An imperative skill for property managers to possess is knowing their rental audience, and recent research suggests that millennials, the demographic of people between the ages of 18 to 33, are the audience property managers should cater to.

Homeownership is on the decline, and more millennials are renting than any other demographic. In fact, between 2011 and 2015, 60% of rental housing applicants were millennials. This is due in large part to students’ rising loan debts, which has tripled over the past decade. Factor this in with the 2007 housing crash, and it’s no surprise that Generation Y is more likely to rent an apartment than buy a house.

Multifamily property managers are beginning to realize that as the millennial market is growing, strategies should be implemented to appeal to the younger age group. In 2010, it was estimated that in the United States there were 62.6 million people between the ages of 20 and 34, and an astounding 37% of them were renting apartments. While this is good news for multifamily property managers, it is important to note that millennials have very different desires than previous generations of renters when it comes to what they consider when searching for an apartment. At Trimark Properties in Gainesville, Florida, we specialize in student housing and have discovered the factors that millennial renters found to be important when searching for an apartment. Considering these five factors is important when attempting to attract Generation Y student renters.

Location – One of the most important factors to millennials when looking for an apartment, second only to price, was location. Millennials want to live in urban locations with extremely close proximity (think walking distance) to local entertainment, work and universities. Access to public transportation is also a big deciding factor for millennials who often do not have their own means of transportation while in college or living near their job. When choosing an area to invest in a property, make sure that it is in a central location near the city’s businesses.

Outdoor Community Areas – Studies have found that millennials value outdoor common spaces just as much, if not more, than indoor settings. Establishing a nice communal area outside with additions such as outdoor furniture, a fire pit, or even a fountain, can foster a sense of community within the complex, give residents a nice area to relax and enjoy the outdoors with other college students, and make up for the lack of a private backyard. At Windsor Hall, one of Trimark Properties' off-campus luxury dorms for UF students, there is a pool for residents to lounge at with friends.

Pet Friendliness – 35.2% of millennials are pet owners, beating Generation X by 2.4%. This statistic suggests that it is extremely important to many millennials to live in a pet-friendly property, and property managers should take this into account when deciding whether or not to make the complex available to furry friends.

Wifi, Internet, and Cable Access – It is no surprise that in our increasingly digital era, millennials value high-speed internet and cable access in their apartments. Invest in a good cable and internet provider which can deliver strong service and be willing to quickly help if there are any signal or setup problems.

The surge of millennial renters is great news for property managers, who now have a larger clientele for their multifamily locations. As long as they keep in mind student Generation Y renters’ housing priorities, property managers will reap the benefits of this rent-happy age group. 

Written By: Genevieve Howard