The document discusses the millennial renter, who is tech-savvy and prefers online services such as rent payments and applications. With millennials making up 40% of the housing market, property managers are urged to adapt to their needs by enhancing online presence, providing connectivity, and catering to their lifestyle preferences. Key strategies include offering digital communication, maintaining a mobile-friendly website, and managing online reputation to attract and retain this demographic.

1. The Millennial Renter is Here! Are
You Ready?

2. AppFolio
Web-Based Property Management Software
Complete Solution Includes:
• Property management and accounting
• Online rent collection (free)
• Prospect / guest card tracking
• Vacancy Marketing
• Website
• Online applications & lease
• Resident Screening
• Mobile Inspections
…..So You Run A More Successful Business

3. Inman
Laura Monroe
Dir. of Industry Engagement and Social Media
Inman News

4. Aimee Miller
Aimee Miller
VP Marketing, AppFolio

5. A ARE YOU MILLENNIAL
READY FOR TODAY’S RENTER? APPRAISAL
v

6. Polling Question
My Experience with Millennials
(choose all that apply)
q I work with Millennials
q We rent to Millennials
q We have owners who are Millennials
q I AM a Millennial!

7. MILLENNIALS AT A GLANCE
BORN APPROXIMATELY
1982–1995
MAKE UP 25%
OF THE POPULATION
CHILDREN OF BABY BOOMERS
AND GENERATION X

8. THEY DON’T LIVE THE SAME
WAY AS THEIR PARENTS.
Millennials are a class of their own,
different from their parents. They are:
TECH-SAVVY
PERSONAL
RIGHTS ACTIVISTS
INTERESTED IN PUSHING SOCIETY
AND BUSINESS FORWARD
And they give back to
the world they live in.
87% OF
MILLENIALS GAVE
TO CHARITY
LAST YEAR.

9. WHY DO YOU NEED TO KNOW THIS?
THE MILLENNIAL IS THE MODERN RENTER.
They will be living in your units, paying
you rent, and asking questions like:
“HOW LATE IS TOO LATE TO TEXT
ABOUT THE LEAKY DISHWASHER?”
…because the average Millennial
sends 20 texts a day.

10. DREAM OF OWNERSHIP IS NOT DEAD…JUST POSTPONED
They are in a renter state
of mind because:
MORE AFFORDABLE & FLEXIBLE
FEAR OF COMMITMENT AFTER
THE HOUSING MARKET CRISIS
MILLENNIALS
MAKE UP
40% OF THE
HOUSING
MARKET.
AND OF THOSE,
90% WILL BE
RENTERS.

11. SO, WHAT DOES THE
MODERN RENTER WANT?
New ways to utilize their
technology and gadgets
(most important!)
Other ways to get ahold
of you besides coming
into your office
New amenities
Housing that
complements their
diverse lifestyles

12. SELF-SERVICE
ONLINE
SOME OF THE MODERN RENTER’S
MUST-HAVES
A BICYCLE
Millennials
drove 23%
less in 2009
than in 2001.
FRIENDS
…who come
over to
hang out
A FURRY
FRIEND
More than
76% of modern
renters have
cats or dogs
WI-FI

13. SOME OF THE MODERN RENTER’S
MUST-HAVES
Lack of bike
storage could
be a deal
breaker for
the two-wheeled
commuter.
They value
outdoor living
spaces –
providing
socialization
spaces is
key!
Make sure
you are not
excluding
that huge
piece of the
rental pie
because
of a no-pets
policy.
Millennials
value
connectivity
– be sure
you’re
enabling it.
Make sure you
offer everything
online—from
applications
to rent
payments.
Self-service is
a must.

14. LIFESTYLES
The Millennial generation covers a large
span of ages.
They cook more and dine out less.
Location and walkability are
really important to them.

15. THEY LOVE THEIR
TECHNOLOGY.
More than 74% of
Millennials feel that
new technology makes
their lives easier.
54% think new
technology helps
them stay closer to
friends and family.

16. THEY USE IT TO PAY
THEIR BILLS...
A February 2014 study by TD
Bank found that 88% of 18–34-
year-olds used online banking
to pay bills, among other uses.
38% Prefer to pay online
OFFERING ONLINE RENTAL APPLICATIONS
AND RENT PAYMENT IS A MUST.

