What are Millennials really looking for when they’re searching for a new home? Decoding the interests and desires of a different generation can be difficult. Luckily, there is a strong Millennial interest in the Seattle real estate market, and many are tracking the home rental interests of this emerging group of tenants in their twenties and early thirties.
Who Are the Millennials?
Millennials are the up and coming generation. Today, they’re in their teens to mid-thirties. They’re a distinct group of tenants and one of the first generations to lean toward home rental rather than home ownership. Renting rather than owning is a great fit for the Millennials, who want to have a flexible location rather than settling down in a single job. Many younger Millennials are still in school, and they need to rent when they move into a new town to pursue higher education.
What Millennials Want From a Property
What do these young students and new families want in a property? While Millennials are as diverse as any other group, there are a few property trends that define this generation.
Millennials are less formal than previous generations. They’re looking for open plans that are suited to casual entertaining. Millennials are also flexible in their work spaces, and many work from home or run side businesses. According to Millennial Magazine, “this means that dining rooms are less important than home office space – especially since many of us work on the side, run our own businesses or work from home.”
Efficient, affordable, and convenient: millennial renters prefer a low-maintenance home. Homes must have Wifi access and be energy-efficient. According to Realtor Mag, “Millennials tend to be conscious of not being wasteful, and will do what it takes to save on the use of electricity and water.” Millennials strive for efficiency in all aspects of their home. The more a property management company can do, and the simpler the cleaning requirements, the better. That means that Millennials prefer hardwood over carpet and prefer landscaping that’s maintained by a management company.
Choosing Seattle Houses for Millennials: Neighborhood Matters
In addition to the property itself, the neighborhood that your property is in matters a lot to your Millennial tenants. In part, this is because many of them do not own a car. They depend on car shares, transit, walking, and biking, so your property will be much more attractive if it’s within an easy walking distance of grocery stores and entertainment.
For younger Millennials or those who are in school, a location that’s surrounded with a lot of entry-level or service jobs will provide your tenants with easy access to employment opportunities. Those who are in school will also be attracted to neighborhoods with straightforward transit access to campus. Older Millennials who have a more established career path will seek out neighborhoods that are close to work; for example, Seattle’s downtown core is popular to those in the tech field.
Are you investing in Seattle houses and apartments? Lori Gill and Associates can help you make an informed decision when choosing the best rental property for your portfolio. In addition, we can take the hassle out of the rental process. Contact us today to learn more.