Thursday 30th August 2018

7 things you need to know about the millennial renter.

Millennials make up a huge part of the rental market so it’s important to understand their values, why they often choose to rent rather than buy, what they want from a rented property and the significance that technology plays in their choices.

1. Millennials are the generation born between 1981 and 1996, so are currently aged between 22 and 37. 

2. With many more choices and options than previous generations, their life decisions tend to be made later. Extended educational opportunities, travel, voluntary work abroad and work experience such as internships mean they’re more likely to begin permanent, full time employment when they’re older. 

3. Traditional commitments, such as buying a house, marriage, or starting a family, are put on hold. Renting with friends for several years after finishing full time education is increasingly popular, and so tenancies need to be versatile and adaptable to reflect this trend. 

4. In fact millennials are likely to stay in the rental market for a long time. Many see renting as their first and most positive choice as it requires less commitment and responsibility than being a homeowner and gives them maximum flexibility, affordability and convenience. 

5. Being tech-savvy means that millennials use their mobile devices to search for their rented home, to complete their application processes, and to make payments. They want hassle free tenancy set-ups and the convenience of utility packages that suit their needs - with reliable, high-speed broadband connection an absolute priority. 

6. Millennials have high expectations. They prefer accessible locations, close to amenities, public transport and friends; they like newer, streamlined rentals such as flats or apartments, preferably with accessible bike storage and parking. Increasing numbers of millennials own a pet and want to rent a property that can also accommodate their four-legged friend.

7. They are the most educated generation to date, but this means that many of them will have to pay off student loans once they’re earning enough. Younger millennials in particular may not have yet built up a solid financial history, so it’s important to conduct thorough checks to ensure you have a reasonable assessment about whether your prospective tenant can pay the rent on time.

Our extensive range of referencing and security checks provide all the information you need to help you be confident in your decision to let and our intuitive cloud-based system is compatible with all devices, integrating every stage of the referencing process.

To help enhance your business, we make it easy for you to earn revenue from market-leading products your tenants want and need. We always protect their personal details and we only ever contact them with prior permission. 

TenancyPod is the perfect solution for property protection and will always keep you updated on any changes to legislation or compliance.

If you would like to know more, feel free to contact us at enquiries@tenancypod.co.uk or on 0333 332 7938.

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