When it's time to find your next excellent renter in the Arlington rental market, investors in this area need to take the initiative to research what their future renters are looking for from their Arlington rental property.
The largest body of your potential renters—millennials—are expecting certain features from the modern rental experience. These renters want to live in a space that cares about the world around it. As an Arlington property management company, our team at Renters Warehouse DC/NOVA focuses on ensuring our clients always have the features renters need and want from their rental homes.
The advantage of many of these updates is that they have a cross-generational appeal that is not limited to the millennial demographic alone. This effectively helps you market to a wider group of renters than you would typically appeal to. Maximizing your budget as an Arlington rental property owner is just one of the ways we serve you and your budget.
Know Who You Are Renting To
One of the most important steps a property owner can take is adjusting their Arlington rental property to meet their ideal renter's needs. To do that, you need to know who you are most likely to welcome into your space. In the Arlington area, that’s increasingly both millennials and Gen Z.
- Millennials dominate the rental landscape: With over 12 percent of this generation stating they will rent forever, they're a demographic of renters that you should always have on your mind.
- Gen Z is still young, but they also account for about 20 percent of the population in total. That means there will be a need for Arlington rental homes for this generation in the years to come.
These generations are both dedicated to creating a better world that begins within the home and the self and ripples outwards. In some cases, that begins with something as small as energy-efficient choices—which ends up extending into your rental property.
As an Arlington property management company, we often recommend the application of these strategies because it helps these renters feel right at home.
What Do Millennial and Gen Z Renters Want in a Home?
When it comes to energy efficiency, start with simple upgrades and changes. Then, make modifications as you see fit. Here are some key recommendations.
#1: Upgrade Appliances With Energy Efficiency in Mind
When the time comes for a new hot water tank, furnace, or another major system, invest in an energy-efficient model. These help to reduce fossil fuel use and may even help to reduce overall costs of operation. EnergyStar.gov has a wide range of helpful tools and resources to help you compare options for residential properties. This includes options for dishwashers, air purifiers, washers and dryers, and much more.
#2: Recycle if Possible
Another step you can take is to find out what recycling options are available in Arlington and then take advantage of them. If you have a multi-family property with a communal dumpster, be sure to offer a way to recycle cardboard and other goods. Even setting up a few bins for your property renters to use and then encouraging them to recycle at a local community center collecting items is wise.
#3: Make Lighting Upgrades With Efficiency
Another way to make upgrades to the property over time that is a simple but important tool for improving efficiency is the lighting. There are several options here.
- First, for any light bulbs already present on the property, make the switch to LED light bulbs.
- These use far less electricity, and they last longer (that’s another cost savings for you).
Another option is to upgrade to solar lights for the outdoors. Buy higher-quality products that reliably light up even on cloudy days to minimize the risks of falls due to a lack of lighting. You can also invest in light timers, which can significantly improve the amount of electricity used while still keeping people safe.
#4: Keep It Snug Inside
When the time comes to upgrade the property’s roof, look for energy-efficient products. It’s a wise decision to consider upgrades to roofing that deflect heat during the summer months. Cool roofs may be one of the options you choose from as well.
This is also a good time to consider the value of adding insulation. Both of these steps allow for improvements to the property while also helping to keep the heating and cooling system operating more efficiently.
#5: Weatherproof the Home
A final step is to make sure all windows and doors are properly sealing. Upgrade the windows when they are no longer as efficient as they should be. Walking around the home to pick up on cold spots can help you to avoid problems here.
Good insulation and weatherproofing are energy-saving steps that not only make your property more environmentally friendly but appeal to your renters' pocketbooks as well.
Ready to Make a Difference to Your Renters?
When it comes to any of these steps, having help matters. Our Arlington property management team is just a call away. You do not have to determine which of these upgrades are ideal for your Arlington rental homes: we can help!
Let us evaluate your property with our expertise and insight into what renters want in the area—including environmentally friendly updates! Then, use our Perfect Property Listing Checklist to advertise your new 'green' features to attract the right renters.