Customizing Your Business for the Millennials

If you're not familiar with the term ‘Millennials,' it refers to the generation that, in the late 80s and early 90s, was called "Generation Y" (because it was the generation after Generation X, naturally.) They've earned the nickname because they're the ones who were reaching maturity around the turn of the millennium. Many of them are comfortable renting for life, and that makes them ideal customers.
So how do you appeal to a Millennial market? Just follow the trends:
People are moving back into downtowns, and Millennials are at the forefront of that movement. They're interested in community, convenience, and commerce.
High-tech is the new normal, and millenials are looking for property that's Wi-Fi ready if not Wi-Fi enabled. They're looking for a property manager who will let them pay online, and they're looking for a place with cable and/or DSL internet access.
It's Getting Easier Being Green, and the Millennials are happy to contribute. They generally won't demand services like recycling and clean energy options and probably won't pay much more if anything for them, but they will absolutely consider such things to be good reasons to choose one property over another similar one.
They value flexibility, especially with time and money, often expressing their dissatisfaction with traditional work schedules, big-business banking options, and so on. Offering them alternatives, like allowing them to pay rent in weekly chunks instead of one big monthly bill, can be a big draw for the Millennial audience.
Of course, there exceptions to every rule, and there are in fact plenty of Millennials who don't hold true to the  generalization made of the several dozen million of them but playing the odds can't hurt. Set up a property with the Millennials in mind, and your chances of keeping your tenants over multiple years will improve significantly.
  • May 25 2014 - US
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