Reeling in a New Generation of Renters
Generation Z, Zoomers, or just Gen Z aren’t just teenagers on TikTok. The oldest of Gen Z are in their early to mid 20’s. They are at the age where they are renting on their own — whether it’s in their college town or in the city they move to for their first jobs. What do we know about this generation and how can your multifamily community attract them to your property?
Generation Z accounts for people born between 1996 – 2012. A main difference between Gen Z and Millennials, some of which are over 40 now, is that they grew up with the internet and the digital world. They are more tech savvy and have an easier time with learning new technologies because they have been since they were born.
With the oldest of this generation turning 25 this year, it’s important for multifamily property teams to reevaluate their amenities and offers to cater to the needs of this new generation of prospective renters.
They are the digital generation, that means your community needs to be up to date on all things digital and social. There’s no denying the power of social media as a digital marketing tool. Gen Z is knows social media better than any other generation, they literally grew up with it and spend most of their free time on it. This means that advertising and sponsoring posts on Instagram, Twitter, Facebook, etc will be an effective marketing strategy to attract the young adults of today.
This means amping up your content and posting frequently. Having a bad or just not good social media presence is a major turn off for this generation and can impact their decision making. Some content ideas include:
- Pet of the month
- Recap of resident events
- Get to know an onsite team member
- Day in the life at your community
A social presence is a must for any business today and especially for apartment communities. There’s millions of apartment related posts/content on YouTube, TikTok, Instagram and Pinterest. This generation loves moving vlogs, apartment tours, decor ideas, etc. Putting your property among these videos and posts will boost your online reputation and attract more young adult renters to your community.
Once you’ve gotten their interest online and get them to your website, the actual unit and amenities you offer are what’s really going to sell it to them. Being born into a world where everything is online, this generation of renters are looking for high-speed internet and will run if they see reviews citing internet issues at your property. Investing in the internet your community has ensures resident satisfaction and places your property ahead of the competition for prospects.
Spacious kitchens and modern appliances are important to Gen Z renters. If you have an older property, it might be time to renovate older units and bring them up to speed. A lot of young renters have pets or plan to adopt a pet whether it’s for emotional support or companionship. A pet-friendly community is very important to have. Ways to be more pet friendly include:
- No Pet Rent
- No Breed/Weight Restrictions
- Events and Amenities centered around pets
If you are worried that the above suggestions are bad for the bottom line, Jamin Harkness, EVP at The Management Group, has gone into detail about how these pet policies are actually great for creating more resident satisfaction and how he’s seen an increase in revenue because of them.
It’s time to start thinking about Gen Z as young adults who are looking to rent because the oldest of them are doing exactly that. They grew up in a world that is fast paced and more digital than ever. These tips will help you reel in these prospective renters and keep them satisfied.