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Did you know? Nearly 80 Million Gen Y renters are estimated to hit the market in the near future. Property Managers should plan to make the necessary changes to attract these renters. Investing in the right upgrades and amenities now can translate into Gen Y-ers signing leases for your properties later. J Turner Research surveyed renters to find out which key elements affected their choice of rental properties. Flip through these slides to see the survey results so you can learn how you can prepare for attracting the Gen Y renters.
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A NEW LEASE ON
H o w C a n Y o u A t t r a c t M o r e G e n Y R e n t e r s ?
Nearly 80 MILLION Gen Y renters are estimated to hit the market in the near future. And as developers scramble to accommodate this highly informed and technologically advanced bunch, property managers should also make the changes necessary to attract these renters. Investing in the right technology and amenities now can translate into Gen Y-ers signing leases for yourproperties later. We take a look at what you need to do to appeal to these millennials.
MILLENNIALS
WHO IS THE GEN Y RENTER?
25%OF THEPOPULATION
BORN IN1982 - 1995
80
CHILDREN OF BABY BOOMERS
MILLIONMILLENIALS
Due to the recession and the housing crisis more Millennials are renting than ever before.
A GENERATION OF RENTERS
18%16%
14%
12%
10%
8%6%
4%
2%0%
AGES 29-32 | GOT A FIRST TIME MORTGAGE
2009 - 2011A DECADE AGO
LOVE AT FIRST SIGHTJ Turner Research surveyed renters to find out which key
elements a�ected their choice of rental properties.
What was the most important factor influencing your decision to rent a property?
Location High-quality apartments/units
Price point
33%27%
22%
CREATING INCENTIVESWhile your rental properties may not be able to accommodate a business
center or yoga studio, to attract these high-demand renters, property managers must think outside the box.
Install Wi-Fi throughout your
properties for the convenience
of today’s tech-savvy
renters.
Maintain constant communication
with your residents, and be
proactive on service issues.
Partner with a local business,
such as a yoga studio.
Residents will appreciate a discount for
businesses within the community.
Consider updating
lighting features, floors, or even
appliances. These changes can do
wonders once your property is on the
market.
ONLINE ESSENTIALSMillennials are using the internet to search for rentals.
You MUST be maximizing your online presence.
$$$
$$
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Gen Y renters use their smart phones for researching available
rentals and finding property information while on the go. Having a mobile-optimized
website is a must have.
ONLINE ESSENTIALSMillennials residents want to APPLY ONLINE. They don’t use paper.
CC:
Name:
RENTAL ADDRESS:
CITY:
STATE:
PHONE:
RENTAL APPLICATIONThe modern renter wants to
apply online rather than drive down to your leasing o�ce and submit an application.
ONLINE ESSENTIALSMillennials expect to PAY RENT ONLINE. They don’t use checks.
Millennials have grown up with digital transactions. Ask them to write checks,
and you will almost certainly lose them. O�er the convenience of online and credit card payments
and you’ll increase resident retention.
ONLINE ESSENTIALSMillennials are accustomed to COMMUNICATING VIA EMAIL & TEXTING.
Our faucet is leaking. Can you get someone up here to fix it?
Thank you!
Sure, we’ll send up a repairman right away.
A preference for e-mail and text messaging is common.
Make texting and e-mail options available for all needs including rental applications
and maintenance notices.
Your residents want to PLACE MAINTENANCE REQUESTS ONLINE.
ONLINE ESSENTIALS
If residents can place a maintenance request online,
they’re more likely to interact with you, which may help you fix problems faster and save
money. This also greatly improves resident satisfaction.
ONLINE ESSENTIALSMillennials want to do more online. To attract them, you must
modernize your property management business.
VIEWAPARTMENTS
APPLY PAY RENT
ONLINE
COMMUNICATE REQUESTMAINTENANCE
SOURCES: J TURNER RESEARCH
HTTP://OW.LY/I/2UMRE/ORIGINAL
HTTP://BLS.GOV/WEB/EMPSIT/CPSEEA10.HTM
HTTP://BLOG.PORCH.COM/MILLENNIALS-INFOGRAPHIC/
HTTP://WWW.FORBES.COM/SITES/MONEYWISEWOMEN/2012/03/01/
ARE-MILLENNIALS-DESTINED-TO-BE-A-GENERATION-OF-RENTERS/
Infographic from appfolio, providers of web-based property management software for the modern manager.
Learn more at www.appfolio.com
AppFolio can help you attract and retain Gen Y renters by offering the features they want, including:
ONLINE APPLICATIONS
ONLINE RENTAL PAYMENTS
BEAUTIFUL MOBILE FRIENDLY WEBSITES
ONLINE MAINTENANCEREQUESTS AND MUCH
MORE
and find out how you can attract more Gen Y renters.GET A FREE TRIAL
TODAY
