If your property is located in an area that’s popular with younger renters, you’ve probably wondered if it’s a market you should tap into. College towns and cities are two areas full of younger rental markets, and if you’re interested in making your property appealing to them, there are several things you should know about what young people are looking for in their rentals.
Young People and Rentals
- They need a lower rent. Some younger renters have money thanks to their parents’ support, but many are on a strict budget. If the price of your rental unit is too rich, they’ll keep looking. Take a look at other units in the area and make sure you’re not outpricing them. If you’re keeping your rent fairly high, be willing to allow guarantors.
- Be willing to allow roommates. For some students and young workers, roommates are absolutely essential to being able to afford a living space at all. Consider your local laws for maximum residency and make sure you have space for multiple unrelated people to live comfortably. You’ll also have to perform multiple screenings and credit checks for each individual, rather than one check for a single renter or family, so keep that in mind.
- Easy access to amenities and public transportation is a big plus. If your property is located near necessary services like Laundromats or grocery stores, or it’s within easy walking distance of public transportation, that makes it a great fit for young renters. Being located near a campus is another bonus. Anything that allows easy access to food or bus stops goes a long way.
- In-unit amenities are important. Young renters don’t necessarily need bells and whistles, but there are certain amenities that will add to the appeal of your unit. Consider installing fast internet access if you haven’t already. In-unit washers and driers are very appealing. Depending on the type of renter you’re looking for (students or young professionals?), a decent kitchen for cooking meals could be a big deal.
- Have a pet policy. Millennials (people from their late teens to early thirties) are among the largest groups of pet owners in the country. If they don’t have one already, they may be interested in having one, and a unit that allows cats and dogs will be on their radar.
RentalConnect is Fast, Easy and Secure
Cost will be a factor when trying to rent to younger people. If you’re looking to keep your costs down, our RentalConnect program offers property owners and landlords a great alternative to full tenant screening. This service requires no on-site visit, sign-up, or membership fees, making it extra convenient. The $29.95 service fee is paid by the applicant. Available 24/7, RentalConnect is fast, easy, secure, and delivers reports needed to make an informed decision, including a credit report, a national criminal search, and a national eviction search. Reach out to us for more details!
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