It has been said that the millennial generation is one of renters. There are plenty more in the generation that are looking to suspend home ownership in lieu of renting. Manhattan property management companies have to adjust to this generation’s notions of purchasing property and should ask the tough questions as to what exactly are Millennials looking for in a rental property? According to a survey by J. Turner Research titled A New Lease On Millennials we may have some answers.
According to the survey, the main factors that affect a rental decision are location, quality of amenities and price point. Survey takers also took into consideration commute times for work, proximity to public transportation value of the property and the condition of the underlying rental unit.
Amenities have become a prime consideration for renters. We have seen many units staying vacant because the unit did not match when it comes to amenities-wise other units in the specified location with comparable price points. Features such as including a washer and dryer and having access to outdoor patios have become important for renters. For building managers in New York City, upgrading your pool or on-site gym should become on your to-do list if you are expecting to attract more millennial renters.
With millennial renters becoming a bigger percentage of the New York City rental market, property managers should start taking note of what the market is bearing and begin to feature additional features that younger renters are looking for. While some things may not be possible at the property it is easy to upgrade existing “convenience” items. Remember it is an investment and although it seems costly now, you can potentially retain a tenant that will be with you for many years to come.
It is estimated that there will be close to 80 million millennials moving out in the next few years. With that knowledge it is important to start adapting to these renters attitudes towards renting and being developing a strategy to lure the highly valuable millennial renters for the future.