What do Renters Really Want? Real Property Management Says Millennial Renters Want Great Locations, Updates, And Reasonable Prices
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High rates of student loan debt, increasing interest rates, and a still slow job market in most of America will send rental rates among Millennials sky high, resulting in 46.8 million American renters in 2015. That’s according to Real Property Management, who sent us this interesting infographic on the tastes and mindset of Millennial renters.
As the graphic points out, Dallas is bringing up the tail end of the top-5 rental markets in the U.S., with Texas cities carving out spots at No. 2 and No. 3 as well. Leading in proportions of renters is Las Vegas, with San Antonio trailing, then Austin, then Chicago, and finally Dallas.
“As more competition emerges in the rental market, it’s important as a property manager to keep properties as up-to-date and attractive to renters as possible to stay ahead and obtain competitive rental rates,” said Real Property Management’s Rachel Wachenstein.
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This is so true about the millenials. I recently “tried” to help my 32 year old son find a 1 bedroom apartment in the Northeast Dallas/White Rock/Lakewood area and I can’t believe how picky he was!!! Sadly, his taste and pocketbook don’t match. He was recently forced into a career change and took a substantial paycut. It’s almost impossible to find a decent, “up to his standards” apartment in the area for under $1000 a month. Poor guy….I have no idea what he is going to do. Great tenant, not a party animal (anymore) and needs a really great place to live by all his favorite restaurants, shopping and of course, the golf course.
Thanks for the post. As an apartment owner I take this one to heart. We enjoy taking older properties and bringing them back to life. Our potential tenants are definitely picky but respond very well to great bathrooms/kitchens, new wood flooring, new appliances, good closet space, and some outdoor space. A huge unit is not necessary but an efficient use of space is a must. Our newest project can be seen at http://www.8180lemmon.com