A good location, luxury and innovation rank high on the priority list of Gen Y renters. As per the trends, it has been observed that this generation wants a renting option that will improve their life experiences. So, rentals that match their expectations stay competitive in the rental market and garner better returns.
Let’s take a look at what it is that Gen Y renters want from a rental home:
- Location And Proximity: Time is wealth for Gen Y renters. They prefer places that are in close proximity to downtown and metro lines. For them, walking or biking to work is a better prospect than driving. Places that are close to socializing hubs such as coffee houses, sports arenas, nightclubs, etc. are a good choice for these renters.
- High Quality Amenities: Gen Y renters prefer properties that offer amenities comparable to a luxurious hotel. Examples of amenities they would love to have are a fitness center, outdoor pool, a secure parking lot, a dog park, tanning rooms, in-unit laundry facilities and the like.
- Space Utilization: Less is more for Gen Y renters. They prefer a compact space that is equipped with facilities that can serve multiple purposes. An example of this is a kitchen island that doubles as a workspace in the kitchen and also serves the purpose of a dining table.
- Environment Integration: Modern renters want rentals that integrate the indoors with the outdoors. They have an inclination towards features such as large windows, fire pits, heat lamps, covered outdoor areas, etc. They will also appreciate amenities that foster green living e.g. energy efficient appliances, recycle bins, energy-saving light bulbs, water-saving shower heads, low-flow toilets, etc.
- Customization: Gen Y renter’s like to customize the space they live in to match their requirements and personal tastes. Examples of such features that can be customized are flexible walls, built-in shelving, smart storage, kitchen islands and barriers that can be moved and more.
- Connectivity: This generation relies on the internet for work and entertainment so a reliable and high-speed internet connection is vital for them.
- Security: Most Gen Y renters prefer living alone due to which security is a major concern for them when it comes to choosing a rental. Property owners should invest in a reliable home security system to assure top-notch security to renters.
- Pet-Friendly Rentals: For them, pet-friendly rentals are an important consideration. So, including pet-friendly policies in the lease agreement is a welcome step.
In conclusion, property owners need to keep abreast with the latest trends amongst Gen Y renters in order to upgrade their properties and make them appealing.