Get in Touch
- 278 Manitoba Street, Toronto, ON. M8Y 4G9
- (416) 255-7300
- (416) 255-7722
If you own an exceptional condo rental property, millennials should be your top priority in marketing to a demographic that is looking for vacancies. Attractive condominiums in safe, accessible, and trendy neighbourhoods are the defining features that catch a millennial renter’s eye. They’re always on the lookout for cheap properties with great amenities and reliable condo management. So how do you market your rental property to millennials? Mareka Properties has got you covered.
We’re your reliable and experienced landlord property management company that can assist landlords in effectively marketing themselves towards prospective millennial renters. In addition to condominiums, we also specialize in managing other rental properties and commercial buildings.
Today, marketing your condo property is all about showcasing its stunning visuals and amenities online on social media and mobile web pages. To help you understand how to market to them better, we’ll explain why many millennials are choosing to live in condos, why marketing towards them is crucial in 2022, and how Mareka Properties will help your condo rental stand out.
Why Does A Large Portion Of Millennials Choose To Live In Condo Units?
There are a variety of reasons millennials are choosing to rent in more properties now as opposed to buying them. A recent survey found that 8 out of 10 renters between 18 and 34 plan to keep renting longer than previous generations.
One reason why millennials are choosing to rent is that they’re at an age where it’s easier to do so. Millennials are often living outside their parents’ home for the first time and are focused on making money while staying at a temporary property. Some may be saving up to eventually buy a condo space or property down the road.
The second reason is that many millennials may actually prefer to rent rather than buy a property because it’s more practical and financially flexible. The 2008 recession caused a downturn in homeownership, often raising their buying prices to sky-high proportions. Moreover, competition for homes in premier neighbourhoods is super competitive, with millennials often being priced out in bidding wars from homeowners outside a specific area.
As such, they may see homeownership (at least for the time being) as financially unrealistic for them and that is where condo rental property owners can strike fast. Very often, millennial renters are university students or fresh graduates that may have larger student debts they want to pay off first before thinking of buying a home. Additionally, living in a rented space offers more geographical mobility that allows them to pursue different opportunities without being committed.
So, condo rental properties provide much-needed flexibility and excellent living conditions for millennial renters. Let’s get into how you can market towards them in 2022.
Why Should I Market To Millennials In 2022?
Millennials are what we call “digital natives.” they’re very comfortable with using technology for pleasure or use in their day-to-day lives. They’re also more used to marketing and communication on social media platforms these days than flyers or print advertisements. Therefore, investing your time, money, and effort in social media marketing is key to attracting millennial renters.
Your advertising and marketing strategy should routinely focus on social media platforms like Instagram, TikTok, Twitter, or Facebook among others. While the latter two are used more by older millennials or other generations nowadays, their functions allow for the easy showcasing of your different condo properties. Private Facebook groups for a community of millennial renters can also be an excellent resource used to market your different condos.
Many millennials and younger generations looking to rent a condo may be found more on platforms such as Tiktok and Instagram. Their features allow for fantastic photography of your rental space to be highlighted, along with short video clips and descriptions in captions. Additionally, you can use a certain amount of hashtags to draw more attention and tag anyone relevant in your post. For example, you can highlight many features and attractions near your condos using these methods, as well as public gathering spots.
It’s also good practice to update your property website to make it more mobile accessible. You can also add easy-to-use systems such as online payment portals, community event boards, and a blog to engage more millennial readers.
Those are just some ways you can market your condo property in 2022. Next, we’ll expand on how we can help your property stand out from others in an area.
How Does Mareka PM Help My Property Stand Out From Other Buildings?
At Mareka Properties, We know that communication is important to providing the highest level of service and care for both condo property owners and their millennial tenants. Our team is equipped with the right tools and knowledge for financial success. We’ll help you market your condominium to a younger millennial crowd by refining your social media and properties website.
We’ve worked with many property managers before and our portfolio boasts many years of reputable experience in managing different properties around the city. Our team will help you chase the very best features of your condo property on social media to attract more millennial tenants. We’ll provide the best assistance to make your property stand out from the rest.
Contact Mareka Properties today to learn how you can market your new condo unit property to millennials in 2022!