There’s a generation gap among many of your renters, and today we’re talking about how to make your property friendly for both millennials and baby boomers. Rental properties need exciting new amenities that reflect the demand for technology and comfort. When it comes to making your property appealing to a wide range of tenants, you’re looking for a fresh offering of amenities and services that will accommodate the generation gap in America.
Millennial tenants are those who were born between 1980 and 2000, and baby boomers are tenants who were born between 1946 and 1964. These are the largest population groups by age. Your next tenants will probably belong to one of these age groups. While they might seem like complete opposites, these two generations share some similarities.
As a group, millennials are not interested in homeownership. They want to rent, and that works in your favor when you’re seeking well qualified tenants. These renters are looking for competitive amenities and a favorable location. Be sure to mention that your property is near a highway, a shuttle or metro access. These tenants will also be geared towards going green. Provide recycling opportunities and environmentally friendly appliances. Millennials will also be looking for a work/life balance, so they’ll want easy access to work and fun. It will help if your property is near the park, a beach or hiking trails. Consider installing bike racks at your property to accommodate their active lifestyles.
The baby boomer generation is older and they are either preparing to retire or they’re already there. They know what they want, and they won’t settle for anything less. Once you get these tenants placed, they are likely to stay awhile. These tenants will look for responsive landlords, excellent customer service and a 24/7 contact person. Make sure your service impresses them, and provide them with a stylish but accessible home. This group of Americans is getting older, but they don’t want to feel like it yet. Organize things for them to do, such as places to play golf, dining opportunities and classes.
Although opposite in age, these two groups of tenants have a lot in common. They want quality and comfort and they enjoy active lifestyles. Both groups are likely to use technology independently or with help. Pay attention to detail because they’ll be doing the same. Making a few changes will make a difference to these groups of tenants.
If you need any help ensuring your property is attractive to millennial tenants and baby boomer tenants, please contact us at ALH Podland, and we’d be happy to help you.