Good news for property managers and landlords – Business Insider reports that most millennials prefer to rent instead of buy. Right now, more households are being rented than at any point in the last 50 years. With that said, attracting a millennial in the lucrative home market doesn’t come without its challenges, it’s a competitive market out there. Below are five home improvements that will increase your likelihood of winning over those millennial renters.
5 Home Improvements That Will Attract Millennial Renters
ADD LOW-MAINTENANCE FEATURES
Today’s generation of renters are busy living their lives to the fullest, and want their homes to be equipped with as many low-maintenance features as possible, with a minimalistic appeal. That means installing large floor tiles or hardwood floors instead of carpets, and having darker surfaces for granite countertops or even sinks.
Have as many storage areas as possible for them to keep clutter, and make sure everything is easy for them to clean, as is the case with wall-mounted toilets.
UPGRADE YOUR OUTDOOR LIVING SPACE
My Chronicles reports that millennials love to spend time outdoors just as much as indoors, and outdoor living spaces serve as a great place to entertain guests. Adding exterior upgrades like patios, porches, or decks can boost the value of your home in the eyes of a renter. If you have the space for it, consider an outdoor fire pit or even a simple summer grill.
TECH IT UP
Millennials are known to be tech-savvy, having grown up from dial-up internet to today’s 5G connections. It’s no surprise, then, that they love homes centered around technology. It may be costly upfront, but it can also justify you ramping up the rental prices, and can be a huge selling point.
There are plenty of smart home devices you can invest in to attract young smart home renters. Consider installing security cameras, automated garage doors, smart lights, and even smart air-conditioning. For inexpensive additions, we recommend simply optimizing your room for technology. Think extra charging stations, spaces for working (like a tiny nook with a bean bag), and smart home speakers.
REFRESH YOUR INTERIOR
If your home’s furnishings are a little dated, chances are, millennials aren’t going to go for it. Today’s generation prefers modern, sleek designs that are minimalist and clean, so look to replace dusty old couches or crusty cabinets with more modern units. Choose a neutral color palette for the walls of your house to go with your low-maintenance floors, and add accents to liven up the room.
MAKE YOUR HOME ECO-FRIENDLY
Millennials are more eco-conscious than previous generations, and thus prefer features that support their concerns. Having energy-saving upgrades such as solar panels, skylights, double-paned windows, and LED lighting can go a long way in boosting your home’s appeal.
THINGS TO NOTE BEFORE RENOVATING
Having your upgraded home listed on the buyers’ market won’t guarantee that someone will snatch it up in a few days. It’s still important to study market trends and identify your target renters to make sure you have a happy working relationship with your tenant.
Not to mention that home renovations aren’t easy. They require a lot of work, such as filing the correct permits, organizing the construction work, and raising a significant amount of capital. In fact, a post by Marcus on ‘Are You Prepared for Your Next Home Improvement Project?’ reveals that most people vastly underestimate their expenses — a common mistake you’d do well to avoid.
We advise creating and sticking to a budget, and, where possible, do things yourself, such as painting or doing the interior design. Moreover, it’s important to take your time when renovating, as rushing it will only lead to botched designs or going over your budget. Wait for sales at your local home depot, and refurbish some furniture that could stay in.
Overall, home renovations can be a stressful process, but attracting millennial buyers can prove beneficial as they look for longer leases due to high mortgage rates. The tips we’ve given can completely change the overall look and feel of your home, giving you more chances to draw in prospective tenants.