A Bad Rap
While Millennials and Gen Z generally get a bad rap, it's important to note that when it comes to rentals, there is no such thing as the perfect generation. There are only good and bad renters. It doesn't really matter what generation you're examining. But when it comes to these two generations, they have very specific needs in rentals. Things that used to be considered luxuries are now defined as necessities.
In order to make rentals attractive to this specific demographic, you need to provide the following specific amenities:
The 3 Amenities
1) Free Wifi
The internet is the modern generation's life-blood. It is the air that they breathe. Okay, maybe it's not that serious, but consider having a powerful wifi network (go with a super-fast plan!) already set up and available as part of your rental. They'll need the internet for nearly every school project, remote work, gaming, blogging, social media, streaming movies, etc.
Not to mention that they tend to have their smartphones connected to wifi when they're home so that they're not using their data.
Related: Top 8 Problems Tenants Face And How To Deal With Them
What other benefits will this provide?
These generations already have a lot to deal with. Not having to worry about scheduling an appointment with the cable company, passing the cable company's credit check, paying a deposit or installation fees, etc. is just another weight off of their shoulders. Those are some significant savings in both time and money for college students and young adults just getting set up in their new home.
Related: Top 5 Renting To Students Tips: Guide How To Be A Successful Landlord
Whenever possible, make sure that laundry facilities are available onsite. Whether that is provided in the form of a laundry room on the property or an actual washer/dryer inside the individual rental, this is another significant time and money saver for these generations who likely already have a very busy schedule. "Busy schedule?" you say? Yes. According to this survey (by Project: Time Off & GfK), contrary to popular belief, Millennials are actually workaholics.
While it is certainly not the case for all young adults, this may be the first time that they have ever been responsible for their own laundry. With that being said, make sure you provide them with detailed instructions or show them how to use the washer and dryer during the move-in process to help them avoid any unintended laundry disasters.
While you can never guarantee anyone's "safety" you can certainly provide certain security measures to help both the Millennial or Gen Z and the parent to be more comfortable with the rental. Things like deadbolts, window locks, adequate exterior lighting, designated parking, gates, and alarm systems can help provide a sense of security. Several of these things are already required by law in many cities and/or states, but it never hurts to go above and beyond the minimum requirements.
The Bottom Line on Amenities That Millenials & Gen Z Expect In a Rental
Keep this in mind. The above amenities are simply the minimum requirements for Millennials and Gen Z when it comes to rental properties.
Other things they might look for are: access to outdoor spaces (e.g. trails, pools, dog parks, etc.), social spaces (e.g. game rooms), and value-added features such as free yoga courses onsite, bicycle or car rentals (e.g. Car2Go spots), etc.
The more of these that you are able to offer (or offer access to), the higher the likelihood that your rental will be the king of all rentals within this demographic in your market.