Renting to Millennials in Plano: How to Prep Your Properties

The term "millennial" can send shivers down the spines of older generations. Millennials get a bad reputation for being lazy, too casual, attention-seeking, and lacking dependability. While this might be true of some people within the generation—or any generation—when it comes to being excellent tenants, millennials could be the ideal renters for your Plano rental properties.

Millennials (also referred to as "Generation Y" or "Gen Y") are now out in the workforce. For the age group deemed "Older Millennials," their college days are behind them, they're starting families, and they need places to live to pursue their "grown-up" lifestyle. Are your Plano rental properties ready for these tenants? To grow your portfolio, here's what you need to know about renting to millennials.

What Is a Millennial?

It can be a challenge to keep track of the "Gens" (X, Y, and now Z) without knowing a little about them! Millennials are the age group born between the years 1981 and 1996. Second only to Baby Boomers, millennials will quickly become the largest population group in the U.S. by 2028. If you're not already targeting millennials for your Plano rental properties, it's time to catch up. 

However, in many ways, what millennials look for in a rental property isn't that much different than what Baby Boomers want. Millennials aren't ready to buy a home—but they're ready for more space while maintaining their independence and keeping their options open. If you're already prepared for Boomers, you're in good shape to attract Plano millennials. 

They Love (And Need) Technology

If you're only publicizing your Plano rental properties the old fashioned way—with yard signs and fliers—you're missing out on a significant population of potential tenants. Millennials experience life through technology: they do as much as they can for work and play using mobile devices.

• Many millennials work in tech-savvy environments and industries.
• To target this audience, your property listings must catch their attention from a phone or tablet screen.
• Make your application process easy to do from any mobile device.
• Communicate primarily by text and email. 

When you place a millennial tenant in your property, they'll appreciate the convenience of paying the rent and making maintenance requests online. Automate your leasing and tenant management process will help you attract more millennials to your Plano rental properties. 

They Enjoy Proximity

Millennials enjoy getting out and doing things: while many of them are starting families, they still enjoy being close to entertainment, excellent restaurants, pet parks, and places for recreation. 

Whether it's a night out with friends or a walk to the park with the toddlers, a rental property with plenty of nearby amenities will attract these young singles and families. Millennials are young and active: they enjoy their time away from the office to meet friends for coffee or drinks, then walk or take a quick ride-share home. 

They Appreciate Safety

The millennial generation has enough income to invest in tech-gadgets and experience nice things. They want to make sure their property is safe and secure inside your rental home. 

Providing electronic locks and plenty of outdoor lighting makes your property attractive to millennials. This generation also appreciates a safe neighborhood with friendly neighbors and a sense of community. 

They Love Their Pets

Allowing pets can help your property stand out to millennials. Many millennials have dogs or cats as faithful companions—even more than Baby Boomers. About 27% of all pet owners are millennials. When you open your property to pets, you broaden your pool of potential quality tenants. 

• Make sure you develop a pet policy when allowing pets in your Plano investment properties.
• As you screen a potential tenant, screen their pet, as well.
• Document the pet breeds you'll allow and the rules for owning a pet in your rental property. 

Millennials love their pets and can find it challenging to find a rental home that lets them keep their furry friends. A millennial with a pet can make an excellent tenant who follows the rules and renews their lease when the time comes.

As the experts on property management in Plano, we know that being willing to open up your investment properties to pets will ultimately help grow your long-term wealth.

They Want to Matter

At their jobs and in life, millennials strive to matter in society. When it comes to your Plano rental properties, they don't want to feel like "just" another renter.

You don't need to do more for a millennial than you do for other tenants. However, the more value you attribute to your tenants with attention to high-quality maintenance services, excellent communication, and appreciation for on-time rent, the more likely your millennials will feel like valued tenants.

As Plano property pros, we know that a technology-driven approach leads to increased satisfaction among millennial renters. It's simple to automate a follow-up "Thank You" for timely rent payments or to provide responsive maintenance online. Working with expert property management in Plano is an easy way to make your tenants—millennial or otherwise—feel heard and appreciated.

Your Property Manager Knows Millennials!

Sometimes finding better quality tenants means adjusting what you do as a landlord. Millennials are a significant rental population: having a profitable rental property means it's time to make sure your Plano rental properties meet the needs of millennial renters. 

The team at RentHub Property Management knows just what millennials look for in a rental home! As a provider of top property management in Plano, we utilize automated leasing and maintenance processes that appeal to tech-savvy renters.

Whether your prospective tenants are millennials, Baby Boomers, or any other generation, we can help your property attract the best quality tenants to help you hit your targeted financial goals. Contact us today: put our advanced approach to property management to work for your investment portfolio!

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