Victoria Property Management Strategies: Finding the best Millennial tenants

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Finding the best rental tenants is always a challenge.

RHOME Property Management Victoria seeks out reliable Victoria rental tenants who pay rent on time, get along well with others, respect common areas and others’ personal property and space.

In Victoria, where rental-vacancy is estimated to be 0.5 per cent, appealing to, identifying and renting to dependable tenants means sorting through many applications and interviewing many people.

Victoria has a strong economy. Construction, technology, tourism, a highly-regarded university, and a fantastic lifestyle attract many to Vancouver Island and the capital region. Included in this number is a significant portion of Millennials (born starting in the early 1980s), some looking to purchase their first home, many more looking for rental accommodation.

Millennials are a key demographic for rental property owners and rental property managers. It is essential to understand this demographic group’s needs, wants, likes and dislikes. The ability to market to Millennials can provide a leg-up on the competition for the best tenants, helping a rental property’s bottom line.

Reaching the best and the brightest of Victoria's Millennial rental tenants

Millennials are mobile, tech-savvy, time-sensitive and environmentally aware.

Millennials browse rental properties online using their phones, tablets, and laptops; research the professional property management firm; request information and ask questions and expect a quick response. The era of dropping off a rental application and waiting weeks or months for a response are behind us. Millennials look for two-way communication, for questions to be answered and decisions to be made. Modern technology has changed the rental process: potential residents can now evaluate the property and management before even setting foot in the lobby.

Millennials include PhD students at UVic, programmers with Victoria technology firms, construction workers building Victoria’s new condominium buildings: all are employed with a stable source of income; contributing members of the community; and able to afford quality rental accommodation.

Identifying and marketing to ideal Millennial residents

Target Millennials by extolling the property virtues they seek: secure, technologically equipped, walking distance of schools and economic centres.

Plug into the same networks the Millennials are in. This can be done through networking with current, solid Millennial tenants: ask them if they have like-minded friends, co-workers or associates who are looking for accommodation.

Another great strategy to find the best Millennial tenants is to target rental complexes known for having high-quality Millennial tenants with flyers, brochures, and information.

Also, rely on previous experience: consider places-of-employment, recreation and socializing of the best tenants you have had. If a professional landlord has had a steady stream of quality tenants from the Vancouver Island Tech Park, consider targeting those businesses at the Tech Park with rental offers. And be sure your appeal touches on all the elements and features Millennials value most: access to transit and bike friendly-routes; buildings wired for connectivity and technology; building security; new amenities – anything that will give you the competitive edge in the pursuit of the best and brightest Millennial tenants.