Updated September 22, 2020
The Importance of Marketing Your Rental to Millennials
As a landlord, your marketing efforts should be geared towards the largest pocket of tenants, which is currently the Millennial generation. According to the U.S. Census Bureau, those who fall in this generation (currently between 18 and 34) have surpassed the Baby Boomer generation as the nation's largest living generation. With the bulk of renters falling into this generation, do you know how to best market your property to millennials? We are here to help you with tips and insights about your property marketing plan and how best to reach this large generation of renters.
It probably comes as no surprise that this younger generation is extremely tech-savvy, but what is the practical application of this for you as a landlord? Well, the success of your marketing is directly correlated to how tech-centric your marketing is. Millennial renters are extremely internet smart, and they look to the web for all the information they need, including finding a place to live. Not only do they seek out rentals online, but they will also visit multiple websites in order to shop around. This is why it is imperative to have an online marketing plan that reaches a myriad of websites. 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. Millennial real estate mobile usage grew 81% over the same period, according to an analysis by Smoke of comScore Media-Metrix data.
- A full half of all millennials in the U.S. visited real estate websites in July, and 36% visited real estate web sites 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." With millennial renters flocking to the internet to find their next home, it is clear that a strong marketing plan must include online marketing platforms. A landlord who wants to reach the largest number of applicants needs to get their listings online. Utilize online listing websites such as Craigslist, Rent Jungle, and Lovely. If you want to save yourself time and ensure you reach the largest number of millennial renters possible, use a free online platform that will syndicate your listing out across dozens of property listing websites at one time. This will save you from retyping your listing repeatedly while still giving you maximum online exposure.
What Should You Include In Your Listing?
Not only is it essential to take your property listing online, but it is also vital that you create compelling copy that will target your intended audience. What are millennials looking for in a property listing? Some of the following information will help you reach your audience more effectively.
- Monthly rent price
- Security deposit cost
- Date of availability
- Number of bedrooms & bathrooms
- Number of occupants allowed in the home
- Pet policy
- Location in relation to nightlife and activities
Take note: Millennials are one of the most pet obsessed generations ever to exist, so a pet-friendly rental will be far more appealing to this audience. Usually, this age range is also interested in the area's walkability and how close they are to restaurants, bars, and entertainment. Bonus info: If you want to make your listing stand out, even more, including a list of the local internet providers that serve the rental property. Millennials rate the internet as one of the essential amenities on the market.
Don't forget to include high-quality photos with your property listing. Tech-savvy users will want to get a glimpse of the property via the web before setting up an appointment to view the property.
Implement An Easy Application Process
Another way to target the millennial generation is to ensure you have an easy application process. Millennials are wary of paperwork and giving out personal information in a non-secure way. Using an online rental application with bank-grade security will appeal to this generation. Bonus points if your application can be filled out on a mobile device. By implementing online marketing tactics and utilizing online rental applications, you can help ensure you reach the largest number of applicants possible.
Turbo Tenant contributed this article
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