What Renters Really Want

What Renters Really Want

When you consider that the millennial generation might produce 80 million renters, it becomes very important to understand what renters really want in the types of property that they need. Millennials in particular are different than previous generations in ways that will need to be understood in order for property owners to know how to appeal to them.

What is Important to Renters?

There have been many surveys that have attempted to find the most important factors that go into renting a unit.

–       Location

–       Quality

–       Price

In addition, when it comes to the unit itself, there are three factors which rank above the rest in terms of their amenities

–       Walk-in Closets

–       In-Unit Washer & Dryer

–       Balconies

Outdoor areas were also ranked very highly as being quite important to renters. Such outdoor amenities often included good parking, swimming pools and even having a fitness center on the grounds. In addition, there are other aspects that are important to what renters want which includes the following;

–       Wi-Fi

–       Updated flooring, appliances & lighting

–       Partnerships w/local businesses for more perks

–       Social media for constant communication with owners/landlords

What Generation X Renters Want

The same trends for Millennials are also true for Gen X renters. Of course, Gen X renters are somewhat older, but they generally are in their peak earning and spending time as well. While many want their own homes and some many have credit issues, they are generally good renters who will live up to their lease agreements.

However, those who are part of Generation X are also more likely to try to purchase a home, so they may not be renting for very long.

Baby Boomers

While the baby boom generation is reaching retirement age quickly, they are also still one of the most active in the rental field. This is because many of them are downsizing and moving to warmer locations. However what renters really want in this generation is to get a good deal for modest size dwellings in safe, secure areas that are near healthcare facilities.

How to Reach Out to New Renters

For landlords and real estate investors, reaching out to renters means taking into account the tendencies of each generation in terms of what they want. They will want to get to know their tenants, learn to speak in their language and highlight the features that will appeal to them the most. The goal is to make it as easy as possible for potential renters to feel comfortable on the property.

Plus, having accessibility to management is very important as well as making the deal which means getting a renter right away.

When understanding what renters really want, it starts with being in a great location in a high quality building. While millennials will be the driving force for a number of years to come, it is very important to take into account older generations who are still looking for good places to rent. By knowing your renters, you can stay one step ahead of the competition.