Well…it’s here. A new generation of tenants is upon us, just when we got the hang of millennials.
With a new generation comes new wants and needs in the rental market. We’ve got you covered, though. In this blog post, we’ll highlight what these new tenants are looking for and how you’ll need to change as a property manager.
Who is Generation Z?
Generation Z is those born in 1995 and after. They contribute roughly $44 billion to the economy and are expected to grow. They are now old enough to start renting apartments, so it’s time to prepare for the tidal wave of this new demographic.
This generation is special. They are the first to grow up entirely in the age of smartphones and social media. These individuals aren’t just tech-savvy, they’re mobile savvy. If information can’t be found instantaneously, they’ll immediately move on to a different website or blog. They expect an experience tailored perfectly to them with an instant end result. They want real information that’s shareable, they care less about polished, staged advertisements, and they get their information from sources they trust and know. Because they’ve grown up in our recent financial crisis, Generation Z is expected to be on the more conservative side.
Apartment Amenities for Generation Z
Gen Z is more socially minded than others before. What will appeal to them is community spaces. Functional common space they can use for creativity, community engagement, and collaboration will be important. The traditional pool and fitness amenities won’t be used much by them, as they’ll be lounging, creating, and cooking in large communal spaces. Buildings that are environmentally conscious will also appeal to these renters, and smart home features will be in demand. Remember they’re mobile-savvy. They’ll expect to interact with their environment and will love smart locks, learning thermostats, and other wireless conveniences.
Marketing Your Apartment to Generation Z
This is where you as an investor or property manager will see the most change. Marketing to this demographic is likely to be very different. What you’ll need to ensure you do well is marketing and reputation management through peer-based social media platforms.
With social media marketing, Gen Z won’t respond to the traditional online advertisement. They may have even blocked them with ad-blocking technology. Instead, they’ll engage their own network of peers to hear about what and who they can trust. Therefore, you need to leverage online reviews and testimonials from your residents. These positive reviews will help increase your online reputation. When searching and deciding on accommodations, Gen Z will find this powerful marketing tool.
What you’ll also need to start using is disposable content on social media platforms such as Snapchat or Periscope. Disposable content is material that isn’t permanent, shared through platforms. This form of content will enable you to quickly deliver content and other promotional messages without investing too much time or resources like you had to before.
Instead of investing a lot of time and effort into staging the perfect unit, create a simple video of the actual space they’d be renting. They’ll respond better to a casual video than a formal one. Upload the video onto your Youtube channel and put it on social media.
Generation Z is new to you and to us, so expect a bit of a learning curve. What these renters will want are more communal areas and wireless conveniences. To attract them to your cool apartment, you’ll ned to up your marketing game to include disposable content.