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With Millennials making up a large part of the buy to let rental market, investors need to know what makes their dream property to appeal to that part of the market.
Designer furniture company Arlo & Jacob have surveyed millennials to find out what their dream property would look like and, while some of their sought after features may not be easy or cheap to add to an investment property, many of their top selling-points are surprisingly simple to incorporate.
44 per cent want a kitchen island
40 per cent want smart appliances
32 per cent want a coffee machine
30 per cent want a white kitchen
30 per cent want an open plan kitchen/diner
30 per cent want patio doors
25 per cent want a pantry
While the top kitchen requirement of an island in a millennial’s dream property may prove difficult to fit, painting it white and adding a coffee machine and some smart appliances could add just as much appeal.
50 per cent want a smart TV
42 per cent want a corner sofa
36 per cent want an open fire
30 per cent want a luxury rug
30 per cent want a white living room
30 per cent want folding doors onto the patio
27 per cent want a grey living room
While an open fire may be unlikely in a buy to let property and patio doors are not always possible, you can still make it a dream property for millennials by bringing in a corner sofa and smart TV. Top it off with white walls and a luxury rug for a touch of added chic and you’ll have ticked off the most important millennial dream property must-haves.
52 per cent want an ensuite
50 per cent want a walk-in wardrobe
27 per cent want a white bedroom
25 per cent want a grey bedroom
24 per cent want a feature wall
23 per cent want throw pillows
21 per cent want a four-poster bed
An ensuite bathroom and walk-in wardrobe may be a big ask, certainly in older buy to let investment properties, but a clean white or grey colour scheme with a well-chosen feature wall is an easy upgrade to make to create that dream property look.
Refurbishments and upgrades to reach that dream property status for millennials don’t necessarily have to be expensive for buy to let investors, and with more and more millennials looking to rent privately the small extra investment can pay off.