Generation Z, born from the mid-1990s to the early 2000s, is a rapidly growing and increasingly important consumer demographic. As such, many property owners, landlords, and real estate developers are closely monitoring how the rental market is affected by the incoming wave of Generation Z renters. Because they are so young, they represent a unique challenge, requiring a unique marketing and leasing strategy to ensure their business.
So, what should you know about Gen Z renters if you want to stay ahead of the curve in the rental market?
They’re friends with technology
First and foremost, Gen Z renters are more tech-savvy and digital than any previous demographic. That means that if you want to attract and retain them, your rental property must be well-equipped with the latest software and functionality, updated regularly to meet their expectations. For example, being able to process rental payments, sign leases online, and offer virtual tours of the property and an online community platform will be highly desirable incentives for the new generation of renters. Also, providing services such as a concierge service to help with maintenance and repairs or access to shared amenities like an onsite gym or members-only lounge will give your property that extra edge to appeal to them.
They don’t look for long-term rental commitment
They typically have short-term housing needs, with the majority leasing for one year or less. According to this Seattle property management company, this is because most members of this generation are coming straight out of post-secondary education and entering the workforce for the first time. Many are also in transition and don’t always know where they want to settle down. As such, their primary focus is finding a place close to job opportunities, with convenient transit access and plenty of amenities.
They’re economic
It’s also important to keep in mind that Gen Z is focused on saving money. They tend to have smaller budgets and are looking for ways to save wherever possible. Landlords and property owners should be prepared to offer rent discounts and other incentives, such as roommate matching services, to help renters with their tight budgets.
They want their furry friends with them
This age group may also be more likely to look for pet-friendly housing. To them, pets are more than just companions. They’re family members, and having a pet-friendly house allows them to keep their furry family members close. Pets can provide a sense of security and stability in a new environment.
They’re more comfortable
It’s worth mentioning that they expect convenience over all else. That means fast, efficient service when dealing with rental inquiries and property visits. Gen Z renters may have grown up in an increasingly fast-paced digital world and are used to getting answers and information almost instantaneously. Providing services such as an accessible online presence and making sure that you promptly respond to inquiries can make all the difference in terms of having your property stand out to this particular demographic.
They’re more values-focused
Another thing to consider when trying to attract Gen Z is the fact that this demographic is highly focused on values; that is, they prioritize social responsibility, sustainability, and environmental protection. Thus, it’s important to be mindful of how your property contributes to the overall energy footprint in your area. For instance, investing in energy-efficient fixtures and appliances while also promoting a shared recycling program can go a long way in helping to demonstrate your commitment to sustainability.
They prefer others alike
This generation is known to be independent and, at the same time, highly connected to one another. They may find social networks and communities, such as those formed through technology, to be comforting and empowering. As such, it may be beneficial to take the time to get to know the people in your rental community and make sure that they have a positive experience with your property. Also, consider hosting events to make sure that your property is seen as an inclusive and welcoming space for all potential renters.
They want an active environment
They are also more likely to be interested in renting a place in an area with plenty of social activities. Many may look for proximity to entertainment, restaurants, shopping, and other activities to feel like they belong in the community. They may be more likely to want to rent in an area with lively nightlife or one that has easy access to public transportation.
Conclusion
Keeping a close eye on the preferences and needs of Gen Z is essential if you want to attract and retain them to your rental property. From emphasizing convenience to catering to their values, there are plenty of ways to make sure your property is seen as an attractive and desirable place to live. Hopefully, this article has helped you to gain a better understanding of what to expect from today’s Generation Z renters.
Landlords and property owners who understand their needs and offer digital solutions, savings opportunities, and community-focused incentives are far more likely to attract the attention of this important demographic.
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