Raising The Rent: Millennials Don't Mind As Long As You Meet Their Needs

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Millennials are wary of investing their money but highly keen on travel. They have less disposable income than their parents did at the same age, but they want to do good in the world rather than amass fortunes.

They won't mind paying premium rent if some of their key needs are met.

The need for sustainable technology.

The trend toward urbanization is driven partly by millennials' awareness of sustainability and the human role of consolidating and minimizing human demands on the environment.

Many millennials aren't driving, but those who do drive will appreciate green services such as EV powering stations. Safe, secure places to store bicycles and scooters are also attractive.

Providing online and onsite posted transportation schedules appeal to this demographic as do building-owned shuttles to train stations and airports.

Smartgrid technology is also appealing, allowing residents to monitor their energy usage and to remotely control appliances from their phones and other devices.

The need for onsite facilities.

Millennials aren't as concerned with glamor as they are with being physically fit. You don't need elegant spas, but an awesome rock climbing wall, a quality lap pool or other special fitness equipment will be appreciated.

Spaces to mingle and hold building-wide or community social events are also worth paying for with this age group, as are resident-led trips, clubs, charity events and other activities.

Anything that you enable the millennial to do close to home will be worth it to them. ATMs, laundry services, juice bars, utility payment capabilities and recycling containers are ideas a millennial will support.

The need for communication.

More property management companies are utilizing apps and other technology to drive business. Soon, relying on yard signs and classified ads will seem cumbersome and time consuming.

But your property management company should have a system in place to fully utilize social media after the unit is rented. An effective management team will use your building's website to communicate positively with residents.

This communication plan should include regular basic updates on the building or buildings, reminders about rent or other rules, schedules and information about local happenings and good news like updates on renovations.

Included also should be an emergency response plan and regular training so that building employees are ready to respond quickly in the event of a crisis.

A good property management team will help you appeal to the millennials you want renting your units. If you don't have a team you trust, and you want the best returns on your real estate investments, locate a residential property management team that has the experience and technology to help you achieve success.


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