The Rise of the Millennial Renter in 2017

Millennials are anticipated to overtake Baby Boomers as soon this year, as the largest generational segment. In addition to the size of Gen Y, their potential buying power has grown to upwards of £100 billion annually.

Whether it’s the close proximity to public transportation or a pet-friendly atmosphere, there are a few ways to make your property more appealing to Millennials:

What is a Millennial?

Birth Year: Early 1980’s to early 2000’s age bracket (approx. 18 – 35 years old)

Why Millennials?

They are the next generation of buyers who are still trying to get on the property ladder.

Millennials are making up a quarter of the UK population and they are predicted to hit the 17 million mark by 2019. In the Guardian article written last year, it states that there are around 16.2 million Millennials in the UK.

It’s all on-line

digital renters

This is the digital generation and everything is done on-line, which is why our Tenant Portal is an easy way for all our tenants to manage and pay their service charges easily and efficiently.

Being transparent

It’s important to show every breakdown of the service charge and what the costs are investing into. This generation want to be more involved and want to see the demonstrated value.

Pet friendly

It’s all about man’s best friend, Millennial’s are pet lovers so it’s important the leases are adapted to reflect this. Why not have a pet friendly apartment block within your development with a dog walking area?

Green living

At least 7 out of 10 Millennials recycle paper, glass or cardboard

In the moment

They want to be near to restaurants, supermarkets, gyms and nightlife as they want everything now.

 

2017 is going to see a rise in renters so make sure your development is the one they choose. For more information about our property management services, please contact a member of our team.