The rental market is thriving these days and, according to recent data, it is closely tied to younger and more diverse generations. In the past year, millennials and generation Xers accounted for more than 70 percent of those seeking to rent homes; therefore, when marketing a rental, it is essential to have a strong strategy in place that will target these two groups.
Noahs’ realizes the importance of speaking to younger generations when marketing a rental property. Taking the time to research market trends allows us to communicate with all generations effectively through our listings and in person. Our use of digital media and our established connections with top realtors throughout Montgomery County are just a couple of the ways in which we connect successfully with these generations. In fact, we are considered one of the top property management companies in Rockville, MD, and throughout the entire MoCo region.
Why Market to Millennials and Generations Xers?
According to a study by The Brookings Institution, nearly 1/3 of the American population will be of the millennial generation by 2020. This shift in generations is having an impact on all areas of the economy, including the rental market. Remember to keep this in mind when marketing a rental property. Here are some other facts that are impacting the rental market:
- According to a report, many millennials delay life decisions that commonly precede buying a home, such as marriage or starting a family. Throughout their 20s and 30s, younger generations are deciding to stay in the rental market long-term.
- According to one source, sixty percent of millennials choose to rent over purchasing a home.
- Both of these generations are looking for the flexibility, convenience, and freedom of being able to move around when their lease is up. This should have a big impact on how you approach marketing a rental property.
- Finally, affordability is a major reason these generations choose to rent. According to a survey, 57 percent of millennials ranked affordability at the top of their priority list as a reason to rent.
How Can Noahs’ Help?
At Noahs’, our sole, full-time business is rentals and property management – it’s all we do! With nearly 40 years of experience in the Montgomery County rental market, we have become the top property management company in the county. We pride ourselves on providing both property owners and renters with the utmost professionalism, knowledge, and support. We offer exclusive services such as:
- A large digital media presence to keep in touch with our owners and tenants. When you visit our website, you can learn more about how we help our clients with careful tenant screening, property protection and inspections, and our in-house repair service to handle property repairs.
- To keep connected with younger generations, we have embraced Facebook. On our Facebook page, we provide up-to-date information about events taking place across Montgomery County as well as articles that appeal to all generations and, of course, plenty of our rental listings.
- A Rental Referral Program, which fosters relationships with top Montgomery County real estate agents.
If you want to ensure your rental property is being marketed professionally and successfully, contact us to help. We would be happy to list your property, regularly working with property owners in Rockville and throughout the entire Montgomery County region.
