Learn how to attract and keep millennial residents!September 29, 2017 4:04 pm Leave your thoughts
It should come as no surprise that the millennial generation is the largest growing renter population. For you as a property manager, what does this mean? It means Millennial residents should be a target group for your marketing.
Here you’ll learn the best strategies to attract and retain Millennials in your apartment:
Who are Millennials and what do they want?
Although Millennials represent one of the biggest demographics for apartment renters (a number that will only grow as they get older), they also are one of the most finicky groups. A new study found that over 60% of millennial residents expected to move out of their apartments after just one year. So how do you keep them and get them to renew their lease? First, you have to understand what they want, what they value, and what’s most important to them in an apartment complex.
When you consider your target audience and create resident personas for your multifamily property, make sure you think about your average millennial resident. Like all residents, they try to make decisions based on their values and the kind of lifestyle they want to live, but what they value may be different than other demographics. Millennials often consider sustainability, access to nature or exciting city life, diversity within their community, walkability, and pet-friendliness just as much as they think about the amenities and affordability of the apartment community itself.
Out of the top three things they prize (walkability, easy communication, and pet-friendly apartments), all of them reflect back on millennials’ values.
Millennials care more about the environment
Say what you will about millennial residents, but they really value environment-saving tactics. Because of this, many millennials bike, walk, or take public transit to school/work/etc. Location next to public transportation is a huge plus for them, as is a location near to bike routes or schools. In your advertising, be sure to play up environment-saving features like recycling, proximity to bike trails, extra bike storage, or energy-efficient appliances. Advertising these on your social media sites will drive Millennials toward you, and help you keep your existing tenants.
Millennials care about their pets
Did you know that 76% of Millennials own some kind of pet? If you have a pet-friendly apartment complex, tell Millennials about your policies! Highlight features like bark parks or dog washing stations. Consider hiring a dog-walking service for your residents, and absorb the cost through monthly pet fees. Your residents care about their pets, so they’ll appreciate you showing that you care as well!
Do millennials care about…texting??
Yep! Millennials grew up with cell phones, and it shows! Millennials want the ease of fast communication, through phones and websites. Online resident portals help them pay their rent online, submit maintenance requests, and even apply online. The easier you make for them to contact you, the more leads you’ll end up getting!
Millennials don’t just want the convenience of online communication, however. More and more Millennials enjoy the ease of texting their landlords. Services like AptsChat make it possible for landlords to text with the convenience of mass texting and the appearance of interpersonal solo communication. You can even separate your contacts into groups (like pet-owners) and send personalized messages to your groups.
Do you have ideas for millennial retention? Send them to us and we’ll feature your ideas on our blog!
If you have more apartment marketing queries, questions, or concerns, feel free to contact us!
Categorised in: Apartment Marketing, For Property Managers
This post was written by Market Apartments