Improving the Millennial Appeal of Your Multifamily

Millennials or “generation Y” tenants are more inclined to rent out. Your window of opportunity as a multifamily investor is large but it isn’t as wide as you think. You may have to be creative when it comes to engaging this demographic.

Here are some of the best ways for making your multifamily property appealing to millennials:

Reach out across all digital channels

Don’t expect millennials to find your multifamily through newspaper ads or bulletin boards, although there is some measure of success when using these channels. Still, your best bet is to reach out through the platforms they frequent such as Facebook, Twitter, and Instagram.

Considering millennials are connected to the internet 24/7, you will have to create effective digital marketing to raise your chances of producing tenants.

Show, not sell

Traditional marketing tactics do not and WILL NOT appeal to millennials.

The marketing tactics of old aren’t as effective as they were back then. So, using a pushy sales pitch is only going to drive them away.

Show off your multifamily through pictures or even videos of the property showing all its benefits, functions, and unit sizes. These are what draw millennials’ attention from the start, and you can only keep them engaged from here.

Connect with them

Millennials don’t want to be kept in the dark, so keep them engaged by letting them know more about the multifamily and the area surrounding it.

Share positive reviews from tenants residing in your area to get millennials further interested in your community. Many of them grew up in tough times and want nothing more than a positive living environment. You can provide that for them.

Modern amenities

Of course, the offer of living with technological advantages also appeals to most millennials.

Millennials are drawn to places with high-speed internet and enough outlets to charge electronics. Other than that, you may also look along the lines of shared workspaces and cafes.

Focus on quality over quantity

It doesn’t really matter how much of something you’re offering a millennial. If it’s not up to par, then it’s not worth their time.

Millennials value quality over quantity, simple as that. So, no matter how tempting it may be to include “multiple units available!” or something similar in your marketing pitch towards them, it would be better to put out something like “high-quality, homely units available!” instead. Now, that will surely grab their attention.

Millennials will definitely comprise a bulk of new tenants in 2020, so be sure to use the tactics above to help you extract even more opportunities from this sector.