How Neighborhood and Property Data Can Help Rental Site Owners Target Millennial Renters Effectively
According to the U.S. Census Bureau, only 1 in 3 millennials own their own home. Stagnant wages, coupled with rising house prices, mean that many millennials are struggling to purchase their own property. This makes millennials one of the highest-renting demographics.
With so many millennials looking to rent out a property, several rental property websites are targeting millennials through their advertizing initiatives. As the owner of a rental website, it can be a challenge to ensure you continue to drive the most traffic to your website and guarantee that your site visitors convert successfully. Below, we explore how to target millennial renters effectively using neighborhood and property data.
Highlight the Property Features Millennials Want
Studies have shown that millennials value properties with large spaces for socializing with friends. Large kitchens and living rooms, and sizable outdoor space, are the perfect draw for millennials looking to host friends for social gatherings. As such, offering realty data on a property’s square footage, as well as details on any outdoor porches or balconies, is key for helping convert millennial house hunters who land on your rental website.
In addition, millennials are also interested in renting eco-friendly properties, fashioned from insulating, earth-friendly materials and run on low-energy heating systems. You can use property data to help showcase the green benefits of renting different properties.
ATTOM property data covers more than 155 million properties nationwide, and includes property characteristics such as, width & depth, square footage, porch or balcony features, lot size in square feet or acres, details on the heating and cooling system, construction material, and more.
Help Millennials Chase the Buzz with a Map to the Best Local Hotspots
When it comes to settling on a rental property, millennials chase the buzz. Urban hotspots, close to every desirable amenity, are dream rental spots for millennial renters. Millennials enjoy living in close proximity to popular coffee houses, sports venues, up-and-coming bars, and transportation that connects them to friends and work around the city.
As such, including detailed neighborhood information on each neighborhood’s attractions is a great way to boost engagement on your rental site. ATTOM’s neighborhood data offers insights into the nightlife, entertainment venues, transport, cultural points of interest, retail, eateries, and other amenities of over 502 metros and 40,878 neighborhood boundaries in the U.S..
Think Outside of the Urban Box: Focus on the Surrounding Nature
Have a property to rent in a rural area? Research shows that millennials also enjoy spending time in nature. From hiking to outdoor sports, millennials are drawn to homes that provide them with easy access to local parks, trails, rivers, and lakes. Providing millennials with information on the surrounding nature can also help enhance the attractiveness of a potential rental property.
Don’t Forget Millennial Moms and Dads
Just like millennials are waiting to purchase their first home until later in life, they are also waiting longer to get married and have children than previous generations. The US birth-rate is currently the lowest it has been in 32 years. As such, enriching your rental portal with school data may not be the first decision you make when considering how to boost engagement with millennial renters.
However, millennials report that good school districts are a driving decisive factor in choosing a property to rent. Our school data can help enhance your rental portal with in-depth information on school ratings, class statistics, reviews, enrolment, the quality of teaching, grade span, test scores, and class size.
Keep Millennial Renters Returning to Your Rental Website with Neighborhood and Property Data
Research shows that the average renter changes their rental property every 6 months to 3 years on average. This means that the average millennial renter frequently jumps back into the pool of prospective tenants. Including comprehensive data for real estate and neighborhoods on your rental portal is a great way to build your reputation as a go-to rental portal for renters looking for detailed information on their next home and future neighborhood.