How a Fort Worth Property Manager Can Attract Millennial Tenants

The Millennial generation is in the news every other day. This generation has been accused of ruining things from the 9-5 workday to bars of soap (according to a list compiled by Marketwatch). While millennials may not be ruining everyone lives, it is true that times are changing and the millennial generation is leading the pack. How should the rental housing market respond? Below, we discuss who millennials are, what they want, and how a Fort Worth property manager can help you attract millennial tenants.

Who are Millennials?

To start with, who are we talking about when we talk about millennials?

  • Young(ish): The Pew Research Center defines millennials as “those born after 1980 and the first generation to come of age in the new millennium.” Generally speaking, as of 2018 millennials are 18-38 year olds.
  • Tech-savvy: This group has seen rapid advancement in technology, and is the first to come of age in a world with access to the internet and cell phones. Many work in tech industries, and it is hard to imagine any millennials without a smartphone in hand.
  • Large: In 2016 millennials overtook baby boomers to become the largest living generation. Pew also reports millennials make up the largest age group of renters at about 18.4 million. As such, it is important that rental property managers stay up to date with why millennials are renting and what they are looking for in rental homes.

Why are Millennials Renting?

As mentioned above the millennial generation is often blamed for “ruining” industries, which is in part because they have different values than the generations before them. Millennials tend to value freedom and experiences over stability and material things. In the housing market that translates into behaviors such as picking up and moving suddenly for a job and using their savings for travel instead of a down payment on a house.  Also, the average debt of this generation is in the tens of thousands, making home ownership seem like a far-off dream to many.

What Do Millennials Want in a Rental Home?

For millennials who don’t want or are unable to buy a home, renting a single family home is the next best thing. As this generation enters their 30s, they are more likely to start a family and search for a home that is family friendly to settle down in, even if it is only for a few years until their next move. This generation also likes to have fun, so being close to amenities and transportation is especially important. Lastly, the Washington Post reports that a majority of people in their 30s own pets, meaning that they will be looking for a rental home that allows pets.

Tips for Attracting Millennials from a Fort Worth Property Manager

Now that you know a little bit about millennials, how can you go about attracting them to your rental property? With so many millennials renting, you may think attracting them is simple. However, as mentioned above, millennials have different values than previous generations. Here are a few ways an experienced Fort Worth residential property management company can help you attract millennials.

    • Use technology to your advantage in marketing. Millennials search for rental houses online. If you don’t have an online presence, it is doubtful they will ever find your property for rent. A property management company can list your house on several websites and even create a video walk-through so potential renters can view the house virtually.
    • Consider your lease terms. With many millennials desiring a “no-strings-attached” type of lifestyle, consider lease terms that will not hinder this. If you’re having trouble finding tenants for a long-term (more than one year) lease, consider offering a shorter one, possibly even a month-to-month arrangement. Your Fort Worth property manager can help you draw up a lease that will be appealing to these shorter-term renters.
    • Update your home with smart technology. If you have to make updates, consider going with the “smart” version of these updates. A smart thermostat, for example, will let your renter control the temperature remotely from their smartphone. These smart updates have the bonus of lower energy costs, and may even give you a tax-deduction (always check with your tax advisor about this perk before buying).

Why Choose Specialized Property Management Fort Worth

Your rental property business will be more successful and more lucrative, if you hire experienced property management. Specialized Property Management Fort Worth gives its clients proven rental processes that have kept up with changing times and changing tenants. When you choose to take advantage of the business expertise provided by our Fort Worth residential property management here are a few services you will receive:

  • Online Property Listings: your property will be listed on multiple websites to ensure full exposure to renters.
  • Owner and Tenant Portals: you will be able to view reports and pictures from your property at any time. Your renter will be able to pay rent and submit maintenance tickets with the same ease.
  • 24-Hour Support: when your renter has an emergency they call us, at any time of the day or night.
  • Advice from Experts: our property managers not only have years of experience with what works in property management, but they also stay up-to-date with what works now, for millennial tenants and every other generation too. Why not put that expertise to good use and make the most out of your rental investment?

To start working with a professional, experienced Fort Worth property manager today call Specialized Property Management Fort Worth.

How Arlington Rental Property Management is Changing with Millennials

According to Forbes(LINK), the rental home market is changing because of millennials. Individuals born between the early 1980s and the late 1990s are now in the midst of their careers and have money for a downpayment, yet they are choosing to rent instead of buy. This is good news for property owners and property management. Arlington landlords can use this new renting mindset to their advantage.

Why are Millennials Renting?

As Forbes(LINK) points out, Millennials are choosing to rent even when they may be in a position to buy. This lines up with the value system observed in this generation. They tend to place more importance on experiences and freedom rather than material things and stability. When you own a home, it is more difficult to move across the country for your dream job. Saving for a new roof means less money for traveling. A good Arlington rental property management team can help you market your home for this new kind of renter.

Picking Property Management Arlington Tenants Will Love

What does this mean for property management? Arlington landlords looking to appeal to the millennial generation need to know a few things. First, many millennials work for tech companies and technology is a huge part of their lives. Specialized Property Management makes your tenants lives easier with our online portal system. Tenants can log in to their portal and pay rent or submit a maintenance request. Second, marketing will look different. With many tenants moving from across the country, they may never drive by to see a For Rent sign in your front yard. Online marketing with walkthrough videos is important to reduce vacancy days and give potential tenants confidence in renting a home sight unseen. Fortunately, with an Arlington rental property management team like Specialized you get all these services and more.

Want to learn more about all the services we offer? Give Specialized a call today!

Texas Economy and Millennials Looking for Houses

Fort Worth rental property management

Fort Worth rental property management gets ready for the summer season

Texas is a popular place to be in 2016. People want to relocate to and build a business in the Lone Star state. Millennials who have postponed home-ownership won’t find the market an easier playing field this year. Fort Worth rental property management companies can see a few leases end and tenants become homeowners, but renting is still the option of choice for many professionals with a family.

Texas Economy

Even with oil crude prices down and job cuts in the energy market, the Dallas-Fort Worth area is one of the fastest-growing communities in the nation. And the Dallas area can boast being where more that a third of the houses in the state were sold during this year’s first quarter. The state continues to have annual employment growth and the unemployment rate remains below the national average. So even though the housing market growth is expected to slow down this summer, it is still strong.

Where are the Houses?

The demand for affordable housing in Texas is high this season. But the supply of homes on the market is low. A 25 increase in listings last month isn’t enough to keep up with housing demands. High demand means buyers are looking at record prices for homes. Housing prices are predicted to level out, though, which could give hope to potential buyers. Competition is strong and millennials looking to buy their first home can expect potential bidding wars and homes going for higher than their listed price.

What does this Mean for Fort Worth Rental Property Management?

Record home prices and low inventory mean that after the hot summer real estate season, some home buyers won’t have found the home purchase they were looking for. Millennials were predicted to be big home buyers in 2016. But instead of being a stampeding wave on the housing market, they will more likely slowly trickle into the market. Investment property owners can take advantage of the need for affordable housing and get their rental homes up to code and rent ready for the coming real estate season.

Specialized Specialized Property Management is the leading property management company that can help you get your rental ready for leasing. We offer professional remodel services, lease preparation, and proactive advertising so you quickly see success with your investment. With millennials take their time with buying a home, finding a comfortable home to rent is their current goal. Find out what Specialized Specialized Property Management can do for you at (www.specializedrpm.com)