Demographics play an important role in the decision-making process that comes with being a Northern Colorado property owner. Knowing them is crucial to your success and maximizing the return on your investment.
With Millennials now accounting for up to 40 percent of the national rental market, understanding their habits, likes and dislikes is vital to ensure that you have an edge over the competition. Trademark Property Management Group. realizes the importance and significance that comes with understanding Fort Collins rental demographics and wishes to provide you with the following insight in regards to Millennials.
Millennials Will Rent Longer Than Previous Generations
According to a 2016 CNBC report, Millennials have accounted for the biggest homeownership drop since 2009. The article projects that homeownership rates will continue to drop through 2025 and possibly beyond, meaning that Millennials will be renting a lot longer than their parents.
What Fort Collins Landlords Should Know About Millennials
Millennials want to be where the action is – i.e., they want to be near parks, popular night-time spots and not far from where they work. With that said, over 30 percent of Millennials are self-employed so many work remotely – more than likely where they live. Millennials are tech savvy and are always multi-tasking.
How To Attract And Rent To Millennials
Millennials do everything on their mobile devices so make sure you have a strong online presence that enables them the ability to make payments and maintenance requests. Because they are so good with researching through technology, it is imperative that you market your property as a good value and are aware of what the competitors are doing. Survey indicate that safety is important to them, as is having social space and the ability to have a pet.
Experience the “Trademark Recipe” for Success
Those Fort Collins landlords looking to attract Millennials and gain more insight about Fort Collins rental demographics should contact Trademark Property Management Group today to set up a personal consultation with an experienced property management team. Trademark has over 40 years of property management experience and offers residential, commercial and HOA management services throughout Northern Colorado.