Draw in 70% of the Rental Market With This Simple Approach
Investors want to maximize their rates of return. With a rental property, this means high occupancy rates, and the ability to charge premium market rents. Offering features or amenities in your rentals that meet the needs and desires of your target market will allow you to stand out against your competitors and possibly increase your rate of return. Rental studies reveal there are a number of features that appeal to renters today, but sustainability outweighs them all. Here's how to draw in 70% of tenants today by going green.
The rental market is currently a $174 billion industry in the United States. And while it includes occupants young and old, economically disadvantaged to wealthy, there are some clear heavyweights in the game. Gen Z and millennials together now make up 70% of the rental market.
This includes renters aged 18 to 40, which makes sense, considering many who opt to rent do so when younger, unable to support mortgage payments, or are not quite ready to settle down yet. There is certainly room for niche markets, but if you are looking to appeal to the masses, targeting your marketing and rental amenities toward these generations will likely please the vast majority.
Source Fool.com
