Thursday, March 16, 2017

What Millennial Renters Want in Boston, MA

Boston property managers regard millennials as desirable tenants because they tend to be long-term renters who are not looking to buy a home soon and move out.

But how do you attract millennials to live on your property? What do millennials want from an apartment?

If you are you a Boston landlord looking for millennial tenants, you need to know what millennials are looking for so that you can meet (or even exceed) their expectations.

If you are millennial renter looking for a modern, technologically up-to-date apartment, it’s helpful to know what amenities to look for so that you won’t find you’ve made a mistake after moving in.

Who are Millennials?

Millennials are young people of the 21st Century and desire high connectivity to the internet and environmentally-conscious ways to live their lives.

They are born between 1977 and 2000. They make up 25% of the population.

The Future of Millennial-Style Apartment Complexes 

Millennials own fewer cars than previous generations, so millennial complexes are ideally situated for walking or taking public transportation to shopping, dining, and entertainment.

Millennials are comfortable with efficiently designed studios and one-bedrooms. Micro kitchens are also ok as long as they contain the latest in kitchen technology.

The ideal apartment complex for millennials will include the following:
  • A social room for hanging out. 
  • An entertainment space with a big screen for watching movies. 
  • Wellness facilities with fitness on demand videos. 
  • Ground floor commercial space such as a coffee shop. 
  • Digital programs that make life easier. An example is LaundryView, enabling the user to note how many washers and dryers are available and to receive a text alert when the laundry is done. 

Boston’s Millennial Villages 

For millennial renters finding an affordable space in Boston is not easy. One solution that Boston has come up with is the millennial village.

The city is proposing to build 10,000 or more small units of housing close to public transportation with shared common spaces and ground floor amenities.

Technology: The Number One Requirement for Boston Property Managers 

Property managers absolutely must be online to connect with millennial renters. A “modern” property manager understands that millennials prefer to communicate with texts or emails rather than via phone calls.

The internet is the millennials’ first-choice tool for everything from finding an apartment to ordering food delivery.

They do not look through newspapers and circle apartment listings with a magic marker so don’t place rental ads that way; instead, make use of real estate websites that can connect a searcher with your website where millennials can look at and apply for your available units online.

Once millennials become your tenants, you must make it possible for them to pay their rent and make maintenance requests online.

It’s also advantageous to showcase everything about your property that is eco-friendly on social media as millennial renters care about their environmental impact.

A Checklist for Landlords and Millennial Renters 

The following is an ideal list of what property managers need to have in place and what millennial renters should look for in an ideal apartment.
  • Cable and internet accessibility, complex-wide Wi-Fi, and a multitude of indoor and outdoor electrical outlets for charging mobile devices. 
  • Low-flow, water-conserving toilets, and shower heads. 
  • Energy-efficient appliances and programmable thermostats. 
  • Solar panels, wind power, or other sources of renewable energy. 
  • Energy-saving light bulbs. 
  • Good insulation to slash utility bills. 
  • Recycling and composting services on site. 
  • Laundry facilities and dry-cleaning drop-off/pick-up. 
  • Pet-friendliness – the majority of millennials own pets. 

Why Modern Rental Units are Good for Both Landlords and Millennial Tenants 

If you are landlord interested in upgrading your rental property to attract millennials, the initial expense of modernizing your complex will pay off over time by increasing the value of your property.

Your investment in improving your building will result in happy tenants who keep renewing their leases and reducing apartment turnover.

Find a Good Professional Property Management Company 

As an experienced property management company in Boston, Premier Property Solutions understands how to manage a property with millennials in mind.

We will take over the responsibility of managing your property so that both you and your tenants are happy in a modern, well-functioning building. Please contact us to see how we can help you.