A landlord's guide to millennial tenants
A landlord’s guide to millennial tenants: Melbourne is Australia’s undisputed cultural capital and much of that rich arts, music and literary scene lie in the northern suburbs. With top-tier bars, restaurants, cafes and trendy boutiques at every corner, and always something on during the weekends, the northern suburbs are one of the most vibrant, active places to live in Melbourne.
It’s no surprise then, that the median age in many northern suburbs, including Carlton (25), Carlton North (31), Brunswick (33) and Fitzroy (33) is well below Victoria’s average of 37 and Australia’s national average of 38, according to Property Data and the Australian Bureau of Statistics.
The median age in many northern suburbs is well below Victoria’s average of 37.
Such a young population is one of the things that makes Melbourne’s north such an enjoyable place to live, but if you own an investment property there, knowing how to rent to young tenants is critical. Millennials expect certain things in their accommodation and providing them will ensure you not only get on well with your tenants, but that you receive sound returns on your investment as well.
Public transport is key for young tenants
Many millennials want to be close to the action, so if you haven’t yet purchased an investment property, make sure the one you pick up has good access to public transport that can get them to and from the city centre.
According to CoreLogic’s Perceptions of Housing Affordability report, proximity to public transport was a top consideration among Victorians and millennials when considering a home. Thanks to Melbourne’s extensive trams and trains network, most suburbs are well connected to the CBD for young professionals who commute to the CBD for work.
Millennials are tech savvy
Investors would be wise to fit their rental property with technology and mobile connectivity options for tech savvy millennial renters. Things like fibre connectivity and subscriptions to premium television like Foxtel – if you’re providing utilities – are great, but many young renters are also looking to engage with their homes differently than they have in the past.
You might not be able to hook up your property with all the features of a Google home – like the power to control the temperature from your smart phone and turn off your kitchen lights via voice command – but even adding a few pieces will make your home more attractive to young renters. Smaller gadgets like remote control lights or power points in the bedroom that allow for direct USB plug-ins (for phone charging) won’t break the bank and will make your home seem much more advanced to Gen-Y.
Going green can go a long way
A staggering 63 per cent of young Australians identify climate change as the most serious issue currently facing Australia, according to a survey by the World Economic Forum.
Technology and green living are two things that millennials look for in a rental home.Outfitting your investment with eco-friendly features is not only good for Mother Earth, but will also be a unique selling point for young renters. Just like with technology, changes don’t need to be sweeping. There are simple ways to make any room in your home a bit greener:
- A low-flow showerhead in the bathroom
- A built in system for separating trash from recyclables in the garage or utility room
- Low-energy appliances in the kitchen
- Insulating blinds in the living room
- Low volatile organic compound (VOC) paint in the bedroom
Like any tenants, millennials will also value prompt, complete service. If you want to make sure your tenants’ needs are met and that your property is looked after properly, working with the right property management company is essential. At Nelson Alexander, we have years of experience helping landlords in Melbourne’s north. To find out more about our services, reach out to the team today.
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