When it comes to this age group, renting a D.C. area rowhome, condo, or single-family rental property is still the top choice among housing in our nation's capital. The D.C. area is a tremendous draw for employment of all types, and some millennials are still delaying the significant (and costly) commitment of homeownership in Washington to pursue their careers.
This desire for an excellent residential property without a move to owning a home has left developers scrambling to accommodate this highly informed and technologically advanced group with desirable D.C. rentals. Property investors who want to compete with these corporate groups in our competitive rental market should also make the changes necessary to attract these renters.
Investing in the right upgrades and amenities now can translate into a great experience for Gen Y renters looking for long-term housing in D.C. However, how can property owners select updates for their investment property that make financial sense?
As one of the experts in property management Washington D.C. offers, we're happy to provide our insight to property owners looking for ways to enhance their investment. Owning successful rental property hinges on so much more than rent collection!
Consider the following tips from our property management group before you make a costly investment in your investment that may not yield the results you were seeking.
Know What They're Looking For
Millennials have many factors that influence their decision to rent—especially apartments. However, a few of these motivating factors are consistently substantial.
According to J Turner Research, 33% of millennial renters are looking at location as their priority in renting. After all, one of the benefits of renting is the opportunity to move a little more often than homeowners do—and getting the right location is important.
Younger, modern workers tend to switch jobs more often than those of previous generations, so finding a rental home close to that next job opportunity is at the forefront of their concerns as a renter.
The next two factors ranking high on their list was the availability of high-quality apartments (27%) and price point (22%). These are the key things to consider when trying to market to this niche of renters, so aiming for high-quality housing with tangible value for the cost should be a crucial consideration of your marketing efforts.
For rental properties that are covered by professional property management services, this could be a selling point for your residents.
- Rental homes that are operated under the care of Washington D.C. property management companies often have faster response times to maintenance requests.
- They also offer professional online portals that make rental payments easy to do from the comfort of home.
However, these aren't the only kinds of amenities these young renters are looking for in a D.C. rowhome, condo, or single-family property.
Boost Leasing With Irresistible Amenities
When many rental properties are available in a concentrated area, and the price points are all very similar, available amenities can give you an edge on the competition—and draw in your next millennial renter.
- When surveyed, many millennials cited that they consider in-unit laundry a desirable addition, saving them the time of attempting to find a functional laundromat or the hassle of a communal laundry room.
- They also enjoy proximity to outdoor spaces, either for exercising, enjoying nature, or walking dogs.
- Millennial renters also look for spacious floor plans, with walk-in closets and other built-in storage spaces seen as a value-add.
When millennials are ready to level up to luxury D.C. rowhomes or another kind of rental, 83% value having a fitness center on-site. Parking also ranks highly (81%), and a dip in an outdoor pool is a priority for 59% of those surveyed. If you're aiming for this market, this is what they're looking for in their next home!
The Right Updates Can Send Your Rental to the Top
With all kinds of renters—but particularly millennials—some small upgrades to your property can add a bit of 'wow factor' to help them stand out from other D.C. rowhomes on the market.
- High-speed Wi-Fi is a valuable commodity that can be either rolled into a rental rate as a plus or an optional add-on that keeps renters from having to buy their own routers, modems, and service.
- Millennials appreciate discounts as much as other generations. If you are located in a neighborhood with a yoga studio or coffee shop, you can make an arrangement that benefits everyone involved.
- See if a local business will give a small discount to those who rent from you, helping them draw in your renters as long-term customers.
Insight Into Your Next Renter Is One Call Away
EJF Real Estate Services has been catering to the needs of millennial renters for years in our nation's capital! When you choose to work with us, you gain an elite rental task force that has decades of experience in property management Washington D.C. investors need to stay competitive.
Let us help you take your rental homes—and your income—to the next level.