Millennials are changing the rental game. Not only are these young adults the new up-and-coming generation of renters, but they also have just surpassed the baby boomers as the largest generational demographic in the workforce (market charts). The millennial generation, born between 1981 and 1996, (Pew Research) are in their mid-twenties to early thirties and don’t plan on settling down anytime soon.
Millennials want convenience, flexibility and fun. They’re slowly saving up money to buy a home of their own, but in the meantime, they’re looking to rent.
Appealing to millennials may seem time consuming and worst of all, expensive. But, it doesn’t have to be. Here are 6 budget-friendly and fast ways to attract millennials now:
Millennials, like almost everyone, want hardwood floors. Hardwood flooring is longer-lasting and easier to maintain than carpet. If you think this is cost-intensive, think again. You no longer need to go out and buy real hardwood floors for the real wood look and longevity. Go to the store and ask for vinyl plank floor. This flooring is the most cost-effective way to upgrade your floors. Also, it’s water resistant so you can install it all over the house. Vinyl plank flooring is easy to install, and if need be, a section can be cut out and replaced easily. If you are willingly to invest, wood tile is great for all homes. It’s waterproof and lasts forever.
Home Expert Tip: If you do invest in tile, look for a dark wood color along with a dark grout. This will take care of the nightmare of deep cleaning your floors every time a tenant moves out.
After college, no one wants to feel like they are living in a college dorm (or eat noodles from a cup). The kitchen is the first place you want to make a statement. Add a backsplash for a cost-effective way to add a sense of sophistication and class, while staying on budget. Look for mosaic tiles at any local hardware store. They come in sheets for an easy weekend DIY. If you are going for an even more cost-effective option, go online and search for “peel and stick kitchen backsplash.” It’s inexpensive, fast and can completely change the look of a kitchen.
Home Expert Tip: If you have spare tile laying around, or the kitchen already has tile, don’t be afraid to mix and match. This is a cost efficient (and fun) way to create a nice environment and set you apart from the rest.
A nice bathroom is a must. Quick and easy ways to impress millennials is by adding a nice shower head to any shower, the bigger the better. It’s an inexpensive change but makes all the difference.
If you are willing to step it up a notch, you may want to think of adding some floating shelves to your bathroom. Floating shelves are easy to install and create more storage opportunities for renters. They also add a nice accent to any room. For shelves that match any color, look at reclaimed wood. They are easy to find at your local home improvement store.
Keep it simple and go with matte paint. With millennials moving around a lot, you may start to notice an increase of imperfections in the walls from hanging pictures. Matte will make sure those little imperfections go unnoticed. Be careful and stay away from satin paint, as it’s glossy finish will highlight every imperfection in the room.
If you want to invest and upgrade from a standard matte, go for an eggshell paint. Eggshell can be wiped clean without taking any finish off. Lastly, make a statement. When looking for the right paint color, get away from those taupe hues and switch for a nice light grey. Grey will make you stand out but also match almost furniture a tenant might bring have.
Home Expert Tip: If you are trying to match a paint in store make sure you use the same brand of paint along with the same store you went to buy the first can of paint. Believe it or not, paint can vary from store to store, even if it’s from the same company.
For a super easy and inexpensive way to make your rental more attractive to millennials, replace your outlets with ones that include USB ports. With the millennials being the generation of all things tech, any little tech upgrade will be appreciated.
To really stand out and save money in the long run, invest in a smart thermostat. These thermostats can tell when no one is home and adjust to an energy saving temperature.
Keeping up with the lawn, especially with a rental, can be difficult. With millennials always on the go, they may not take the time to stop and water plants every day. An easy way to attract millennials while also having a lawn that is self-sufficient is easy, just add succulents. Succulents store water in their stems, leaves and roots requiring almost no care. Add a few rocks to fill the spaces between the succulents and you have a space that while attractive, requires no upkeep.
An inexpensive landscaping idea that adds a touch of fun? lights. String lights outside of the home, whether it be on the porch or backyard for a quick way to attract young adults. This is just a fun thing to add to any home to make renters spend a little time outside and enjoy the home that much more. Don’t have a porch or backyard? Tie them around plant or tree whether it be inside or outside the home.
Upgrades like this will have millennials vying to live in your rentals, not only because they have everything they want, but because they feel a little more at home.