In recent blog posts, we’ve discussed how to attract Millennials to rental properties, what Millennials want from their rental properties, and how to market to Millennials. But why should property investors care what Millennials think? The reason why investors need to care about what Millennials want and what Millennials think is two-fold. First of all, non-Millennial investors are about to face competition from Millennial property investors. These investors are fully prepared to offer their own generation exactly what they want and to market to their generation in exactly the manner that will attract attention. In business, you must stay competitive. Older investors can change, or they can lose out on the majority of the potential tenants.
The Millennials make up an enormous amount of the renters that are out there today. Millennials are financially intelligent tenants. Sure, they want to have pets and energy efficient appliances, but they grew up during the recession. This generation is dead-set on not making the same mistakes their Gen X or Baby Boomer parents made. They keep their debt low and have opted for stable employment along with multiple sources of income. In general, they are less likely to trash your rental unit, because they value clean, well-maintained living quarters. When they have friends over, their kitchens could be the setting for the next Instagram photo, so they don’t want to be tagged in a photo in their place with a hole in the wall or stains in the carpet.
This generation is socially responsible. They are environmentally responsible. They care enough about the groundwater not to add harsh chemicals to the toilets that will disrupt the septic system. If you pay for the water bill like many landlords, they care enough about protecting resources to literally turn off the water when brushing their teeth. They will install energy saving shower heads on their own, with their own money, even if you are paying the water bill. They will set the air conditioner at 70, even if you are paying the electric bill. Millennials are more likely to deep clean their living quarters regularly. More than one-third of Millennials vacuum their living quarters every day. Plus, a staggering 15 percent of millennials vacuum several times a day!
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.