These days, buying a home is no longer the norm for the current crop of youngsters — renting is. CNBC report that millennials now prefer to rent as they believe that it is cheaper than owning a home. Landlords and building owners alike can rejoice, as this means that the renting market is now more lucrative (and competitive) than ever.

But in such a data-driven generation, with renters preferring to research extensively before making big decisions, how can you attract a millennial tenant? What are the preferences of this generation? Read on for some tips on the best renovations to attract millennial renters.

Install a Deck

According to a survey by the National Association of Home Builders, an outdoor deck is one of the most desirable features a millennial tenant looks out for. While some may view this as non-essential to daily life, current renters value spending time outdoors, and an outdoor living space is perfect for that. Have a small area outside, where you can place chairs or even a fireplace, and don't forget to highlight this when showing potential tenants your space.

Refresh the Interiors

Something as simple as having fresh interiors is a great way to attract Millennials. Ditch the old furniture and replace it with modern and minimalist designs, or go for something nice and cozy. Whichever route you go, the interior needs to look neat. So try to go for a simple colour palette. In addition, our article on ‘5 Ways to Add Value to Your Rental Property’ describes how something as simple as repainting the walls is a great way to make any living space cleaner and brighter.

Make it Smart

Millennials aren't known as a tech savvy generation for nothing, so you need to seriously consider their needs and lifestyles. Not to mention, real estate agent Julie Gans from Compass Real Estate says that smart home features are highly sought-after elements. Tech gadgets make living so much easier in the fast-paced world we live in today. Add functions such as speaker systems, smart lights and appliances, and other devices enabled for the Internet of Things to make your space more attractive.

Pet-Friendly Spaces

Millennials love their pets, and if you don’t allow them in your property, then it's likely going to be a deal breaker for them. A survey from TD Ameritrade on the impact of pets on pet parents reveals that 7 in 10 Millennials own a pet, and that 67% view them as family. To prepare, choose floor materials that won’t easily get scratched, so try to get indoor or outdoor rugs. You can also add a space underneath the stairs that can double as a “dog den” for owners with pets!

Add Houseplants

Greens are a great way to spice up interiors — but they’re also something Millennials have taken a liking to. There are plenty of low-maintenance greens that Millennials can enjoy within your property, such as succulents and philodendrons. If there’s no one around to take care of these plants in the meantime, however, then go for fake plants and replace them later on.

Don’t Over-Do It

At the end of the day, while you want to attract millennial buyers, you shouldn’t break the bank and end up having to spend more on repairs and additions to the property. In fact, in their report about financing home renovations, In a study by Marcus on whether people are prepared for home improvements, they found that ‘65% of people anticipate they’ll spend less than $10,000 on home improvements in 2018’. However, many end up going over budget. Try to avoid this, especially as these costs can easily come back to bite you once you have to repair flooring or replace smart home devices over time. Stick to a budget, and only renovate what you can.

All in all, renovating your rental property can do a world of good for attracting the right tenant — but make sure to pick the right additions and features, and to plan ahead to make sure all your efforts get you a good ROI.

Author: Riki Taylor