Brunswick and its northern Melbourne neighbours are suburbs filled with bustling life, creativity and thriving youth. With over half of the suburb's residents being below the age of 35 at the time of the 2016 Census, there are high odds you'll find yourself accommodating a millennial tenant when you own investment property in Brunswick.
Despite the media decrying millennials for their love of avocado toast and phone-based self portraiture, this generation is actually a great demographic to have living in your rental property. All you need to do is understand who they are and what they want from you.
One of the many wonderful things about millennial renters is that they're likely to rent for longer. Less than half of millennial Australians consider buying a home to be an important goal, a McCrindle report shows. Furthermore, the average age at first marriage is increasing in Australia, according to Australian Institute of Family Studies data. It seems young people are taking longer to settle down, meaning they'll remain on the rental market for considerably longer.
This is promising for landlords, as it means that younger tenants are less likely to start families, buy homes and move out any time soon.
A considerable 61.3 per cent of young people in Oceania consider global climate change to be the most serious issue facing the world today, according to the Global Shapers Survey 2017. It's likely this attitude that's contributing to the rise of plant-based diets in Australia, as well as a driving factor behind 90 per cent of Melbournians choosing to implement some kind of sustainability measure in their homes.
The environment is a major issue weighing on the minds of millennials, so showing that your rental property is already well-equipped for a reduced carbon footprint can help to attract tenants. There are plenty of ways to do this including installing adequate insulation and high WERS-rated windows.
Cars are less a symbol of freedom than they used to be. Only two-thirds of millennials choose to drive, according to Roy Morgan, down from almost three-quarters of young people in 2006. On top of this, 45 per cent of Victorian residents consider proximity to public transport to be the single most important factor when finding a new home.
With a car-less demographic and a significant move to support public transport in our state, choosing an investment property on one of Melbourne's many major transport lines is a shrewd decision. It also pays to stay abreast of the upcoming changes to our system.
It's also important to remember that millennials are a lot more fond of technology than older generations. Younger people's appreciation of technology is shown clearly in Deloitte's 2017 Millennial Survey, in which over half of respondents claimed they believe technology can grow the economy and increase productivity.
Holding technology in high regard, millennials are attracted to its ability to make their lives simpler. For this reason, it's a great idea to ensure your apartment building is National Broadband Network-ready and equip the property with select smart technologies. Consider installing a smart thermostat or motion-sensor lights to help tenants manage their energy usage as well as regulate a more comfortable home environment. Smart technologies help to not only improve the technological appeal of your home, but can act as sustainability measures too.
For help in choosing the best investment property or attracting the most desirable tenants, get in touch with Ray White Brunswick's team of professional property managers today.