Demand from millennials and young professionals with higher incomes are major drivers of the current rental market. Properties can easily be redeveloped or rebranded to include target market needs and amenities. Not sure what young professionals are looking for in a rental property? Take note of these five emerging trends if your target demographic includes young professionals.
Easy access to center city jobs: Easy travel to the main city center is a key factor in deciding an ideal apartment for young professional renters. Short commutes to town centers and multiple transportation options can boost interest in your rental.
Competitive rental prices: Young professionals are not very price sensitive, but in a competitive market, it’s important to be sensitive to your competitors rates and take into account what other amenities they are offering that could capitalize on this renter market.
Trendy Area: City centers and areas with an abundance of new restaurants, bars and nightlife make for the best areas for millennials and young professionals. If your property is in buzzing city, be sure to share these spots in your marketing efforts to capitalize on the opportunity. If you are not to far from these up-and-coming areas, be sure to communicate and promote this to prospective tenants.
Social Amenities: A fitness center, clubhouse or common spaces for socializing are very attractive to this demographic of renters. Having an opportunity to socialize with others via amenities is one of the most important factors. Young professionals are out and about networking most of the day, meaning that a small sized room will fit there needs perfectly well. On the other hand, social amenities - areas in the property that can allow for entertaining and shared activity - become more valuable and necessary. As for fitness centers, offering free classes that encourage group participation and socializing trends to draw in more young professionals.
Business center: Similarly, renters are demanding a co-living environment where they can entertain but also work. A common space for co-working and remote office work is an important element that this demographic desires.