According to the US Census Bureau, one in three Millennials currently owns a home. Why not more? Stagnant wages, rising home prices and staggering student debt.
Such realities make Millennials the highest-ranking rental demographic among all demographic groups. As a result, rental property websites are appealing directly to the Millennial demographic with the following techniques:
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- Rental property websites are highlighting property features they believe that Millennials want and value.
- Properties with large spaces for socializing and being with , large living rooms and large outdoor spaces s that Millennials can access for their entertaining needs and wants.
- Realty data that emphasizes square footage specifics on lot sizes, individual living spaces, outdoor spaces, balconies and the large rooms available for entertaining and socializing.
- Properties that are eco-friendly, such as…
- Insulating and earth-friendly materials
- Low energy heating and AC systems
- Comparisons of green benefits of different rental properties
- Rental property websites are highlighting hotspots with local maps so Millennials can easily find closely proximate sports venues, coffee houses, buzzy bars and public transportation that conveniently connects them with their work and friends.
- Rental property websites are focusing on access to nature.
- Hiking trails
- Outdoor sports
- Rivers and lakes
- Rental property websites are remembering that Millennials may someday become moms and dads.
- School district data such as school rankings and ratings, class sizes, grade spans, test scores, class statistics, good teaching awards, etc. are prevalent on rental websites.
- School-age athletics and arts information are standard.
- Specialized services related to accessibility, tutorials, camps and community volunteer opportunities for and with school aged children and parents
- Neighborhood and property data is available on rental property websites.
Remember that renters change their rental property every six months to three years so every renter either swings back into a prospective rental pool or becomes a prospective buyer relatively quickly.
Take the lead from property rental websites and include comprehensive data on all real estate properties, both rental and for-sale properties, so that you and your business become the go-to portal for all neighborhood and property information for any Millennial’s next home.
Thanks to ATTOM Data Solutions’ Jennifer Von Pohlmann for source data.