22% of millennials say they will never own a home. What has caused this massive shift in homeownership compared to previous generations?
Owning a home was once a big part of the American Dream and one of the most significant financial investments people can make in their lifetime. Over the past several years, the American Dream has shifted for many people, including millennials. With roughly 49% of millennials owning a home, this generation is trailing Gen X by 20% and baby boomers by 30% on homeownership.
So why are millennials more likely to rent and how do you market directly to this rent-centric generation?
Why do millennials prefer renting?
Many Americans reprioritized their lives post-pandemic as the country moved closer to remote-friendly work culture. When people work remotely, they realize the benefits of living where they want to live – in the top school district, or near family, for example – without the hassle of purchasing a new home.
Millennials prefer to rent for a wide variety of reasons. This massive shift goes beyond high prices, limited supply, and increasing interest rates. Many millennials are choosing to live a different lifestyle compared to previous generations.
More millennials are renting because:
- They have fewer kids and don’t need stability.
- They are gig and remote-work friendly and want to travel.
- They want conveniences like modern home tours and online management services.
- They want easy access to amenities like the gym.
- They want to experience different lifestyles.
How do you market to millennials?
Marketing to millennials is no simple feat. This generation grew up with technology and experienced digital ads and marketing tactics daily. The key to marketing to millennials is keeping their attention where they are. Real estate agents must use unique marketing ideas to connect with millennials.
So what unique marketing ideas should you be using?
Attractive listings
Millennials have an eye for aesthetics. With popular brands constantly posting artfully done photos, graphics, and ads, they are used to high-quality images and content daily. Poor photos or property descriptions will immediately detract from the listing. In less than 3 seconds, they will scroll to something else.
The popularity of short-form videos continues to grow with platforms like Instagram, Snapchat, and Tiktok. Adding short-form videos to your listings and social media will drastically increase views and interest in the property.
Highlight technology and automations
Growing up with technology gave millennials a strong desire for innovation and automation. If you list a property with innovative home technology, smart locks, lighting, or security systems, highlight it in the listing, photos, and videos. Demonstrate how these features work and create excitement around the idea of using this technology to make daily life easier.
Streamline processes
When it comes to leasing, there are many steps. For first-time renters, this can feel overwhelming, especially when unexpected delays and technical issues arise. Make the entire process seamless, from the tour to signing the agreement.
Floor plans and virtual walkthroughs
Tech tools are necessary for any competitive rental agent in today’s market.
Why?
It’s because your customers use the newest technology and apps. Millennials use lots of digital platforms and social media. They want high-quality content and cutting-edge technology. This also applies to finding a rental property.
Listing a rental on the MLS is not enough anymore. Millennials expect virtual walkthroughs and inspections, smart contracts, virtual staging, and mobile apps. Many millennials will choose a rental based entirely on photos and the virtual walkthrough. Providing a high-quality virtual walkthrough could close the deal with a millennial renter.
Be where they are
You can have the best rental in the world, but if you don’t share it in the right place, it doesn’t exist.
When marketing to millennials, you need to reach them where they are: online. Millennials have one of the lowest engagement rates online but one of the highest on social media.
Creating an online presence with informative content and marketing on social media is the best way to reach the millennial audience. Short-form videos, mini-campaigns on social media, and ad retargeting are great ways to attract and engage viewers.
How do you start marketing to millennials?
If you want to attract millennials, first, make your listing visually appealing, then make the viewing and rental process easy. Provide high-quality images and videos and a virtual walkthrough experience to make the decision process simple for millennials. Streamline your processes to make signing a new tenant fast, convenient, and accessible.
Ready to prepare your listings to attract millennials? Get started today