You either love them or hate them, but you can’t ignore them. Such is the truth about millennials. It doesn’t matter what industry you are in, you know that this is a market you have to please. Whether you are in retail, creatives, digital, and most recently the real estate.
A 2015 study by the National Association of Realtors found that millennials now represent 32% of the home buying market. However, even as millennials are often branded as careless and reckless, a majority of them are not ready to commit to owning a home. A survey revealed that nearly eight out 10 millennials would still rather rent a condominium than apply for a home loan. This is good news for property owners who want to set up their condo for rent.
But millennials are of a different breed. They are living in a different time. Potential landlords have to tailor-fit their apartments or condos to the lifestyles, needs, and preferences of millennial workers who they intend to attract as renters. You have to know who they are, beyond the numbers and demographics. Go for remodeling tips that make them feel that you really understand them. In the meantime, that granny-approved table runner can go.
Green is cool
Millennials grew up listening to Leonardo Di Caprio talk about the environment and how it is falling apart. Being green is something that that has a very Hollywood undertone, which means it is trendy and cool. If you are planning to offer a furnished condominium for rent, energy-efficient appliances will make a difference. Furnishings made of wood and other natural elements are also very current in the design scene.
A condo for rent with a lot of ventilation and openings are also very well appreciated. Millennials, being young professionals, prefer locations at the heart of business and economic hubs, but that doesn’t mean they don’t appreciate fresh air and a nice view in the morning. Opening up does not only save on energy costs, it is also healthier.
Sense of community
Whether at home or at work, millennials value community. The advantage of modern condominium complexes is that they have everything a dweller could ever need including communal spaces that offer recreation and encourage a sense of community.
A perfect example is Royal Palm Residences, a Thai-inspired residential community in Taguig. It has open spaces such as a palm court, orchard shade, picnic grove and huts, swimming pools, and play courts for activities that will build a sense of community among tenants. There are also indoor amenities like function halls and a dance studio.
Smitten with the kitchen
Millennials, while very much into the fast food scene, are invested in having a really nice kitchen. A survey found that millennials spend 17% more on kitchen remodels than any other part of the house.
How does a millennial’s kitchen look like? A millennial is dynamic, creative, and connected. Their kitchen should be able to reflect these qualities. Since they live in much smaller homes such as condos, flexibility in the kitchen is one that would totally support their lifestyle. An open layout that would allow them to move and welcome social interactions is preferred.
For the look and finish, millennials still tend to gravitate towards neutral color palette and finishes, but bold colors are also welcome. The clean, modern look with occasional eclectic designs are a perfect mix. They also tend to be minimalist so that the kitchen would not require a lot of maintenance.
Hot trends in bath
A Home Advisor survey showed that requests for bathroom remodeling have increased to 64% in recent years. And millennials are definitely contributing to the surge.
A nice-looking bathroom is one of the tips to attract millennial renters. Millennials are particular on lighting, trying to make the bathroom feel more like a spa or a hotel. Updating the sink with brand new paint or putting a really pretty mirror are also some of the most affordable remodeling tips you can do. Also, turn every moment they have in a bathroom a pleasurable experience with a relaxing shower head.
High in style
Millennials have a well-developed sense of taste. But for the potential landlord out there, that doesn’t mean expensive or lavish style requirements. The space has to be first and foremost welcoming. It must feel comfortable yet classy.
Having neutral overall color is not a bad thing. But other than white, you can try gray variations and other softer hues for a Scandinavian feel. An accent wall with a bold pop of color can do the balancing trick. And wallpapers aren’t such a bad idea since these have become trendy. And the good thing is they are cheap and come in better patterns and designs now. Wood floors, metal accents, and brick walls also appeal to a millennial’s sense of style.
Know the design trends
In terms of design, what do millennials like?
Millennials do not adhere to a single design trend. Their design preferences are as diverse and varied as their political views. Potential landlords just need to update themselves of the different trends and know which one they can pull off well. It’s mostly all about the mix—old and new, thrift shop and Ikea, clean and eclectic, or neutral and bold. Make sure to find a balance somewhere.
For a bit of guidance, designs such as Scandinavian and rustic or industrial are very big hits right now. For a clean, modern, and soft look, Scandinavian is the way to go. But for a design perspective that’s a little rough on the edges, go for industrial. Industrial designs are about rawness and authenticity.
Highlight the digital
As you already know, millennials are digital animals. They pay bills and buy clothes online. They tell the virtual world how their day went even before telling their own mothers. So if you want to attract renters from this generation, make sure to capitalize on digital advancements for the home.
As a landlord, you can install high-speed Internet in your unit and adjust the rental payment accordingly. Millennials need Wi-Fi in their lives. It would be perfect with a smart TV for all their Netflix binge-watching. Keyless entries, smart thermostats, and a security system that can be accessed via mobile phone are plus points.
Millennials are a wonderful mix of people. They have been called a lot of names but one thing remains: what pleases them is important to business. If you want to attract millennial renters, make sure you understand them—their lifestyle, nuances, and uniqueness.