Generation Yers or echo boomers … call them what you like but this group of professionals in their 20s and 30s make up a significant portion of the rental population and will probably therefore be a fair share of the potential tenant pool.
So how do you attract these tenants to your property?
Figure out their needs, match your property to them accordingly insofar as possible and market the property so the Gen Yers know you’ve got what they want! Sounds simple doesn’t it? But we all know economic conditions are not making life simple at the moment. However, here are some tips on attracting Generation Yers to get you started.
Attracting tenants with mod cons
Mod cons are a must. The property doesn’t need to have everything under the sun in it, but basic expectations should be met. Going above expectations such as having the latest model of a fridge instead of one from a few years ago or under-floor heating would be a plus, but of course may not be possible. Generation Yers may want to add their own mod cons as time goes by and of course it is at the landlords’ discretion whether or not they’re happy to go with it.
Image credit Adegie
Tech savy tenants
Internet connection is also a must. While Generation Yers may not have been immersed in technology since birth like the Net Generation, they are still very tech-savvy. Working for companies like Google and Facebook means that the internet and various technologies and gadgets are a part of their daily lives, and will obviously extend to their home lives. Because of this, being able to connect to various cable outlets for gaming or for music is also important.
Leading on from the above, we’ve all heard some variation of the phrase ‘my phone is my life; I’d be lost without it’. The theft or damage of some technological gadget is a great loss to a Generation Yer, and so they need to know that their belongings are not covered by a landlord’s contents insurance, (s)he needs to have their own.
Amenities
Another feature of how you will attract more of Gen Yers is how they’re always connected to others. Again this is mostly through technology but most of them are not hermits, they like real life interaction too! Therefore, you need to emphasise how close your property is to others. Not just other homes but also to shops, cafés, parks etc. Also when advertising, use every platform you possibly can. Don’t just stick to the old reliables, check out smartphone and tablet apps.
Transparency
Offer your Gen Yers a renting platform like Rentview. This way they can have complete access to the rent schedule with their own secure login. They will also have access to a complete online detailed picture inventory and monthly rent receipts, to name but a few features.
Feedback
Finally, when the lease is over, ask the tenants what they thought of the property and how it could be improved for future tenants. Learning is a lifelong process, and being open to it could mean a faster agreement and a higher rent in the future. Maybe even as soon as the next tenant!
by Andreas Riha