17. …AND TO
COMMUNICATE.
U.S. Millennial Internet users’ preferred
digital communication methods:
TWITTER
FACEBOOK
TEXT MESSAGES
EMAIL
17%
72%
74%
92%

18. CURB APPEAL
By taking some simple steps, you
can ensure that you are meeting
your newest target market halfway.

19. Polling Question
I would describe our approach to managing our
online reputation….
(choose one)
q Great! We regularly ask for reviews & respond
online
q OK: We are mostly reactive to reviews but do
respond quickly
q Not Great: We could do better

20. MANAGING YOUR
ONLINE PRESENCE
These days, simply being online isn’t enough. You have to engage online.
MANAGE YOUR REPUTATION
More than 75% base their decisions
on ratings and reviews.
GET SOCIAL
UTILIZE YOUR WEBSITE SOCIAL MEDIA
INTEGRATION!

21. POSTING: THINK OF THEM, NOT YOU
Video tours of available units
Resident or social event highlights
Neighborhood info: schools,
local shops, restaurants, etc.
Tips and articles on decorating,
local attractions, and events

22. MAKE SURE YOU’RE
MOBILE-FRIENDLY!
4 in 5 Millennials own smartphones
52%: Bad mobile experience
made them less likely to engage
with a company.
48%: Sites that didn’t work well
on their smartphones made them
feel like those companies didn’t
care about their business.
IS YOUR WEBSITE MOBILE
FRIENDLY ?
1 in 5 MILLENNIALS ARE
MOBILE-ONLY USERS

23. Polling Question
Rate your Website on a scale of 1-5
5 = SUPER MODERN: Mobile friendly; Updated in
the last year; we get leads!
4 = GOOD: Updated in the last 2 years
3 = MEDIOCRE: Can’t tell if it’s doing much for us
2 = NOT GREAT: We could use some help here
1 = EMBARASSING: We are sad

24. BE NIMBLE.
Staying on top of your residents’ needs
keeps them happy. Don’t forget: They
are talking about you online.
Unfortunately, they are more likely to
spread bad experiences than good.
95% SHARE BAD EXPERIENCES
87% SHARE GOOD EXPERIENCES
…75% BASE DECISIONS ON
RATINGS & REVIEWS!

25. NUDGE YOUR RENTERS
IN THE RIGHT DIRECTION.
Be proactive, and ASK for reviews.
IMPLEMENT A PROCESS;
TRAIN YOUR STAFF
MAKE IT EASY FOR YOUR CUSTOMERS
BE THE KIND OF BUSINESS THAT
PEOPLE WANT TO REFER
When to ask:
IN STAFF EMAIL SIGNATURES
DURING THE LEASE-SIGNING PROCESS
THROUGHOUT THE RENEWAL PROCESS
IN OFFICE VISITS/GENERAL CONVERSATION
DURING WORK ORDERS/CALLBACKS
AT MOVE OUT

27. ASSESS YOUR ONLINE OFFERINGS
Online features such as:
ONLINE MAINTENANCE REQUESTS
ONLINE PAYMENT OPTIONS
CHECKING PAYMENT HISTORY
AND BALANCE DUE ONLINE
...will help you impact resident
happiness and retention.

28. Polling Question
To Attract More Millennials in 2015 We’re
Planning to…..
q Offer Online Rental Apps & Leases
q Make our website mobile-friendly
q Offer Video Tours on our website
q Get more proactive about our online
reputation
q All of the above!

29. INVEST IN COMPLETE
PROPERTY MANAGEMENT
SOFTWARE
The right web-based property
management software will provide the
tools to attract the modern renter.
Make sure you’re utilizing these tools to
their full potential. With more Millennials
renting than owning today, there are
significant opportunities for property
managers willing to cater to this
demographic.
SOURCES: APPFOLIO | COMSCORE | GOOGLE | NIELSEN | STATISTA | TRULIA

30. MARKETING ALL YOU HAVE TO
OFFER IS THE KEY TO STANDING
OUT FROM THE CROWD
It’s not enough simply to have all these features and
tools; you have to market them so the modern renter
knows! This is key to standing out from the crowd.