They have sass. They are savvy. They know what they want. And they sure know how to get it. Welcome to the world of Generation Y renters.
From university students who are living away from home during the school year to young professionals who are unwilling or unable to commit to a permanent home, the rental market is increasingly being populated by millennial renters. Be not fooled, these people are nothing like their predecessors. Cut price accommodations will not longer be the main drawcard. Affordability, accessibility, lifestyle promotion, community orientation, modern facilities, Gen Y renters want them all and they want them now.
Given the current state of the Auckland housing market and the overall disinterest in purchasing homes, Gen Y prospects may turn out to have more long-term potential as renters than previous generations. It is time to ask yourself this: how do we, as landlords, maintain and improve our value proposition to this group of renters in order to stay competitive in the current market?
Find Out What Gen Y Renters Look For In A Rental
Take a closer look at this infographic to find out how to stay connected with the next generation renters.
Get Friendly With Technology
For the perennial technophobes and informatic dilly-dallies, sorry mate, it is sink or swim time so get on your smart phone now. Gen Y use their smart phones for everything, including finding a property to rent. Make sure you list on sites that have mobile-optimisation, or better yet, free downloadable apps. Thankfully in New Zealand, Trademe ticks all the boxes. Take care to post clear photos with high resolutions so that they show up nicely on smart phone. Including ample information about the property and tenancy so that young renters can take it all in at a glance.
Some APIA members are also tapping into Youtube and Vimeo and posting video walk-throughs of their properties. With a bit of smart Facebook and Twitter plug, you can easily start building your online rental empire!
Talk The Talk & Walk The Walk
Gen Y are text savvy and tongue lazy. Smart landlords and property managers will cater for this proclivity by making text and email options available for all communication needs. Set up online facilities for young renters to apply for tenancies, arrange for viewings and inspections, lodge service requests, upload photos inspection photos to keep track of property wear-and-tear. Most importantly, provide online payment options for letting fees and rent. Finding a Gen Y with a cheque book is like finding a needle in a haystack. Forget it.