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Millennials have taken rental housing by storm, making up more than 40% of the market. If you’re not prepared to attract and retain this modern renter, you’re going to lose out to a competitor that will--it’s that simple! In this presentation Aimee Miller, VP of Marketing from AppFolio shares statistics and data that will help you understand how the modern renter communicates and thinks, what's important to them and what you should be doing to attract and serve this growing demographic. Flip through the slides to learn more!
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The Millennial Renter is Here! Are You Ready?
AppFolio
Complete Solution Includes:Web-Based Property Management Software
• Property management and accounting• Online rent collection (free)• Prospect / guest card tracking• Vacancy Marketing• Website• Online applications & lease• Resident Screening• Mobile Inspections
…..So You Run A More Successful Business
Inman
Laura MonroeDir. of Industry Engagement and Social MediaInman News
Aimee Miller
Aimee Miller VP Marketing, AppFolio
v
ARE YOU READY FOR TODAY’S RENTER?
A MILLENNIAL APPRAISAL
Polling Question My Experience with Millennials (choose all that apply) q I work with Millennials q We rent to Millennials q We have owners who are Millennials q I AM a Millennial!
MILLENNIALS AT A GLANCE
BORN APPROXIMATELY 1982–1995
MAKE UP 25% OF THE POPULATION
CHILDREN OF BABY BOOMERS AND GENERATION X
THEY DON’T LIVE THE SAME WAY AS THEIR PARENTS.
TECH- SAVVY
PERSONAL RIGHTS ACTIVISTS
INTERESTED IN PUSHING SOCIETY AND BUSINESS FORWARD
Millennials are a class of their own, different from their parents. They are:
And they give back to the world they live in.
87% OF MILLENIALS GAVE TO CHARITY LAST YEAR.
WHY DO YOU NEED TO KNOW THIS? THE MILLENNIAL IS THE MODERN RENTER.
“HOW LATE IS TOO LATE TO TEXT ABOUT THE LEAKY DISHWASHER?”
They will be living in your units, paying you rent, and asking questions like:
…because the average Millennial sends 20 texts a day.
DREAM OF OWNERSHIP IS NOT DEAD…JUST POSTPONED
MORE AFFORDABLE & FLEXIBLE
FEAR OF COMMITMENT AFTER THE HOUSING MARKET CRISIS
They are in a renter state of mind because:
AND OF THOSE, 90% WILL BE RENTERS.
MILLENNIALS MAKE UP 40% OF THE HOUSING MARKET.
SO, WHAT DOES THE MODERN RENTER WANT?
New ways to utilize their technology and gadgets (most important!)
Other ways to get ahold of you besides coming into your office
Housing that complements their diverse lifestyles
New amenities
SELF-SERVICE ONLINE
SOME OF THE MODERN RENTER’S MUST-HAVES
A BICYCLE
Millennials drove 23% less in 2009 than in 2001.
FRIENDS
…who come over to hang out
A FURRY FRIEND
More than 76% of modern renters have cats or dogs
WI-FI
SOME OF THE MODERN RENTER’S MUST-HAVES
Lack of bike storage could be a deal breaker for the two-wheeled commuter.
They value outdoor living spaces – providing socialization spaces is key!
Make sure you are not excluding that huge piece of the rental pie because of a no-pets policy.
Millennials value connectivity – be sure you’re enabling it.
Make sure you offer everything online—from applications to rent payments. Self-service is a must.
LIFESTYLES The Millennial generation covers a large span of ages.
They cook more and dine out less. Location and walkability are really important to them.
THEY LOVE THEIR TECHNOLOGY.
More than 74% of Millennials feel that new technology makes their lives easier.
54% think new technology helps them stay closer to friends and family.
THEY USE IT TO PAY THEIR BILLS...
A February 2014 study by TD Bank found that 88% of 18–34- year-olds used online banking to pay bills, among other uses.
38% Prefer to pay online
OFFERING ONLINE RENTAL APPLICATIONS AND RENT PAYMENT IS A MUST.
