If you own a rental property in Philly, you might know that over a quarter of your state’s population is comprised of millennials.
And if you didn’t, now you do.
That means marketing your vacant rental properties specifically to millennials should be a priority.
In the past, we have discussed how to go about leasing your rental property to millennials. We explained that they prefer leasing their homes to owning, for a variety of reasons such as school debt, flexible careers leading to multiple moves, and the fact that renting is no longer as taboo as it once was, even for adults.
In addition, we discussed how millennials prefer technology, such as paying rent online, having fast Wi-Fi speeds, and being located in the hub of the city, where everything is accessible within a few square miles.
And today, we are going to talk marketing.
If you are looking to capitalize on the millennial population in Philly, you are going to need to know much more than just what millennials want on the surface when it comes to leasing a rental home from you.
We are going to dig deeper, and provide ways you can market to this special demographic.
What is a Millennial?
In broad terms, a millennial is anyone born between the years of 1981-2000, though there is some flexibility in that definition.
Often children of Baby Boomers, those born between 1946-1964, millennials are generally defined as the generation that is in tune with the world’s advanced communication, media, and digital technologies.
Here are some of the key traits experts believe millennials, as a whole, have:
- They are part of the largest generation Western society has ever seen
- Millennials are on track to become the most educated generation
- Those born as millennials grew up in the digital age, and are very technologically savvy
- Prior to millennials, no other generation, save for those born in the early 1930s and 1940s, have had such a strong sense of community
- They are conscious of things such as environmental, social, health, and economical issues and want change
- This generation is marked by a lessened sense of patriotism, and a heightened sense of globalism
- They are entrepreneurial, thanks to the Great Recession
Marketing Your Philly Rental Property to Millennials
Now that you have a basic understanding of what it means to be a millennial in America, let’s look at some keys ways you can market your Philly rental property to this unique generation.
1. Highlight Space
Since millennials are so community driven, it is safe to assume they love to have friends, family, and co-workers over to enjoy the holidays, summer barbeques, and everything in between.
If your Philly rental property has a large living room space, make sure to highlight that fact in your online advertisement (remember, millennials are more likely to search for a rental online).
In addition, boast your spacious kitchen, oasis backyard, and spare bedrooms, where guests can stay over for the weekend.
Also, know that it’s not enough to mention your property’s square footage. Make something exciting out of that square footage, and watch the millennial interest grow.
2. Inform Them about Transportation
Millennials leasing your rental may still be in school. And, they probably work as well.
Being able to navigate the city easily from where they live is a key trait millennials look for in a rental property.
Mention things such as nearby restaurants, shopping, entertainment hot spots, colleges, business areas, and close access to all major highways and SEPTA stops when advertising to the millennial generation.
These location specifics are just what they are looking for in a quality Philly rental home.
3. If You Own a Philly Vacation Home or Short-Term Rental
We know that owning a vacation rental property can be a challenging feat. However, with the right marketing techniques, you are bound to find the perfect tenants year-round for your vacation rental if need be.
Here is a list of key options your short-term rental should market:
- Full service kitchen area
- A good value that is worth the money being spent
- Outside sitting area for relaxation or hanging with friends
- Views of the city skyline
- Close proximity to tourist attractions, like the Liberty Bell, Philadelphia Museum of Art, or the Franklin Museum
- Email, web browsing, television, and music access (including a strong Wi-Fi signal)
- Recycling options, energy efficiency, and green cleaning supplies
4. Watch Your Keywords
Unless you have the help of an experienced property management team in Philadelphia, like Bay Management Group, chances are you are not up to speed on what it means to watch your keyword placement when advertising online.
Because rentals in Philly are competitive, it is important you put as much effort as possible into your vacancy ads. You want to attract high-quality tenants that will not waste your time, are genuinely interested in your property, and meet all the application requirements.
One great way of doing this is to manage the keywords you place in your ads.
The more specific and detailed your keywords are, the more likely your rental ad is to show up in search results for millennials looking for a rental just like yours.
Use descriptive keywords to explain all aspects of your rental.
For example, don’t just list your place as an “available two-story house.” Instead, take it a step further and describe it as an “available, two-story, four bedroom, three bath rental with a large backyard and a spacious kitchen.”
This way, for anyone that is looking for those types of amenities (think millennials!), your ad will pop up in their search, and they will be able to get in contact right away.
In the end, catering to what millennials need and want in a Philly rental property is not that hard, once you have a grasp on your target audience and what they want in a rental property.
They want affordable, eco-friendly, technologically advanced rentals near the action of the city. And, if you have a property that sounds something like that, you will definitely find a millennial tenant by implementing the above-mentioned tips.
If you own a Philly rental property and want a property management company to help you with advertisements, tenants screenings, placement, and online rent collections, contact Bay Management Group today. We understand not only the rental property market in the Philadelphia region, but the demographics that are seeking rentals just like yours.
With our help, you can target the perfect tenant pool, such as millennials, and have a high-quality tenant in your rental property generating you positive cash flow in no time.