The number of people renting properties instead of buying them is still at a historically high level. Increasing house prices and stagnating wages make it more difficult to put together the necessary down payment. That down payment is important if you are looking to avoid extra costs of homeownership like mortgage insurance.
This leave many people in a position it makes the most sense to rent. And as a property investors, that is good news for you. It provides an excellent opportunity to make money as a landlord because it’s easier than ever to find tenants.
Of all the age demographics, millennials (defined as young adults between 25 and 40 years old) are the group most likely to live in a rental property right now. They are also set to become the largest living generation in a matter of years, so if you are investing in a rental property, they are your target market.
Unfortunately, a lot of landlords do not realize this. When they are buying and renovating properties, they don’t take specific steps to attract millennials. So, if you want to maximize your profits and reduce any issues with tenant turnover, these are the best ways to attract millennials.