The counties that make up Hampton Roads consist of a wide range of people looking for rental homes. A diverse offering of culture coupled with a strong military presence draws all types of age groups to the area. Millennials can find a plethora of opportunities in the area, and there are many reasons why young professionals migrate to places like Norfolk over the last several years.
Fair housing law (FHA) requires landlords to treat prospects equally regardless of age or other factors. Even so, it is best to be prepared to attract and cater to potential tenants across generations to expand the reach of your rental home's advertising.
In this blog, we'll detail:
- Characteristics of millennial tenants
- How to best appeal to millennial prospects while advertising your home for rent in Hampton Roads
- How a capable property management company can help cater to this age range of tenants.
General Aspects of Millennial Tenants and Prospects
Millennials are generally classified as the age group born between 1981 and 1996. This age group has grown through a wide range of technological and communications-based changes. Many have grown up with an intense emphasis on education and are always looking for the next "big thing."
Millennials are used to having answers literally at their fingertips (thanks to Google and smartphones), but they also look for a personal approach and unique touch when it comes to advertising, marketing, and customer service. Hiring a property management company in Hampton Roads that can cater to the "instant delivery" mentality many millennials adhere to is crucial to attracting this group of renters.
What Are Millennial Prospects Looking for in a Rental?
Options for Their Lack of Credit and Rental History
Since millennial renters are typically on the younger side, they may not have a rental history or much credit history. It can be intimidating for an individual landlord to accept a seemingly risky tenant. A seasoned property management company in Hampton Roads can help you navigate and mitigate the risk of leasing to a young prospect. Millennial tenants are especially grateful to be given options to rent their first home when they leave the nest.
Guidance When Renting a Home for the First Time
Renting a home can be a scary and intimidating process—especially for first-timers. Many millennials are graduating college or leaving their parent's residence and looking for a rental home, but are unfamiliar with the process. When they encounter a situation they don't know; millennials seek answers online. When you work with an expert property manager in Hampton Roads, you have the benefit of your property resting under the umbrella of their reputation.
When hiring a property management company, investigate whether they are easily accessible online to prospective tenants and well-equipped to answer questions that come their way. Patience goes a long way when attracting younger tenants to your rental home—so does the transparency of an online presence.
Appealing to Prospective Millennial Tenants
The first place most millennial tenants go to look for their next rental home is the internet. With the plethora of rental home apps and sites, it's easy for prospects to see what homes are available. If your home for rent does not post to Zillow, you are missing out on a broad audience.
When you partner with a reputable property management company in Hampton Roads, your rental home has enhanced access to the top advertising sites across the web to make sure it is viewed by plenty of prospects. Using email and texting to reply to candidates is another way to give an impression to millennial renters that your home is the best choice for them.
When millennials have a question, they want an answer right away. There are many apps that businesses can use to provide a texting service to tenants. A property management company that utilizes texting services can significantly appeal to millennial tenants. The millennial tenants don't have to interrupt their day to communicate with their landlord or property manager and can be updated with important announcements easily.
Millennial renters also heavily rely on Google reviews, especially if they are new to the Hampton Roads area. Sometimes if they can't find good reviews about a business, they won't bother even contacting them. Relying on a property management company in Hampton Roads that values positive reviews and customer experiences is another way to attract millennial prospects to your rental home.
Home Amenities Millennials Look For
When purchasing property to use as a rental home, there are several considerations to keep in mind. You want to buy a home to maximize profit and attract reliable tenants; to do this, you need to know what they're seeking.
Close Proximity to Community Features
Millennial renters enjoy exploring their community and want to experience all the area has to offer—especially in places like Virginia Beach. A home that has easy access to the culture of the neighborhood through public transportation and bike routes is attractive for millennial tenants.
Easy Home Maintenance
Since many millennial tenants are new to renting homes, large yards or complicated sprinkler systems may be intimidating for them. They also have less free time to devote to at-home tasks. Small yards and homes with minimal upkeep appeal to these renters, given that lawn care is usually rolled into the lease.
Working with and appealing to millennial tenants can be confusing and time-consuming—especially when you have a full-time career! When you work with Renters Warehouse Hampton Roads, we provide all the guidance you need to appeal to the largest generation of renters. With the expertise of our Professional Landlords, you get your weekends back. Contact us today and discover how Renter's Warehouse Hampton Roads can maximize your investment property!