In Kenya’s growing rental estate market, your success as a property manager largely depends on how well you meet the needs of young tenants. These renters make up the majority of available tenants in Nairobi’s real estate space. There are millions of persons born between the mid-1980s and mid-1990s who are actively looking for comfortable accommodation. The majority of this generation are students in Nairobi colleges and universities and some have with young families. This article will suggest ways in which you can position your rental property to attract Nairobi’s young discerning tenants.
The Y generation is one which expresses resiliency in modern living including the acquisition of a place they can call ‘home.’ Unlike older generations, the Y generation have specific preferences in their search of suitable accommodation. It includes transport services, population density and diversity. Quite often, persons who fall under this category prefer rental houses as opposed to acquiring their own property due to a variety of reasons ranging from the inflation costs, career opportunities and HELB loans.
The Y generation is unique and offers a dense pool of prospective tenants. Therefore, it is important to understand some of their preferences and make your property more appealing to them.
Here are 5 ways of positioning your property to attract the Y Generation as your tenants:
The Y generation like to prioritize on locality for various reasons. While some people would consider the proximity to educational institutions or areas that are suitable for raising their kids in Nairobi, a majority of the Y generation often prefer homes that are accessible to their workplace and social activities. It includes recreational areas such as parks, clubs (nightlife) and restaurants that allows them to socialize and make use of their spare time.
To attract these young tenants, make effort to list some of the nearby attractions for them to know that they will not only have easy access to the university or work, but also fun activities once they move in.
- The Environment
A clean, sustainable and eco-friendly environment is one of the easiest ways of attracting and keeping the Y generation as tenants. The Y generation are very conscious of the environment they wish to live. Additionally, the high costs of living in Nairobi suburbs intensifies their need for budgetary savings. Therefore, the Y generation will respond favorably to cost and energy efficient houses.
When attracting these young tenants, a good rule of the thumb is to offer ecofriendly amenities. This includes recycle bins, low-flush toilets and energy-saving bulbs. The inclusion of solar heating panels is also one sure way increasing your property’s popularity among the younger generation tenants in Nairobi owing to the reduced costs in electricity billing.
- House Payments
There is nothing more distressing to young tenants than the antiquated mode of paying rent through long queues or the unusual monthly payments disbursed to rent ‘collectors.’ The Y generation are active individuals who work on busy schedules to make ends meet. Also, the Y generation are acquainted to making cashless payments in an instant as opposed to visits to the local bank for a cash deposit or paying the rent collector every month.
Therefore, if you are prioritizing on attracting the Y generation as your tenants, consider using an online property management system. Kodisher, as an online property management platform, is designed to help you manage rental properties efficiently. It allows tenants to make quick and secure rental payments through M-Pesa and receive instant notification through sms and email. This will actually help you collect efficiently and on time! The inclusion of an efficient means of paying rent using technology will be valuable to the Y generation who prioritize on convenience in their daily living.
A majority of young tenants in Nairobi love to own pets in their homes. Therefore, a “no pets are allowed” policy reduces the likelihood of these people from renting your property. Property owners have traditionally been against pet ownership due to their unkind deeds on property and the environment but quality care on these creatures often proves to be the best solution when keeping them.
To draw interest among young tenants, allow them to keep pets if possible. To do this, you should first assess the surroundings before issuing policies relating to pet ownership. For instance, composite floors are a hazardous since they increase the chances of pet accidents in homes. In this case, a policy on restricting pets on such areas should be considered. Also, if you choose to allow pet ownership, it is wise to protect your property by establishing a section on pets on your list of leasing rules and regulations. Do not forget to articulate to the property caretaker on how to manage pets if you choose to allow them.
5. An Online Community
The world today is an online hub that allows people and business to connect and share information. In Nairobi, almost every individual wishes to have access to the internet, and Y generation cannot be exempted. These young individuals work and study either at their offices or at home, thus rely on the internet to make a living. In some instances, others prefer watching their favorite shows through online streaming services such as Hulu and Netflix which require reliable internet connectivity.
To attract and keep your property a mainstay among the Y generation in Nairobi, consider offering internet services and you will never be disappointed! Otherwise, you may opt out if for some reason, the internet service provider is unreliable to avoid a mass exodus your tenants.