The newest generation of renters is here: tech-savvy and idealistic this newest generation of renters has entered the market.
WHO IS GENERATION Z?
Generation Z is the second wave of millennials who were born between the mid-90s to early 2000s–roughly 25% of the U.S. population. Unlike the first wave of millennials, Generation Zers grew up during the Great Recession, and as a result are much more practical and frugal than their predecessors. They also grew up with technology, therefore rely heavily on the internet and social media for information.
As a group, Gen Zers are looking for stability. They are also entrepreneurial minded and are looking for practical ways to save on costs to finance their dreams. That is, they are looking for more moderately priced rentals and are willing to have less bells and whistles so that they can put more toward their business or future home purchase.
This group is also known to both prize their individuality and require the ability to personalize service whenever possible. At the same time, they crave community and authentic connection. This generation also values being a contribution to the world and making it a better place.
WORKING WITH GENERATION Z
Working with this new generation requires efficiency and real connection. In the world of property management, this requires fast internet and mobile-optimized website, digital marketing, and trustworthiness.
At Prestige Property Management we are reading the signs, watching the trends, and already prepared to work with this generation so that we can work with this huge group of people in a way that works for you to get your property leased and delivering income right away.
- Fast website and mobile-optimized website. If you haven’t visited our site, you might have not noticed the whole new design. Not just a face-lift, but a whole upgrade with greater functionality so that it is more user friendly. Tenants can easily search and apply for properties, as well as put in maintenance requests and pay their rent online. We made sure that the site works well on desktops and laptops, and mobile devices. Site navigation is intuitive and easy no matter what or where you are using to access it.
- Digital marketing. This is a no-brainer and anyone doing print marketing is far behind. We advertise all available rentals on the most popular platforms so that they are easy to find.
- Connection. We have always and will continue to show properties in person. This is one of the ways we safeguard your property. However, being old school has put us ahead of the curve! Gen Zers are looking for connection, authenticity, and access to instant information. Our leasing agent gives a personal touch to each showing and offers instant, personal access to any questions that come up while prospective tenants view a property.
WHAT YOU CAN DO
We’ve done a lot of the work for you: we’re on the web, lightning fast, and available for questions. To make your place attractive to Generation Z choose to update fixtures and appliances that are energy and earth friendly. For instance, this generation will deal with older-looking appliances, but will appreciate LED lights throughout. Efficient windows and/or “green” appliances will be noticed, as will community space, or a place to create a little office area to foster the live-work lifestyle they prefer. Finally, allowing pets will make your property more appealing to renters of this generation who value their individuality and are looking to personalize their rental experience.
We would love to work with you! Contact us to learn more about how we can serve you.
Gen Z Renters: What You Need to Know. Updater. Retrieved from https://www.updater.com/blog/gen-z-renters.