It could be argued that Millennial home ownership has recently been on the uptick; yet, college students, recent grads and young professionals still make up a large portion of the Jacksonville, FL tenant pool. In 2015, Elite Daily, an online media publication, reported that the majority (59 percent) of Millennials say that they would prefer to rent rather than buy a home.
A report authored by The Council of Economic Advisers, titled “15 Economic Facts About Millennials,”presented insight as to why most Millennials shy away from home ownership. The report attributed the enduring trend to many factors, which included increased college enrollment, delayed marriages and changes to the labor market. Regardless of demographics, every tenant’s situation will vary. Segmenting the Millennial renter cohort into more narrowly defined classifications isn’t easy, but if you’re looking to put labels on it, here are a couple of options.
Maxed Out
Some young people choose to postpone home ownership while they pay down school loans and other debts. Others have seriously low credit scores. This segment of renters is wary of taking on additional financial obligation and they find home ownership to be risky. The Maxed Out segment may still live at home with their parents or entrust a roommate to help with the rent.
Commitment-Phobe
Many young people put off marriage, children and settling down until much later in life than did their parents and grandparents. Furthermore, with drastic changes to the labor market, some Millennials find that their jobs require a nomadic lifestyle that may not be as well suited for home ownership.
What Millennials Want in a Rental
If you are a Jacksonville, FL rental property owner looking to fill a vacancy, there are a few things that can attract the younger demographic. Here’s what tops the must-haves list for the young whippersnappers.
• Online Self Service
• Pet Approval
• Bicycle Storage
• Outdoor Living Spaces
• Connectivity (WIFI Capability)
• Location (Many Millennials gravitate toward urban areas)
• Great Amenities
• Updated Units
• Reasonable Pricing
Millenials have been dubbed the modern renters and they are in high-demand. From the Millenials’ must-haves list, these modern renters could also be considered “picky” or “demanding;” nonetheless, attracting the modern renter to your Jacksonville, FL rental property doesn’t mean that your home must check off every box. What should be noted, however, is that Millenials comprise a whopping 40 percent of the housing market, with 90 percent of those being renters, and with new Generation Yers soon to enter the market, these modern renters may be your tenants now and far into the future.
At All County Complete Property Management in Jacksonville, FL, we offer property management solutions that work for you, the property owner. Our property management professionals apply effective marketing strategy to fill your vacancies fast! And at no extra cost to you! We can help attract qualified tenants to your property. Call to get started today!