It’s finally happened, the Millennial generation (those currently between 18 and 34) has surpassed the Baby Boomer generation as the nation’s largest living generation, according to the population projections released by the U.S. Census Bureau. And many of them are looking for a place to rent.
Today’s millennial renters are Internet savvy and accustomed to shopping and communicating online. They will likely visit many websites, not just one, so in order to reach them, you’ll need to increase your reach to as many of the top websites as possible. A few thoughts to keep in mind as you’re marketing to millennials:
- Millennial real estate web usage grew 30% from May 2013 to July 2014 (the latest data available), and millennial real estate mobile usage grew 81% over the same period, according to an analysis by Smoke of com Score Media-Metrix data.
- A full half of all millennials in the U.S. visited real estate websites in July and 36% visited real estate websites or apps on mobile devices, according to Smoke’s analysis. That means millennials are more than twice as likely as the average person in the U.S. to explore real estate information on a mobile device.
“Looking at trends in web traffic, it is clear that mobile usage and real estate visits are increasing for millennials,” says Smoke. “It is likely that we are on the cusp of Millennials starting to emerge from mom and dad’s basement.”
A strong marketing plan is vital to reaching the right tenants and minimizing the amount of time your rental properties are vacant. The goal is to be as efficient as possible while reaching as many potential renters as possible. Oh, and not to drive yourself into exhaustion.
Online methods are great for quickly getting the word out that you have a house or apartment unit available for rent. Sites like rent.com, apartments.com, Craigslist, Rent Jungle, and Lovely are no longer optional. And if you’re really on top of your game, you’ll use landlord software that syndicates your listing for you and creates a dedicated website for the property.
The vital information that millennials will want to see for comparisons are monthly rent, security deposit, availability date, the number of bedrooms and bathrooms, the pet policy and amenities. Be sure the listing includes a map for reference. The photos you use will help the listing stand out, but for most markets, it’s still a very competitive space. The more places you have the property listed on, the higher the potential for a stellar tenant.
Online marketing sites can help residential real estate investors get the word out quickly and cost-effectively.