…AND TO COMMUNICATE. U.S. Millennial Internet users’ preferred digital communication methods:
TEXT MESSAGES
17%
72%
74%
92%
CURB APPEAL By taking some simple steps, you can ensure that you are meeting
your newest target market halfway.
Polling Question I would describe our approach to managing our online reputation…. (choose one) q Great! We regularly ask for reviews & respond
online
q OK: We are mostly reactive to reviews but do respond quickly
q Not Great: We could do better
MANAGING YOUR ONLINE PRESENCE These days, simply being online isn’t enough. You have to engage online.
More than 75% base their decisions on ratings and reviews.
MANAGE YOUR REPUTATION
UTILIZE YOUR WEBSITE SOCIAL MEDIA INTEGRATION!
GET SOCIAL
POSTING: THINK OF THEM, NOT YOU
Video tours of available units
Resident or social event highlights
Neighborhood info: schools, local shops, restaurants, etc.
Tips and articles on decorating, local attractions, and events
MAKE SURE YOU’RE MOBILE-FRIENDLY!
52%: Bad mobile experience made them less likely to engage with a company.
IS YOUR WEBSITE MOBILE FRIENDLY ?
4 in 5 Millennials own smartphones
48%: Sites that didn’t work well on their smartphones made them feel like those companies didn’t care about their business.
1 in 5 MILLENNIALS ARE MOBILE-ONLY USERS
Polling Question Rate your Website on a scale of 1-5 5 = SUPER MODERN: Mobile friendly; Updated in the last year; we get leads!
4 = GOOD: Updated in the last 2 years
3 = MEDIOCRE: Can’t tell if it’s doing much for us
2 = NOT GREAT: We could use some help here
1 = EMBARASSING: We are sad
BE NIMBLE. Staying on top of your residents’ needs keeps them happy. Don’t forget: They are talking about you online.
Unfortunately, they are more likely to spread bad experiences than good.
95% SHARE BAD EXPERIENCES
87% SHARE GOOD EXPERIENCES
…75% BASE DECISIONS ON RATINGS & REVIEWS!
NUDGE YOUR RENTERS IN THE RIGHT DIRECTION. Be proactive, and ASK for reviews.
IMPLEMENT A PROCESS; TRAIN YOUR STAFF
MAKE IT EASY FOR YOUR CUSTOMERS
BE THE KIND OF BUSINESS THAT PEOPLE WANT TO REFER
When to ask:
IN STAFF EMAIL SIGNATURES
DURING THE LEASE-SIGNING PROCESS
THROUGHOUT THE RENEWAL PROCESS
IN OFFICE VISITS/GENERAL CONVERSATION
DURING WORK ORDERS/CALLBACKS
AT MOVE OUT
ASSESS YOUR ONLINE OFFERINGS
Online features such as:
ONLINE MAINTENANCE REQUESTS
ONLINE PAYMENT OPTIONS
CHECKING PAYMENT HISTORY AND BALANCE DUE ONLINE
...will help you impact resident happiness and retention.
Polling Question To Attract More Millennials in 2015 We’re Planning to….. q Offer Online Rental Apps & Leases q Make our website mobile-friendly q Offer Video Tours on our website q Get more proactive about our online
reputation q All of the above!
INVEST IN COMPLETE PROPERTY MANAGEMENT SOFTWARE The right web-based property management software will provide the tools to attract the modern renter. Make sure you’re utilizing these tools to their full potential. With more Millennials renting than owning today, there are significant opportunities for property managers willing to cater to this demographic.
SOURCES: APPFOLIO | COMSCORE | GOOGLE | NIELSEN | STATISTA | TRULIA
MARKETING ALL YOU HAVE TO OFFER IS THE KEY TO STANDING
OUT FROM THE CROWD
It’s not enough simply to have all these features and tools; you have to market them so the modern renter
knows! This is key to standing out from the crowd.
