Millennials are expected to drive two-thirds of household formations over the next five years, according to Jonathan Smoke, chief economist for realtor.com.
That means if you haven't already seen the spike in millennial tenants, you will.
So if Generation Y is going to be your next prospect, you should probably get to know them:
- They were born between 1980 and 1999, which makes them anywhere between 35 and 16 years old.
Limited job prospects and student loan debts have made it challenging for Millennials to save for a down payment and take advantage of low interest rates in the current economic recovery. Realtors.com
- The above also helps explain why millennials love renting, in addition to what Forbes says — amenities, community, flexibility, convenience.
So this begs the question,
What will your rental property look like when millennials move out?
- Small children mean big messes. It's more likely there will be carpet stains and beautiful wall art on behalf of those lovely children.
- In addition, it's likely there are pets, which also contribute to carpet stains and damage. Not only do pets bring in dirt and grime from outside, they have odor that is not easily removed.
- Millennials are the technology generation, so you should probably have an electrician in your property to check outlets after they move out.
- Consider recklessness or carelessness. Young people have more gatherings where impaired judgment may be involved. This could be a possibility with any tenant, of course.
Your rental property will never look perfect when any type of tenant moves out.
That's why it's best to plan ahead, create a list of quality service vendors, and prepare for the worst.
Pegasus Carpet Care offers quality commercial cleaning services including carpet cleaning, carpet repair, tile & grout cleaning, air duct cleaning, and painting.
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