You’re a landlord in the Carlsbad area, and you’re looking to bring in renters that are going to be a good longer-term fit for your properties. It’s a good idea to target a specific generational demographic of renters, both for the common behavioral and financial tendencies that they’ll bring to the table, and the ability to focus your marketing more specifically to that group. A good candidate for your attention is the age cohort known as “Millennials.”
Sometimes known as “Generation Y,” most demographers use the early to 1980s to the mid-1990s as the range of birth years for this generation. The Millenial population is projected by the Pew Research Center to surpass that of Boomers by 2019, making this a key demographic to consider when making decisions about your target rental market. “Millennials” is commonly used as a broad term for a relatively young group of people, and many link the word to college students, but the oldest Millennials are nearly 40, and the youngest are in their mid-20s. Millennials are a group that is well into their professional lives and ready and able to rent.
Why Should I Market to Carlsbad Millennials?
Millennials are renting at much higher rates for a more extended period into adulthood than the generations that came before them. Some studies show nearly 3/4ths of Millennials living in rental properties as of 2016. Some media outlets are stating that the average Millennial will spend up to $97,000 on rent before they turn 30 and may spend up to $200,000 on rent before they buy a home. There are a few reasons for this.
Many Millennials have higher student loan debt than the generations preceding them and the Great Recession in the late 2000s cut into the earning power of a lot of people in this age group at a critical time in their careers. It’s also true that many Millennials are putting off marriage and children until later in their lives, or avoiding them altogether. All of these things mean that Millennials are renting properties at much higher rates than other demographics and in many cases will be committed to living in a rental property for an extended period. This cohort is a sensible rental market for you as a landlord that wants to bring in and retain a stable group of renters that you can depend on for income.
How Should I Market to Carlsbad Millennials?
Millennials are widely considered to be a generation of digital natives. Even the earliest members of the cohort will have spent a significant amount of their formative years exposed to (and utilizing) home computers and the internet, and most will have had access to cell phones in high school or college. This generation jump-started the social media sphere as we know it today. Expect Millennials to rely heavily on the internet and mobile phones in their searches for rental properties.
You’ll need to be sure that rental properties can be promoted, located, and explored online and expect communication to happen in that space as well. It can also help to market the neighborhood as a whole rather than just your property specifically. Promote interesting locations nearby or places that will enhance your renters' lifestyle - think things like craft breweries, open parks, farmers’ markets, or food co-ops.
Are There Amenities That I Should Consider?
You can do a few easy things to make your property more appealing to this group of renters. If you don’t already, make more of your services such as routine communications, submitting maintenance requests, and making rent payments available online. Pay attention to your internet service, the faster, the better (good Wi-Fi is almost an expectation with this group), or allow them to select an Internet Service Provider and plan themselves. Some simple tech-friendly upgrades like USB-port equipped outlet plates can be a cheap way to stand out.
Many Carlsbad Millennials also value an effort to live a little more “green.” Making your property as energy efficient as possible will go a long way towards generating appeal (and saving on bills), and many members of the generation choose to rely on public transportation where feasible. Finally, if you don’t already, consider allowing pets. The Carlsbad Millennial generation represents a sizable chunk of pet owners (approximately 35% by some estimates) and cutting out that demographic will limit your pool of potential renters.
A Property Manager Can Help
It can take a fair amount of work to successfully market to a specific group of people, even if you’re already a part of that group yourself. The effort can pay off in a big way, however. A Carlsbad property management company can help you. They’ll bring an understanding of the rental market and trends in your area, and can help manage the nuts and bolts of listing your property and communication with potential renters. When you do secure a tenant, a Carlsbad property manager can handle everything to do with getting them screened and moved in and managing repairs and rent collection. You can watch your checks come in and focus on other parts of your business.
When you're ready to hand off the management of your property to the professionals, we're here to help. Schedule a free consultation to see if our services are a fit for your needs. We'll give you a free rental analysis as well!
