If you own a rental property in Philly, you might know that over a quarter of your state’s population is comprised of millennials. As such, marketing your vacant rental properties specifically to millennials should be a priority. Today, we’ll go over why you should market your Philly rental to millennials and how to highlight your rental’s best features.
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Why Market Your Philly Rental to Millenials?
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 them for various 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 is located in the hub of the city, where everything is accessible within a few square miles. Well, today, we are going to talk marketing.
If you are looking to capitalize on the millennial population in Philly, you will need to know much more than just what millennials want when leasing a rental home from you. So 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 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, has had such a strong sense of community.
- They are conscious of things such as environmental, social, health, and economic 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.
What to Know About Marketing Your Property to Millenials
Now that you understand what it means to be a millennial in America, let’s look at some key ways you can market your Philly rental property to this unique generation.
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 from that square footage, and watch the millennial interest grow.
Inform Them about Transportation
Millennials leasing your rental may still be in school, and they probably work as well. As such, 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.
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, the 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
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 Philly rentals are competitive, you must put as much effort as possible into your vacancy ads. 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 appear in search results for millennials looking for a rental 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 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 looking for those types of amenities, your ad will pop up in their search, and they will be able to get in contact immediately.
How Can Professional Property Management Help?
If you own a Philly rental property and want a property management company to help you with advertisements, tenant 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 positive cash flow in no time.
BMG offers comprehensive rental management services in and around Baltimore, Philadelphia, Northern Virginia, and Washington, DC. Contact us today to learn how we can successfully market and manage your rental properties.