Millennials and young professionals represent a large share of tenants and with the news that up to a third of young people in the UK will never buy their own property, appealing to this demographic could be a valuable move for landlords.
If you’d like to attract young professional renters but are unsure how, you can find the tips you need to know in this article. These are split into three sections: the first is aimed at those who are looking to buy rental properties, the second for styling interiors and the third, at how to market to attract tenants.
Buying a rental property
Commuting and Transport
Many young professionals commute long distances to their place of work, making location a key consideration. As such, when looking to invest in a property, consider links to major roads and the availability of public transport. Too far away and they could look elsewhere, while convenient access could help to attract more potential renters.
The Local Neighbourhood
For this demographic, the local area is particularly important. This is in part because many are long-term renters and therefore want to live in a good neighbourhood. For millennials, this could mean a well-kept street, low crime rates and an area that fits with their lifestyle by providing lots of local amenities.
Styling the property
Due to the fact that many young people will never own their own home, this means they will not have the opportunity to completely redecorate a property. As such, allowing renters to personalise the space could help your property appeal to young professionals. You could do this by allowing renters to paint feature walls, on the condition that they are repainted their original colour before tenants move out.
As well as designing your property with modern fittings and clean, neutral décor, consider extra touches you can add. For young professionals, this could be ensuring there is adequate storage or fully furnishing throughout. Additionally, making sure the property has the facilities to connect to a high-speed internet service can be a real selling point.
Marketing to young professionals
Very few young people go to visit a traditional high-street estate agent when searching for a new rental property. So, to attract this generation of renters, make sure everything is accessible online. This is includes all aspects from the advert to the application process, as well as submitting repair requests and communication.
Get the Listing Right
Marketing to young professionals is about more than just a few photos and detailing room layout. This group want to know more about the location, the lifestyle they could have here and the benefits of the property. As such, when writing your listing, include details about the local area and include lots of high quality photographs.