if a property unexpectedly loses tenants or sustains substantial damage, there is potential for suspension of cash flow distributions;
Impact of fees/expenses – Costs associated with the transaction may impact investors’ returns and may outweigh the tax benefits;
Stated tax benefits – Any stated tax benefits are not guaranteed and are subject to changes in the tax code. Speak to your tax professional prior to investing.