What Millennial Renters Want

Do You Know What Your Millennial Rental Customers Want?

A recent survey by John Burns Real Estate Consulting found that what Millennials want most when they’re looking for amenities in a place to live is not brand names, but rather features. And they especially love it when that involves technology and making their lives easier.

That’s important for investors to note, as this is a “renter generation” who will be occupying many of the units you own and oversee, now and in the future. You want to make sure you are offering the types of accommodations that will attract this clientele.

Why You Need to Know What Millennial Renters Want

It’s also important to note that Millennials check online reviews (they are very tech-savvy, after all!) so it’s important for you as an investor (or as part of an investment entity) to guard your online reputation. It all goes back to customer service and providing what your clients want.

Here are some other findings from the John Burns Real Estate Consulting survey of more than 20,000 home shoppers:

  • Millennials (young adults born in the 1980s and 1990s) are half as likely as their parents’ generation to rank brand as the most important factor when choosing products in the home.
  • Also, Millennials are far more likely to pay an extra $3500 for a smart refrigerator or some other technological piece of equipment than are Baby Boomers or previous generations, even though young adults have less income to spend.

John Burns Real Estate Consulting is a great resource for insight into what home shoppers want. You can get more information on their website, at www.realestateconsulting.com.

About the Author Vinney Chopra

Vinney Chopra is the Founder and CEO of Moneil Investment Group and President of Ideal Investments Group. Since coming to the United States more than 40 years ago - with only $7 in his pockets - he has built four successful businesses as well as his passions: a multifamily syndication academy and youth academy. With a bachelor's degree in mechanical engineering, he added a master's degree in business administration in marketing from The George Washington University, shifting his focus to marketing and motivation. He has been a professional fundraising consultant and motivational speaker for more than 35 years and also is a licensed real estate broker in California. Vinney and his wife started their real estate investments in 1983. He currently owns single-family homes and multifamily units in Texas, California, Atlanta, Arizona and India. People often call him “Mr. Enthusiasm” or “Mr. Smiles” for his positive attitude and commitment to bringing great value to everyone whose lives he touches.

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