If you’re planning on investing in property, chances are high that you’ll be renting to someone from Gen Y or Gen Z. We’re always hearing about their need for connection and their desire for instant gratification, so why not give them what they want!
According to the experts, these are the two “must-haves” when it comes to renting to Millennials:
- WOW factors in the common areas
They want to be close to it all – so an inner city location that is well serviced by public transport is your starting point when you’re property searching. It’s even better if the location has a good score on the Walkability Index or is connected to the CBD with bike lanes.
Look for local cafes, bars, restaurants, shops and markets that are an easy walk. Even better if they’re deemed to be cool.
WOW factors in common areas
Common areas in apartment buildings used to be hallways and driveways. Sometimes they included underground garages, gardens, pools and gyms. These days they include barbecue areas, outdoor kitchens and dining rooms, rooftop gardens and cinemas, indoor dining rooms with gourmet kitchens, state of the art gyms and yoga studios – all managed through an online booking system for the purpose of creating a community and a place to entertain.
Parking spaces aren’t high on the list for properties that have good public transport connections so they’re being replaced by bike storage.
While it’s great to invest in a property that ticks our boxes, you need to be more concerned that it ticks the boxes of potential tenants. Pay attention to the numbers and make sure the cashflow is working for you, and make sure the property works for your target market.