3 NEW MUST-HAVES for renters

| May 10, 2016 | More

It used to be that tenants usually wanted very basic things in their rentals. Maybe a cable connection, basic utilities, etc. And while single-family renters still often want fairly basic amenities in their homes, younger professionals who are more likely to view their apartment communities as their “tribe” than people who rent single-family residences have some pretty specific requirements for what makes apartment (and condo) living acceptable. Here are three “must-haves” for millennial renters that will make your multifamily offerings attractive and help you command high rents:

Renter Must-Have #1: Bicycle facilities

More and more millennials are opting out of owning a car in preference of using a bicycle and public transit to get around. You’ll need to offer safe, weather-proof bike storage, and some communities are taking that one step further with bike-sharing programs.

Renter Must-Have #2: Love for pets

As more young professionals postpone marriage and family, their four-legged family members take on increasing status. A small dog park, pet-friendly facilities like a wash station, and a pet-friendly policy that encourages renters to have pets (while caring for the facilities, of course!) will go a long way toward attracting the growing population of young tenants. Some communities take this one step further and offer social gatherings specifically for pets and their owners.

Renter Must-Have #3: Smart options

High-speed internet and every gadget that can be hooked up to it play important roles in today’s young renters’ lives. According to the National Multifamily Housing Council (NMHC), renters of all ages responded overwhelmingly in a recent survey that they would not even consider renting a unit in an area with slow or no wi-fi. Prewiring units so that renters can control locks, lights, and thermostats using apps also goes a long way toward attracting tech-savvy young renters.

Do you think that these “requirements” are reasonable? In your experience, do they affect your ability to attract renters?

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About the Author (Author Profile)

Carole Ellis is editor in chief of the Bryan Ellis Investing Letter. Under Carole’s leadership, the Bryan Ellis Investing Letter has grown to over 700,000 subscribers, making it one of the largest real estate newsletters in the world. Each day, Carole directly impacts the daily thinking and conversations of real estate investors worldwide by providing thought-provoking analysis and commentary on news topics relevant to serious real estate investors.

Carole has a strong background in research and in the management of respected publications. She holds a degree in English Literature from the University of Georgia, and has substantial research experience in plant biology. She is the former editor of and writer for the University of Georgia’s Research Magazine. She’s also the author of hundreds of articles and multiple books and home study courses published under the names of her clients, many of whom are well known, highly respected real estate entrepreneurs as well.

Carole makes her home in Kennesaw, Georgia with her husband Bryan and 4 children.

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