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Landlord Guide for Renting to Millennials
Renting via an online property agent is becoming the most popular, long term housing preference when it comes to millennials. The rapid rise of property prices combined with the gig economy has prevented many millennials from the option of home owning, making it no surprise they that now make up the mainstay of the rentals market. As a landlord, it’s important to know what your tenants are going to be looking for regarding the lifestyles they lead. A millennial can be defined as anyone who has reached the age of 18-25 in the early 21st Century. They also exhibit several other key characteristics:
- Often friendly to pets, and can be dog or cat owners owners
- Might own a bicycle, making storage an important factor of a property
- Environmentally aware, meaning energy saving features in the home are a bonus
- Technologically literate
- Often enjoy time outside, making a property with a garden or a balcony an attractive prospect
Millennials: renting vs buying
Renting, contrary to popular belief, has now become cheaper than buying a home in 50% of UK cities. Combined with other, often unseen fees like removal and conveyance costs, many millennials find the prospect of buying a property outside of their salaries, making renting a sound option for a number of reasons:
- Many millennials like the flexibility renting offers. Many may not want to settle permanently in one location. Plus, with an unstable job market and often a desire to travel, shorter term rental contracts are very attractive.
- Millennials also value being able to choose who they live with – be it groups of friends or their romantic partners, opening up many more options than buying a house often offers.
The costs of getting “onto the property ladder” have grown astronomically high for their low and unpredictable salaries. This has caused a lot of millennials to reconfigure their ideas of long-term housing solutions, with many accepting renting as the primary way to live.
Advice for Landlords
76% of millennials view safe streets and a friendly neighbourhood as a top priority, meaning it’s of huge importance to landlords and letting agencies that they promote the safety of the area their properties are loctaing in. When it comes to the property, safety is equally important. There are several important factors which could be considered when making a home safe:
- Outdoor lights
- Insulated double glazing
- Burglar and smoke alarms
- Carbon Monoxide detector
- Gas Safety checks
Whilst safety is a top priority, there are several other factors which increase the desirability of a property:
- Spacious storage for bikes
- Pet friendly properties
- Parking (off street if possible)
Millennials are also increasing environmentally conscious. One good way to accommodate this is via energy saving appliances, insulated double glazing, updated heating systems and cavity wall insulation. But millennials also seek out the added extras in many properties. Things like decor and technological features such as USB wall plugs, underfloor heating and added white goods like washing machines, freezers and tumble dryers are a big plus. As is fast WiFi and an outdoor space.
Above all, millennials have really come to value a close relationship with their landlords, helping them to feel at home and part of the local community, and not just faceless renters.
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