Generation Gap: How to Make Your Rentals Friendly for Millennials and Baby Boomers
In recent years, rental properties have been adding a list of exciting new amenities to reflect the demands for the latest technology and comfort. When it comes to making your property friendly for a wide variety of tenants, you’re probably looking for ways to create a fresh offering of amenities that will appeal to virtually anyone. To do this, you need to offer amenities that accommodate the generation gap that is currently present in America.
Millennials, the group of people born between the 1980 and 2000, and baby boomers, the group of people born between approximately 1946 and 1964, are the largest population groups by age. Your next tenant is likely to belong to one of these age groups. While they might seem like complete opposites, these groups do also share some similarities.
In this article, we’ll discuss how you can accommodate millennials and baby boomers while offering great amenities that will serve both groups.
What do millennials want? Millennials, as a group, aren’t interested in home ownership. They’re more interested in renting, which definitely works in your favor. In a competitive rental market, you’ll need to offer the best amenities for millennials.
Location is important for millennials. When advertising your rental, make sure to mention highway, shuttle, or metro access. Millennials are more likely to be geared towards going green. Offer recycling service at your property or offer energy-saving features to entice them! Millennials also love the work-life balance. That means that they’re looking for easy access to work and fun. Is your property near any parks, hiking trails, or beaches? Try offering bike racks to accommodate tenants with active lifestyles.
Baby boomers reflect an older generation of Americans who are either just on the brink of retirement or already there. They know what they want, and they won’t settle. You’ll need to offer solid amenities to attract and keep them, but once you get these tenants, they’re likely to stay a while.
Baby boomers like good customer service. Offer a 24/7 hotline, fast response times, and a high level of professionalism to impress them. Offer a stylish yet accessible unit for baby boomers. This group of Americans is getting older, but they don’t want to feel like it just yet! Make your property friendlier for baby boomers by organizing things to do, such as places to eat, play golf, take classes, and more.
Although these two groups are opposite in age, they do have a lot in common. Millennials and baby boomers alike expect quality and comfort, and they enjoy active lifestyles. Both groups are also likely to use technology, either independently or with the help of someone else, to find properties and things to do. You can make your property friendly for both millennials and baby boomers by paying attention to detail, because we can guarantee that they will be doing the same!
Millennials and baby boomers are both highly likely to come looking for a rental, as people in both groups aren’t interested in buying a home right now. Cater to both groups by making a few small changes around your property and paying attention to details!
Marina Shlomov, a managing partner at ALH|Podland Realty & Rental Homes Property Management is the author of many articles on Landlording, Property Management, and Real Estate Investing. A residential builder in the state of Georgia since 1999, Marina is an investor herself. Her property management company is intended “For Investors” and “By Investors” for a simple reason – she knows what investors’ goals are and she works hard to reach their goals. In her spare time, Marina likes to spend time with her family, friends, garden, read and travel. Check her out at www.alhpodland.com. You can find Marina’s articles and comments at @rentalhomesatl on Twitter, on Facebook, Google+, Blogger. and YouTube, Bigger Pockets and REI CLub and LinkedIn.