Millennials Renting: What Do They Want, Need And Expect
These days it’s simple to say that millennials have it easy or are entitled, but is that really the truth? While their demands may make it seem that they are more demanding (read: entitled) than other generations before them, is it really entitlement that makes their demands on life, well, demanding? What are they looking for exactly, and why are they looking for these things? Here we explore millennials renting properties in the modern world and what they want, need and expect in the trends of #MillennialRenting.
Millennials today want a space they can call their own with freedom that perhaps hasn’t been encountered before. The ability to perhaps decorate as they see fit with the promise of having to return it to its found state on move out is one such example – such as being able to paint their walls a specific colour. They are also looking for convenience, ease of access, and they really, really desire a landlord who is going to be able to help them day or night with any issues that arise. Millennials have been handed a pretty unfair hand in the world with wages not meeting living standards and so if they’re forking out next to all they earn for a place of their own, they want the service that comes with it. After all, eating ramen noodles for a month to afford the first month’s rent and deposit? Yeah, you want some compensation for that.
Millennials need a place they can wind down at the end of a long day (and it’s shown that millennials are expected to work longer hours often without overtime coverage or perks) so having a place that is quiet, stress and hassle free is important to them. They don’t necessarily want to be forced to go to any condo meetings at the last minute, or to have tons of street noise until well into the evening. A quiet place close to shops, bars, restaurants but far enough from the noise, along with the option to join in local events is ideal for today’s often overworked millennial.
Many millennials adore the idea of having pets and as they were born during a time when pet ownership was on the up by baby boomers (1980s-2000s) it’s likely many millennials grew up with at least one pet during their formative years. This means millennials want the option of pet ownership without having to save up for eons to afford the downpayment on a house just to get a cat. It can be useful to have a pets clause in your lease with millennials to help entice them to rent, and as the landlord you can make the rules such as “cats fine and dogs under 30kg)” as an example.
So if you’re a millennial, be sure to check out the likes of Homelet before moving into your new place to make sure you have all your bases covered with your insurance as well, and then double check your contract before signing on the dotted line. After all, you want to make sure you’re getting your ideal place. If you’re a landlord, understanding millennial mindset can help you attract more millennial renters to help you fill your properties and make profits for you and your business too. It’s win-win when landlords and millennials understand each other!