Last updated on May 21st, 2019 at 10:14 am
If you’re thinking of letting to young professionals there are some important aspects to consider.
More young people leaving university are going into the professional world than ever before. There’s been a considerable influx in young professional singles or couples looking to let property for the first time.
So if you’re looking to attract the Millennial generation of renters, it’s important to know what they’ll be looking for in their property search. We’re here to show you how you can make your property one of the most desirable for those breaking into professional markets and focusing on their careers.
Location and Connection
With many younger professionals choosing to commute publicly rather than purchase vehicles, it’s important to emphasise that your property has connections to local transport links or even a desirable location for quickly travelling to the nearest train or bus station.
There’s less of a need to focus on parking spaces and local amenities. Ensure your letting description includes the distance to the nearest station, time to the bus stop and accessible transport nearby. Knowing where the nearest shops are is also worth including, though not as important as information on distances and travel.
For the young professional generation, the priorities of property rental can be far different to an older generation – there’s not as much need for a garden for the kids to play in, a dining room or space for entertaining. Instead, home comforts for those who are career-focused are more based on in-house relaxation and efficiency; think a functional kitchen, the ability to connect to the high-speed internet, and often space for a home office.
Focusing on these factors will be far more desirable to this demographic, going a long way towards getting your desired tenants. Often, choosing to rent to young professionals can keep your property in excellent condition for longer – reducing the need to manage repairs and decorations over time.
People are visual creatures – as such, the way a property looks makes a massive difference to whether or not it’s suitable. A rustic cottage or old-fashioned interior might not seem like a dealbreaker for many, but with young professionals going for a clean, modern and minimalist look in most cases, providing that style can entice the type of lodgers you’re looking for.
Things like outlets and clean spaces, for example, are a must, while wallpaper and fireplaces are falling out of fashion. Knowing your audience is key to connecting with them and providing what they want. Even when it comes to things like white walls and wooden floors.
If you’re looking to rent a multi-room property and struggling to find tenants, tapping the young professionals market might be an excellent way to separate a property into rented rooms, with communal areas such as kitchens, bathrooms and living rooms. Similar to students, many are willing to rent near excellent transport links while they further their career. The accommodation will be mainly used as a base for work.
Split properties are the best fit if you want to rent to professionals. It allows you to divide a property into different rental addresses. This can work for flats/apartments and house and reduces the chances of being left without tenants to fill a property.
If you’re considering letting to young professionals, first appearances do matter – and make sure you focus on what is important to them. If you want to know more about the logistics of letting a property, take a look at our other guides today for more information.