Millennials, those between the ages of 19 and 36, are more apt to rent than buy, according to the most recent Urban Land Institute survey. While these young adults do recognize the benefits of buying, few are making the effort to move forward with a purchase. Since millennials make up about a quarter of the U.S. population, this is a demographic that is worth targeting.

Setting up an apartment requires careful consideration to all of the factors that potential tenants want in a home. If you are targeting millennials, which are the newest and youngest renters to hit the market, then you need to understand what these tenants value and how to offer it to your potential market. From the design of the facility itself to the way in which you market it, understanding the target market will be paramount to your success.

Offer Shorter Leases

As a landlord, you probably love the idea of locking tenants in to a yearlong lease, as it shows that they are committed. This also frees you from the constant cycle of marketing. Yet Multi-Housing News warns that this is not a good strategy if you are targeting millennials. Young renters want short-term options because they enjoy a more flexible lifestyle and may not stay in one place for very long. To combat this, many are turning to alternatives, such as Airbnb, for their living arrangements to avoid the need to commit to a yearlong lease.

If you want to appeal to new renters, consider offering short-term rental options. While you may still end up with tenants who stay for a while, you will find yourself more appealing to younger tenants by not trying to lock them in for a lengthy contract.

Get Creative With Marketing

Since the time they could walk, millennials have been faced with an onslaught of marketing messages. They don't want to be sold something. They want to be invited to a conversation. Because of this, you are going to need to get creative in the way you market to these young adults.

While you can continue to use your traditional marketing techniques, consider alternatives. Multi-Family Executive recommends throwing a party for your tenants and asking them to invite friends, so you can get the word out about your community. Giving away a free welcome package to new tenants with gift cards to local restaurants and homemaking supplies they will need for their first few weeks in the community can also be effective.

As you market, make sure you use technology to the fullest. The phone, tablet or computer is going to be the first place a young professional looks for an apartment, so make sure your listings can be found in this way. Keep your directory listings up to date so you rank well in the search engines, and keep tabs on your Google rank, which is going to bring you a substantial number of young professionals.

Make Your Facilities Tech Savvy

Does your facility have Wi-Fi? Is it wired for easy access to satellite or cable TV? These are the types of changes you can make that will appeal to tech-savvy young adults. Consider other technology changes, like adding smart thermostats that coordinate with smartphones and adopting online lease and rent payment options, as Multi-Family Executive recommends.

Keep It Clean and Fresh

Millennials value clean lines and quality materials in their living space. They want it to look modern and fresh, so it shows well when they have friends over for drinks. However, they also want their space to be easy to maintain. Building Design and Construction recommends choosing quality materials like granite and quartz countertops and easy-to-maintain flooring, like wood or faux wood.

Don't Forget the Pets

Pets are common in millennial households. Because many millennials are delaying starting families in favor of careers, their pets are as dear to them as children. If you are not allowing pets in your facilities, consider making a policy change. However, before you welcome pets, decide whether you can add some pet amenities, like an outdoor pet run and a dog grooming facility, within the confines of your building and property.

If you can successfully market your property to millennials, you will have a large market of potential, interested renters. The key is to change your marketing and update your property so that you can appeal to these savvy, discerning tenants.