Renting to Millennials: What They Look for in Fort Worth Properties
The 2020s announced that the future is here. It began with a pandemic in full force and transitioned into a changing world that revolutionized every aspect of society. The real estate industry was inevitably part of that change. Lots of things happened that directly influenced how real estate property is handled and who are the main investors and buyers of real estate.
Today, millennials are the primary focus of real estate sellers since they are in a period of their lives when they want to start settling down with their families, so they need to think about renting or buying a home. The trends say that many millennials are not able to afford the current home prices because of the vast changes that the pandemic brought along with all economic trends building up today’s living conditions. So, instead of buying, they are renting.
Statistics say that interest rates have fallen in the past few years, and mortgage rates are expected to remain at historic lows for a while, but even with rates below 4%, it is still tough for the majority of millennials to buy a home. Especially first-time home buyers are particularly challenged because student loans still burden them, and they need the opportunity to save up for a down payment.
That being said, let’s see how millennials are shaping the core of the renting body in the real estate industry and what they are looking for in Fort Worth properties.
Who Are the Millennials?
Let’s clear this up right in the beginning. Millennials were born in the ’80s and ’90s and are currently the largest generation living on Earth. They change jobs frequently, use social media platforms to post about their daily life and habits, and use phone technology as part of their daily activities. They are characterized by being world travelers, standing for their beliefs, and trying to change the world.
On the downside, they are the generation challenged with the most significant student loans, and because of this, they cannot buy a home during their 30s or 40s. On the other hand, they are more free-spirited people who don’t want the responsibilities of owning a home, so they decide to rent a house so they can be free to plan their next trip around the world.
How Are Millennials Changing the Rental Market?
Millennials were recently labeled as “Generation Rent” because they would rather rent a house than own one. This is particularly beneficial for rental property owners because it means more money and a steady monthly income than ever. Millennials know what they want, which is helpful for property owners because they can upgrade the rental units according to the wishes and desires of this generation in order to please their primary clientele.
What Do Millennials Want in Fort Worth Properties?
Bear in mind that millennials grew up together with the development peak of technology; they are the people who know what they want and want it now. They also want to experience travel, career changes, and freedom as long as possible and settle down a bit later during their 30s and 40s only when they feel they are ready. They don’t want to be tied down by anything, so renting is their number one choice.
The numbers also show support this statement because millennial households dominate the nation’s renters’ ranks. For example, 18.4 million of the estimated 46 million households were rented by them last year.
Most millennials know what type of rental they want, and it is usually single-family. Most are also willing to pay more to get the desired lifestyle and living conditions. Things they are looking for are proximity to a job, flexible lease, storage space, internet speed, amenities like a pool, gym, or park nearby, a safe and friendly neighborhood, smart home features, a washer and dryer in unit, kitchen upgrades, pet-friendly rental properties, covered parking spaces, etc.
Be Tech-Savvy
Millennials would certainly appreciate that you have a good and credible brand online because they trust online reviews and will research the rental properties thoroughly along with the respective management to see what they can expect.
So, as a rental property owner, you need to be tech-savvy and leverage the social media platforms, Google, and everything you can to ensure your brand is easily recognizable and searchable online. Include video walkthroughs of your property, and put it all on an easy-to-use website with a link to an online rental application as a way for renters to pay rent online. Your millennial tenants would greatly appreciate and value this.
Conclusion
Millennials are the technologically advanced generation who prefer renting over owning a house. They’re looking for living conditions that will facilitate their way of life. To satisfy their needs, rental units need to be upgraded with technology, support their lifestyles, and offer more flexibility in the lease. Fort Worth property owners should follow the trends and upgrade their properties according to millennials’ desires as this generation has been the prime type of clientele in recent years.
Working with a property management company can help you grow your portfolio and boost your earnings, all while eliminating the stress of owning a rental home. Westrom Group Property Management not only understands the ins and outs of the real estate industry in Fort Worth, but we’re also local experts. Our team has worked extensively with property owners throughout Fort Worth over the course of our 21-year history. We’re a family-owned and operated business, and our knowledgeable staff is dedicated to helping you maximize your investment. Isn’t it time you experienced property management with a trusted partner by your side?