Millennials play a large role in Austin’s rental market. Born between 1982-2000, Millennials comprise 25% of our city’s population. They are the fastest-growing workforce population in Austin, and 90% of them rent!
According to a recent article in The Austin American-Statesman, Millennials save at a far lower rate than the last three generations. Most of them are not saving at all and have little or no assets. This means that renting is more affordable to them and may be their only option. Millennials are more willing to move and change jobs. Renting gives them the flexibility they desire.
So what do Millennials look for when renting a home? Over half of Millennials enjoy cooking. They want a new, modern kitchen. They eat out less and really like an outdoor living space for entertaining friends. This is even more important to those with children. They love their pets–most of them have at least one dog or cat. They want places to ride their bikes (and bike storage) or walk their pets, and many like to be within walking or biking distance to a store, restaurant, café, trail or park.
Connectivity! Millennials are incredibly tech-savvy and most of them have smart phones–and they’re constantly connected. Most pay all bills online, and they love to make purchases on modern-looking, mobile-friendly websites. In fact, over half of Millennials report that if they have difficulty searching a site with their smart phone, they probably won’t use that company or business.
Because Millennials are the online self-service generation, our company has gone to great lengths to makes sure that potential and current clients can not only apply online, pay their application fees and their rent online, but can create their work-orders online. They communicate with us online, too, whether they have questions or are in need of repairs. Our property management system will even send text messages to tenants. They don’ want us to call them. So, we make it easy to do business with Millennials.
Austin is a beautiful, active, high-technology, ever-growing dynamic city which consistently rates in the top 5 “Best Cities” among 25-to-34 year-old Millennials. For them, Austin is great place to live, and while mortgage interest rates are still low, this also makes Austin the perfect place to be a landlord.
Whether you are looking into purchasing an investment property or want to refinance an existing property, feel free to call us for a lease analysis or to answer any questions you may have. Our office provides sales, leasing, property management, and mortgage services. You can also visit our website at www.smartsourcerealty.com .