The Millennial generation makes up a large demographic of Colorado renters in Denver, Aurora, Centennial, Parker, and more, so those who own an investment property or are thinking of buying one would be smart to find out what they are looking for. These 18-33 year olds are opinionated and know what they want. You can make your property more marketable based on this information.
So why are there so many renters from this generation? Many are just getting out of school, and have student loans and other expenses to pay, so renting seems like the better option to them. Those on the older end of the spectrum may still be recovering from the economic slump, and a little shy to jump into home ownership just yet. Others just don’t want to have the responsibility, preferring to hold off on the burden of paying taxes and home maintenance for a little while.
But many of these millennials don’t want to compromise in what they want. For the most part, they want a place that is updated, stylish, and conducive to entertaining. Granite counters, stainless steel appliances, open concept, and an outdoor living space are just some of the things on the top of their list. A condo or townhouse that offers amenities such as a pool or fitness center is also attractive to many from this generation.
If you currently own an income property and are thinking of doing some upgrades, this type of information may steer your decisions in a way that will attract more renters. If you’re considering purchasing a property for the purpose of renting it out, you can look for something that checks off some of these things on a millennial’s “must-have” list.
Whether you’re a seasoned landlord or just starting out, owning an investment property is a great way to build a financial future for you and your family. If the day-to-day details such as filling a vacancy, collecting rent, or handling maintenance issues gets to be overwhelming, call 720.989.1996 or contact us. Legacy Properties-PM, property management company can help with these things while you continue to enjoy the financial benefits of your investment.