Generation Y (born between 1980-1994) and Generation Z (born between 1995-2009) are also known as Millennials. They comprise 41% of Australians and they make up 49% of Australia’s professional workforce. These generations also make up the vast majority of the rental market.
Some 18-39 year-olds rent out of necessity, but many of these young professionals rent because of the lifestyle it offers. A poll conducted by Entrepreneur Asia Pacific found that 54% of Millenials would rather save their money for travel than for a house deposit. In addition to this, 47% of respondents indicated they’d rather rent if it meant they could afford small luxuries such as dining out.
They also rent because it allows them more freedom to move whenever and wherever they desire and to change careers as often as they’d like. Contrary to common belief, however, Millenials are not broke.
Australians aged between 21-24 bring in an average of $3,027 a month and 25-34 year-olds earn an average of $4,774 a month. Young professionals are definitely an appealing market, but how do you attract them to your property?
(Credit: Helena Lopes on Pexels) Young professionals make fantastic tenants
Make sure your property looks good
This is an obvious one for anyone leasing a property. However, Millenials tend to prioritise a property’s appearance higher than older generations. They enjoy open spaces and clean, minimalist finishes, so less is definitely more. Young professionals value quirky features, therefore if the property has unique elements it should be highlighted.
(Credit: Hutton & Hutton) Consult a stylist to ensure your property looks it’s best
Use excellent photos when listing
Well-versed in Instagram and Pinterest, young professionals know a good photograph when they see one and they won’t show interest in a property with second-rate photographs.
To really engage this audience, you need to make sure you have a ‘hero shot’ of the property’s best features followed by well thought-through images that tell a story about the property.
(Credit: Hutton & Hutton) If your photography isn’t attractive, you’ll lose interest with young professionals
Think about what these tenants need
To engage young professionals you need to keep their basic needs in mind. If your property has features that will make their lives easier, make sure you mention them in your listing. Features young professionals look for are:
- Close proximity to public transport. A lot of young professionals choose to catch buses and trains to work; therefore being close to these facilities is a huge priority.
- A decent sized kitchen. Many Aussie Millennials choose to stay home and cook their own food. If you have a great kitchen space make sure to emphasise it.
- Local atmosphere. If there are any popular cafes, bars, or restaurants close to your property, make mention of it. Young professionals enjoy letting off a bit of steam, so if there are any places they can let their hair down, make mention of them.
- Good connection to the internet. Young professionals should be made aware if NBN or WiFi is included within the property.
(Credit: Hutton & Hutton) A great kitchen should be advertised as this demographic love to cook
Be honest and transparent
Millennials do not tolerate dishonesty. In the new world of mass-advertising young professionals are accustomed to taking everything with a grain of salt. With a world of information at their fingertips, they are quick to recognise when they’re being deceived and they’re even quicker to call it out.
Make sure you’re open and transparent in listing your property, as this generation of renters will value your integrity far more than your attempt to cover something up.
All in all young professionals are an important category of potential tenants. This demographic are educated and wealthy, therefore they make excellent tenants. Ensure your property is well advertised.
(Credit: Anemone123 on Pixabay) Honesty is always the best policy