Millennials are people over the age of 18 but below 35. Millennials are very particular about what they need. A rental for a millennial unlike people in other age groups will not be a mere residence. They will make this place their home and sanctuary. Millennials will therefore be more committed to finding a place that has all or most of their particular requirements. As a landlord, you should pay attention to the needs of millennials as they make up about 30% of the Nairobi population. Below are some millennial rental requirements.
In this day of difficult economic status, everyone wants to save a little bit of money. Everyone wants to get as much value out of their coins as they can. That means that many will expect as many offerings as possible at the lowest rent as possible. Even something as slight as internet access or round the clock water availability will set you apart from other landlords. An example of this phenomenon is seen in areas such as Kasarani where many millennials live. The rent rates there and in other millennial popular places are very competitive.
Millennials do not like to be too restricted by numerous unexplained rules. It seems that this age group is more inquisitive and challenging when it comes to getting them to follow certain rules. As the landlord you should be prepared to answer questions regarding the reason for the rule. Even then, if the rules feel too restrictive a millennial will not tolerate it and will leave for a freer environment.
If you are going to target millennials, you should ensure that your building is located in a neighborhood with good public transport access. The commute to town should be manageable at the very least. It should be cheap and not lagged with heavy recurring traffic. This is yet another way for people to save money as well as time. No one wants to waste most of their morning in traffic every morning.
It would be helpful if you could provide internet. If not, millennials would appreciate easy access through fiber optic or other means. This is important for several reasons. One reason is that millennials like to be plugged in at all times. Also, most millennials supplement their income with online work and therefore need steady internet.
Most millennials start their house hunting efforts online. You should beware of internet cons who will use your property to try and con people. Some people will pose as potential tenants and take pictures of your units then advertise on online platforms only to con interested parties. This could get you in trouble as the owner of the property.
Millennials are attracted to other millennials. Most millennials will not be crazy about the idea of sharing a building with the older generation. They will feel restricted and unable to exercise their freedom fully. Therefore if you want to attract the millennials maybe limit the number of seniors and people above 35 in the building.
It would not hurt to have some entertainment spots within the vicinity of the building. A nice affordable place where people can go to unwind and watch football will be a big selling point to the millennials. Millennials are sociable and will appreciate every opportunity provided to socialize with others. If in doubt, walk around the millennial heavy neighborhoods. You will note that they tend to congregate around a certain bar or hotel.
While space is important for everyone, millennials tend to pay more attention to the features of the space provided. They will look at how you have made the space functional for them. They will check for wardrobes and kitchen cabinets. They will look for working plumbing. These features will make it easier for them to fully and efficiently utilize the space. This is therefore yet another thing that will possibly be more important to a millennial than someone from any other age group.
Regardless of how low the rent is, many millennials will not intentionally rent in a building that is not aesthetically pleasing. They will discredit the building as soon as they notice chipped paint before they have seen the inside. You should therefore make the building look good. Give the building a fresh coat of paint and keep it looking tidy. For some people in the age group, this outlook will be more important than how much you charge in rent.
Millennials tend to keep very weird hours. There are several reasons for that. They work late nights and early mornings because this really is the only window before they start families. They also have the energy for socializing almost every night of the week. That means that they need a secure neighborhood and building so that they feel safe regardless of the hours they keep. They should also feel that their properties are safe despite he very few hours they get to spend in the house.
The digital age has prompted most interactions to be via the media. As a landlord, one should provide convenient ways of paying rent from MPesa to mobile banking. They should also respond to enquiries and complaints in ways that do not necessitate the tenant to take time out of their day for interaction.
With such a large percentage of the population being millennials and with so many options to own homes out there, you should expect that a majority of your tenants will be in this age group. If you would like to retain a sensible tenant turnover then you should ensure to keep their needs in mind.