It's been since my last post. Been working on a full scale renovation on a duplex in Minneapolis while working a day job ;)
Curious what you think appeals most to the millennial renter?
At the tip of my list (as a millennial, and landlord in a hipster-friendly neighborhood :)I would say the following below... But am also interested in your feedback!
- dog friendly... With fenced-in yard
- outdoor fire pit, or place to grow vegetables
- nice bath and kitchen with subway tile
Also, how are your enabling your tenants to have a better experience with the home's technology? Millennials are so tech friendly, and I'm interested to hear how you're making the tenants experience better.
Do you have any experience with credit card laundry machine vs. coin op?
Hey Tom, where in Minneapolis is your property? I do agree with your take on the dishwasher, place to grow plants, and fire pit. I think another thing that millennial like is a cool approachable landlord.
I would add large bedrooms and large closets to the list of tenant wants. I've only used coin laundry so I couldn't speak to the credit card systems. Allowing dogs/cats opens you up to a larger market, however I'm not sure if there is a good ROI for building a fence. Good luck with your renovation!
You mention technology and laundry - depending on the service provider in your area, some companies offer a txt/email alert when your load is done. You can also check online to see if any machines are available and which ones are being used. Coin operated machines need more service and the change machines tend to be finicky in my experience. I think things are progressing towards the credit/debit and value add options and if I remember correctly, I think they're also less expensive for the landlord.
Thanks everyone for your thoughts and ideas.
Jon-- I own 3 duplexes and a quad in Uptown (lynn-lake) and NE. My tenants needed a cool/approachable landlord, so I recently subbed it out to a prop mgmt firm ;)
Sawyer- I agree on the closets. Too bad many of the 1900-built homes have such small closets!
@Tom Henderson great to see others in Minneapolis. Sounds like your portfolio is in a great area- uptown and Nordeast are hot right now. I manage several properties in uptown off Bryant, Garlfield and Colfax.
I am in agreement with you on the items you listed above (i.e. fire pit, pet friendly, green space). In regards to whether to use coin operator machines or not you should consider giving BDS Laundry Systems a call. We use them at several sites. In the short of it, laundry isn't a cash cow for most properties especially in the uptown area. Many transient tenants can go home to mom and dad's in the burbs on the weekend to do their laundry. For smaller sites such as quads, having a electronic laundry system setup would be more for ease of management. You lease the machines and the vendor services them.
Something to consider and to add to your list of desirability is in unit laundry. Admittedly hard in these older constructions it is one of the top five things renters in the Twin Cities and nationwide are looking for. Even better, if you can by chance submeter your water it is an even bigger win for you.
Also, something allot of people overlook in these older buildings, if you have hardwood below the carpet get it refinished. This can easily add $80-100 in monthly rent. Feel free to message me for a referral for a good floor re-finisher.
If you have not yet got the chance to you might consider getting involved with Minnesota Multihousing Association. They have great content and have monthly events helping us all understand what new construction developments are implementing and how old bones are getting renewed to capitalize on new renter demographics.
I agree with much of the above. Here is my list:
1. Pet friendly (as long as the apartment is suited for it. I only do this for places with outdoor space).
2. BIG closets in the bedrooms.
3. Open floor plans (if you are already going to renovate).
4. Subway tile - or tile in general instead of laminate. Same with hardwoods > laminate or carpet.
5. My favorite when possible - LAUNDRY ON THE BEDROOM LEVEL!! It goes on upstairs, it comes off upstairs. Why lug it down to the basement? I recently renovated a big bathroom and put in those nice looking front loading machines from LG. Threw a butcher block countertop above them and installed wall cabinets above that in place of the missing linen closet.
I'm not a big uptown guy, but if I was renting I would look for...
Dog friendly. Useful windows. Parking. Closet size. Washer dryer in unit or al teast very close.
Nice part about your lacation is that its close to everything!!!!
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