Renting to Millennials

You’ve probably all heard by now that the Millennials are a generation of renters. They’re taking their time getting to home ownership — that’s just not the milestone that it was to older generations. They’ve seen what can happen to property during a Recession, which contributed to putting any plans for buying a house on hold. Between the college students and the young professionals, Jason Cohen Pittsburgh’s primary demographic is Millennials. We’ve learned a few things that make them different than their predecessors.

They Multitask
Don’t be surprised to see a workspace in your tenant’s apartment in addition to living quarters. Millennials are more likely to take a lower-paying job based on passion than a gig that pays a higher salary. They may supplement their income with freelance work from home, or they may use the freedom of a better work-life balance to pursue other interests. We see a lot of hobbies that are close to taking over our tenants’ apartments.

They Like to Be Connected
Your Millennial residents are likely to have a lot of wires and routers to get all their devices online. But they’re also likely to have eschewed traditional cable for a cheaper solution that may require a bit more work on their part. Just make sure that your apartments have the appropriate hookups and abundant wall outlets.

They’re Passionate about their Values
We notice this a lot in our properties that have green elements. Millennials tend to practice what they preach. They are often environmentally conscious, which is reflected in their lifestyle. The bike racks are always in use at our apartment complexes. And they recycle. You wouldn’t believe how many multi-family properties we’ve seen that do not accommodate recycling.

They Want Easy, Quick Communication
The Millennials are the first generation that grew up with the Internet. They are accustomed to having answers — from an online encyclopedia or a customer service rep — just a few clicks away. Make it easy for them to manage their rent in the same manner. Jason Cohen Pittsburgh apartment residents can use our online portal to pay rent and file maintenance requests. They appreciate the ease of use, the quick response time enabled by technology, and the lack of checks in this increasingly paper-free world.

Millennials are not an alien generation, nor does each individual fit into each aforementioned characteristics. We’ve found renting to them to be a pleasant experience. It just helps to understand some key traits that guide their behavior and preferences in apartment rentals.

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