A New Lease On Millennials | What Do Gen Y Renters Want?

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Did you know? Nearly 80 Million Gen Y renters are estimated to hit the market in the near future. Property Managers should plan to make the necessary changes to attract these renters. Investing in the right upgrades and amenities now can translate into Gen Y-ers signing leases for your properties later. J Turner Research surveyed renters to find out which key elements affected their choice of rental properties. Flip through these slides to see the survey results so you can learn how you can prepare for attracting the Gen Y renters.

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A New Lease On Millennials | What Do Gen Y Renters Want?

  1. 1. A NEW LEASE ON MILLENNIALS How Can You At t r a c t M o r e Gen Y Renters? Nearly 80 MILLION Gen Y renters are estimated to hit the market in the near future. And as developers scramble to accommodate this highly informed and technologically advanced bunch, property managers should also make the changes necessary to attract these renters. Investing in the right technology and amenities now can translate into Gen Y-ers signing leases for your properties later. We take a look at what you need to do to appeal to these millennials.
  2. 2. WHO IS THE GEN Y RENTER? BORN IN 1982 - 1995 25% OF THE POPULATION 80 MILLION MILLENIALS CHILDREN OF BABY BOOMERS
  3. 3. A GENERATION OF RENTERS Due to the recession and the housing crisis more Millennials are renting than ever before. AGES 29-32 | GOT A FIRST TIME MORTGAGE 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% A DECADE AGO 2009 - 2011
  4. 4. LOVE AT FIRST SIGHT J Turner Research surveyed renters to find out which key elements affected their choice of rental properties. What was the most important factor influencing your decision to rent a property? 33% Location 27% High-quality apartments/units 22% Price point
  5. 5. CREATING INCENTIVES While your rental properties may not be able to accommodate a business center or yoga studio, to attract these high-demand renters, property managers must think outside the box. Consider updating lighting features, floors, or even appliances. These changes can do wonders once your property is on the market. Install Wi-Fi throughout your properties for the convenience of today’s tech-savvy renters. Maintain constant communication with your residents, and be proactive on service issues. Partner with a local business, such as a yoga studio. Residents will appreciate a discount for businesses within the community.
  6. 6. ONLINE ESSENTIALS Millennials are using the internet to search for rentals. You MUST be maximizing your online presence. $$ $$$ $$$ $ Gen Y renters use their smart phones for researching available rentals and finding property information while on the go. Having a mobile-optimized website is a must have.
  7. 7. ONLINE ESSENTIALS Millennials residents want to APPLY ONLINE. They don’t use paper. CC: RENTAL APPLICATION Name: RENTAL ADDRESS: CITY: STATE: PHONE: The modern renter wants to apply online rather than drive down to your leasing office and submit an application.
  8. 8. ONLINE ESSENTIALS Millennials expect to PAY RENT ONLINE. They don’t use checks. Millennials have grown up with digital transactions. Ask them to write checks, and you will almost certainly lose them. Offer the convenience of online and credit card payments and you’ll increase resident retention.
  9. 9. ONLINE ESSENTIALS Millennials are accustomed to COMMUNICATING VIA EMAIL & TEXTING. Our faucet is leaking. Can you get someone up here to fix it? Sure, we’ll send up a repairman right away. Thank you! A preference for e-mail and text messaging is common. Make texting and e-mail options available for all needs including rental applications and maintenance notices.
  10. 10. ONLINE ESSENTIALS Your residents want to PLACE MAINTENANCE REQUESTS ONLINE. If residents can place a maintenance request online, they’re more likely to interact with you, which may help you fix problems faster and save money. This also greatly improves resident satisfaction.
  11. 11. ONLINE ESSENTIALS Millennials want to do more online. To attract them, you must modernize your property management business. VIEW APARTMENTS APPLY PAY RENT COMMUNICATE ONLINE REQUEST MAINTENANCE
  12. 12. AppFolio can help you attract and retain Gen Y renters by offering the features they want, including: BEAUTIFUL MOBILE FRIENDLY WEBSITES ONLINE RENTAL PAYMENTS ONLINE APPLICATIONS ONLINE MAINTENANCE GET A FREE TRIAL TODAY REQUESTS AND MUCH MORE and find out how you can attract more Gen Y renters. SOURCES: J TURNER RESEARCH HTTP://OW.LY/I/2UMRE/ORIGINAL HTTP://BLS.GOV/WEB/EMPSIT/CPSEEA10.HTM HTTP://BLOG.PORCH.COM/MILLENNIALS-INFOGRAPHIC/ HTTP://WWW.FORBES.COM/SITES/MONEYWISEWOMEN/2012/03/01/ ARE-MILLENNIALS-DESTINED-TO-BE-A-GENERATION-OF-RENTERS/ Infographic from appfolio, providers of web-based property management software for the modern manager. Learn more at www.appfolio.com

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