Millennials are the largest generation we’ve ever had. If you own rental properties, it’s wise to know what this generation is looking for in a rental property. Here are the main factors Millennials are looking for in a rental property.
Close To Work
Millennials like to live near where they work. They aren’t as concerned about the quality of schools or whether or not the neighborhood is quiet. They are mostly seeking rental properties close to work. They don’t want to commute far. If they can ride their bike or walk to work, even better. They’re also happy to hop on the bus to head to work too.
More than any other quality inside of the rental unit, Millennials seek a large, modern kitchen. The kitchen is where they will hang out. It’s where they will entertain. They need it to be functional. They are looking for rental properties with high tech upgrades and lots of storage.
Millennials are willing to pass on a rental unit that doesn’t allow pets. This might not seem like that big of a deal until you consider that over three-quarters of Millennials have pets. Allowing pets in rental units is a major consideration for any landlord of course, but there are ways to protect yourself and allow pets at the same time.
This generation connects with others, works, and is entertained online. They require high-speed internet. This is almost non-negotiable for most Millennials. Many would lose their jobs or be unable to function in school without high-speed internet. Generally, internet with data caps like satellites isn’t sufficient. They are looking for fiber optics or cable internet.
Entertainment Choices Nearby
Millennials are searching for places within a bus ride or bike ride of entertainment venues like sports arenas, concert venues, night clubs or coffee houses. Consider this when choosing between multiple investment options.
If your trash service doesn’t offer recycling, check to see if there are options for this service. Install LED lightbulbs, energy saving thermostats that they can program from their wireless devices, and efficient appliances. When replacing the air conditioner or furnace, look into ductless mini-splits. When landscaping, consider adding a community garden, butterfly habitat, or permaculture.
Are You Looking for a Hard Money Loan to Flip a House Or Buy A Rental Property?
Paces Funding is a hard money lender offering hard money loans to purchase and renovate non-owner occupied residential and commercial properties throughout the Atlanta, Nashville, Florida, or the North and South Carolina metropolitan areas. Our application process for hard money loans is easy. Just fill out this very simple online form and you will be contacted shortly. Unlike other lenders, the window between applying and funding is very small. We have funded properties in as a little as one day, but typically funding hard money loans takes about seven to ten days.
Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding. In the meantime, check to ensure that you meet our loan criteria. Our loan amounts can be up to 65 percent of the after-repaired value of the collateral—and if you use the loan for renovation or construction, the loan amount can be based on the collateral’s improved value.