How to Market Your Rental to Gen-Y
What the millennial crowd are looking for
Everyone has a Different Lifestyle
If you are buying an investment property in an area near a university or TAFE campus, or even just in a hip inner-city area, you might be looking to target Gen Y with your marketing for tenants. But how do you go about this? With changing attitudes towards property in younger people, there is a lot to remember before you set out to attract this tenant market.
For much of the baby boomer generation, the dream was a nice suburban home with a backyard for the kids and all the amenities for them nearby. However, times change. Nowadays, millennials tend to prefer homes that are close to the action, with restaurants, workplaces, campuses, shopping and nightlife all nearby.
This means picking a property in close proximity to all of this, which can mean expensive central locations. However, there are some good trade-offs.
Millennials Make Different Sacrifices
One important thing to remember is that Gen Y isn't as tethered to the detached home, and is happier to settle for an apartment. CoreLogic RP Data has noted that 47 per cent of apartments in central Melbourne are single bedroom apartments too, which may give you a hint at the sort of property you should aim for.
The bonus of this is that units and apartments are cheaper than houses, allowing you to buy a rental property that appeals to Gen Y and doesn't break your financial planning.
An Ernst and Young survey found that 70 per cent of respondents feel Gen Y is great at leveraging social media into opportunities, as well as being the most tech-savvy generation. This could be taken into account when you actually market your home, opting for online channels rather than physical ones. Of course, consulting with your real estate agent might be a good first course of action.