Four Tips for Renting to The Gen Z Market
We all know that 2020 will ring in a new decade but, did you know it will also bring in a whole new demographic to the rental market? That’s right, 2020 will introduce landlords and property managers to the Gen Z renter. The oldest members of this selective, tech-savvy, and eco-friendly generation are reaching the stage of life where they’ll be hunting for their own homes and apartments. While you may be tempted to treat Gen Z renters like millennials or other demographics that precede them, this isn’t the way to go. The Gen Z market comes with its own unique set of needs you’ll have to cater to if you want to appeal to them as a landlord. With that being said, here are our four tips for attracting Gen Z renters.
1. Make use of technology
Gen Z renters don’t know life without technology. So, it goes without saying that landlords and property managers can no longer ignore the need to go digital with their renting efforts. To properly cater to this young demographic, you’ll need to provide a comprehensive digital experience. This includes everything from marketing your rental property, to initiating leases. Gen Z renters use search engines and social media as their primary sources of information, so it’s best to connect with them through social platforms and polished, branded and easily navigated websites. Even regular interactions like submitting maintenance requests and paying rent should be done online. Using technology will make your job as a landlord/property manager easier and will improve your appeal and relationship with this tech-dependent demographic.
2. Provide a social experience
The Gen Z demographic values community. They have a desire to participate and belong socially. As a result of this, Gen Z renters will be looking to live in apartment buildings with social spaces like game rooms, gyms, lounges and co-working spaces. They also want to live in communities that offer areas and opportunities for people to gather. Rentals in amenity-rich communities packed with things like coffee shops, parks and neighbourhood gyms are a huge attraction for this market of renters.
3. Focus on authenticity
In a world where they are flooded with information on a regular basis, Gen Zers have learnt to fact check everything and get to the truth of the matter. This means that property managers will need to be as transparent as possible when dealing with Gen Z renters. Don’t overstate claims, delete negative reviews or rely on false marketing hype to get your rental off the market. Instead, focus on engaging with the Gen Z market by providing accurate and concise information and handling negative reviews in a thoughtful manner. Since Gen Zers crave authenticity, they will appreciate your openness and honesty and will, in turn, give you their loyalty.
4. Sustainability is key
A key characteristic of the Gen Z demographic is their passion for the environment. They care about the impact their actions, products they consume, and the places they live have on the earth. This means that eco-friendly features are must-haves in your rental property. Switch out traditional lighting for LED bulbs and make use of “green” washing machines, refrigerators, and stoves as they require less energy to run. Providing a sustainable environment for Gen Z renters will quickly move your property off the market. Plus, you’ll be able to charge a good rental rate since they are willing to pay a premium for an eco-friendly home.
Renting a home to the Gen Z demographic isn’t as complicated as it may seem. With these key tips, you’ll be on your way to dominating the rental market.
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