Despite the rumblings and grumblings surrounding Brexit and the subsequent uncertainty in the housing market, millennials remain largely priced out when it comes to buying their own home.
Many, though, choose to rent. And with that decision comes a host of demands and expectations landlords should be prepared for during 2019 and beyond. Keeping your tenants happy, though, is still a must for any landlord.
But what will millennial renters really be looking for in 2019? Here are seven things Martin & Co Camberley thinks they'll want as we move into the new year...
FIRSTLY, WHAT IS A MILLENNIAL?
Millennials currently make up most of the UK housing market. In fact, estimates suggest they make up around half, with a huge 90% living in the private rented sector.
They reached adulthood, aged 18-25, early in the 21st century and are tech fans, pet lovers and often environmentally conscious.
While many are home-owners in desire, but priced out of the UK market, many others opt to rent due to the flexibility it gives them when moving jobs or opting to live in a new area.
Now on to what this huge market for UK landlords might be looking for from their 2019 rental properties...
1. MILLENNIALS LOVE SAFETY
While many see the millennial generation as care free and adventurous, when it comes to housing they expect the best safety measures to be in place at their rental property.
That means landlords should look to install, if they haven't done so already:
* Outdoor lighting
* Secure double glazed windows
* Burglar alarm
As a landlord, you should already be adhering to your legal obligations before letting a property.
2. MILLENNIALS ARE ECO-FRIENDLY
Brought up with the environment in mind, millennials often prefer a bike to a car so if your rental property doesn't have space to safety and securely store two wheels, it's likely the average millennial will look elsewhere for their next rental home.
On top of that, millennials will often be money conscious. They'll be looking for signs that they can save money on utility bills as well as safe energy. With that in mind, you should be making sure your rental property is tip top when it comes to energy efficiency and the minimum standards now required by law.
3. MILLENNIALS WANT MORE THAN JUST THE BASICS
Millennials have an eye for what they like and what they don't - and aren't afraid to point out things they dislike.
It's likely they'll pay greater attention to things like rental property decor and provision and maintenance of basic appliances like dishwashers, washing machines and fridge freezers.
Moreover, we live in diverse times and millennial renters will expect landlords to be accepting of and have a flexible attitude towards diversity.
4. MILLENNIALS LIKE THEIR PETS
It's a decision that shouldn't be taken lightly, or without additional measures to protect your interests as a landlord.
But millennials do expect landlords to be more open to allowing pets to reside in their buy-to-let properties and will continue to feel that way as we move through 2019.
Landlords can take steps to protect their properties from potential damage caused by pets, such as a higher deposit.
5. MILLENNIALS LOVE ADDED EXTRAS
And you should, too, if you want your property to stand out against the competition.
Millennial renters are used to getting things done at the touch of a button, so landlords should consider how best to communicate with their millennial tenants.
Setting up an online portal can be one way to keep lines of communication open over maintenance issues, while occasional checks that all is well in the property are probably better done over text message or WhatsApp group than regular phone calls or visits.
Landlords should consider offering tenants WiFi as part of their tenancy. Although we live in a digital age, this remains rare in the private rented sector and could help your property stand out from the rest.
Finally, millennials are as community and charity conscious as they are eco-friendly. A landlord who donates a small percentage of their rent each month to a charity of their choice will certainly stand out from the crowd...