Multifamily property owners are always assigned with the task of keeping vacancy levels down. One of their top priorities is to keep the cash flow steady by keeping all of the units leased. While doing this, many multifamily property managers find creative ways to attract the market they would like to lease to.
Renters between the late 30s and 40s are adults. They must be catered to as such. If not, this group will adapt an attitude that resembles “sour grapes” around the complex. Here are nine tips for to help multifamily property owners keep their 30s and 40s tenants content:
Convenient Transportation – 30s to 40s renters are finally tired of commuting. They want to live close to their jobs. And, they are open to convenient public transportation to avoid commuting drives if they’re not. Commuter drives are a pet peeve that causes them physical and emotional stress, as they really can’t stand traffic jams.
Safety Issues – These renters are grown ups. They appreciate living in safe areas. They work hard for what they have and don’t want it stolen from them. They are also too mature to be fighting. They like secure buildings, included security guards and gates, video call boxes in their homes, well lit parking areas, etc… This is especially true for those with families.
Quality Schools – Many renters in their late 30s to 40s have kids. These tenants always put the futures of their kids first. That means ensuring that they move their families to areas with quality public scores. Make sure to thing about this when writing your rental listings, as well as public and school district transportation information to and from these schools.
Family-friendly Common Areas – This age group believes in quality family time. They are strict about keeping their kids occupied, which includes entertainment. Multifamily property owners should be sure to market surrounding child and teen entertaining places, the property’s daycare center, recreation room, playground, etc… Make sure prospective tenants know your property is happy to rent to families.
Their Own Space – Your late 30s to 40′s tenants really want their space. They are rarely interested in roommates, and even as bachelors and bachelorettes, they don’t want singles and one-bedroom units. They want space for their home offices or their kids when they come for the weekend. At the end of the day, they want their own private space to retreat to, without lots of mess and clutter.
Elevators – Okay, let’s face it. This group is not as young as they used to be. They just don’t have the energy to walk up four flights of stairs carrying bags of groceries. Plus, they work hard. They believe they deserve certain basic luxuries, especially at home.
Close to Grocery Stores – Many late 30s to 40s are steering away from fast foods. They are falling in love with home cooked, healthy meals again. They are known for craving their favorite meals in treats in the middle of the night. They want to be able to get to the grocery store quickly. They don’t have all night. They have to get up early for work in the morning.
Entertaining – These folks may not party all into the night like they used to. But, these renters do still enjoy dinner parties and hanging out at home with friends and family. Some amenities multifamily complex owners should point out to them would be chef’s kitchens, formal dining rooms and large living rooms that can fit the 60 inch flat panel TVs and accompanying stereo system.
Convenience Appliances – These tenants are more interested in everyday conveniences than anything. They need those appliances that make their lives easier. Be sure to market things like washer and dryer hook-ups or rooms, water saving dishwashers, energy saving refrigerators, stoves with self-cleaning ovens, etc… These things are so important to them.
Internet Access – This age group puts Internet as a priority in life. Many of them conduct business and make money online. They must have hi-speed, DSL, fast internet access, preferably Wi-Fi. Many multifamily units now offer free wi-fi to their tenants. If they don’t provide it to individual units as a courtesy, they will have a common area where it can be accessed. Even if you choose not to provide this free amenity, it would be very wise to make sure they have direct access to all the options in your area. Make sure they know what those options are, because this groups will not live comfortably without Internet.
Market the 30s to 40s Amenities
If you are hoping to rent your multifamily units to tenants between their late 30s and 40s, your property has to cater to their needs. In many cases, your complex already does. You just didn’t know that these were the things they were looking for. Now that you know, be sure to include these features in your rental listings, brochures and online ads. Make sure your potential 30s and 40s renters know that your property has what they want.
You can learn more about property management and investing by visiting Mitch Ribak’s Cocoa Florida real estate website. If you’re looking for a great property to rent as a 40 or 30 year old, you can also see many homes for sale Melbourne on Mitch’s Indian Harbour beach FL real estate page.
