Tips for Appealing to Different Demographics with Your Rental Property

Tips for Appealing to Different Demographics with Your Rental Property

 

One of the most important factors you must consider when marketing a rental property is the demographic most likely to sign the lease. Demographic data such as age, gender, and income can be used to make your place as appealing as possible to the local tenant pool, and thereby reduce your risk of vacancy.

 

However, different groups of people have different wants and needs in a rental property. It’s up to you to figure out exactly what your target demographic is after, and then use that knowledge to make your place stand out amongst the competition.

 

Here are a few of the major demographics you’ll find with rental properties and what they may be looking for in a rental.

 

Millennials

Millennials make up one of the largest segments of the renting population in the U.S. Most are attracted to the urban centers of larger markets where they are close to employment opportunities as well as dining and entertainment options. To attract this crowd, consider features such as:

 

  • Central location with good walkability
  • Access to public transit
  • Smaller, easier-to-maintain spaces
  • Pet friendliness
  • Outdoor space
  • “Smart” features such as programmable thermostats and lighting
  • Green features such as curbside recycling
  • Bonus amenities such as on-site laundry or access to a gym

 

Families

Whether they’re a family with young kids or teenagers, most are looking for two things in a rental property: safety and functionality.  In other words, families want a rental home that is located in a safe area and preferably equipped with some security features, and they also need their space to be functional for their needs (i.e., playroom, backyard, adjacent bedrooms located on one level). Other wants/needs may include:

 

  • Close proximity to good schools
  • Neighborhood amenities (swimming pool, playground, library)
  • Larger homes with more bedrooms/bathrooms
  • Ample storage space
  • Kid-friendly durability (tile/laminate flooring, high gloss paint)
  • Pet friendliness
  • Security features (alarm system, peephole in front door)

 

Seniors

While seniors make up a smaller portion of the rental pool, there are still neighborhoods/properties that cater to this demographic. If your property is located in one of these areas, or you’re considering buying one there, it’s important that you consider this older population’s unique needs. Some of these include:

 

  • One-level housing with no stairs or minimal stairs
  • Community features (clubhouse, close proximity to places such as YMCA)
  • Smaller spaces
  • Pet friendliness
  • Landline telephones

 

Keep in mind that renting to seniors also comes with certain laws and restrictions that are enforced by both state and federal government. While housing laws apply to everyone, you may want to familiarize yourself with them even more when renting to seniors, as this demographic may have additional needs you have to consider.

 

As an alternative, you can opt to work with a turnkey provider who offers in-house property management. These folks will handle all of the marketing related to your property, and can even recommend steps you can take to make your unit more appealing to a particular demographic.

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