How To Attract Gen Z & Millennial Tenants
In today’s dynamic rental market, attracting the next generation of tenants—namely, Gen Z and Millennials—is your key to maintaining a thriving property. These tech-savvy and value-conscious renters have preferences and expectations that are distinct from other generations of renters.
To make the most of this demographic, you need to understand what Gen Z and Millennial renters are looking for in their living spaces. In this way, you can set your rental properties apart and more effectively find the quality tenants you’ve been looking for.
In this article, we explore some of today’s most innovative strategies for attracting – and keeping – Gen Z and Millennial renters.
Understand Gen Z & Millennial Tenants
Step 1 to attracting Gen Z and Millennial tenants is to understand what their values and priorities are. Gen Z, for example, is the general born between 1997 and 2012. These twenty-somethings grew up with the affordances of advanced technology, and value convenience, efficiency, and speed.
In general, Gen Z-ers are digital natives with an entrepreneurial mindset and a strong sense of ethics and justice. They spend a lot of time on social media, and are not shy about speaking their minds.
Millennials, on the other hand, are the generation born between 1981 and 1996. Now in their thirties and early forties, millennials value lifestyle over work. Tech-savvy and curious, they value quality communication and tend to be very creative. Millennials also tend to be environmentally and socially conscious, and spend their money in ways that mirror their personal beliefs.
As you can see, Gen Z and Millennials share a number of characteristics, although there are still differences between them. By knowing the values and priorities of these generations, you can more easily determine how their lifestyle choices influence their rental decisions. Let’s take a closer look at how this works.
Emphasize Technology and Connectivity
Both Gen Z and Millennial renters use technology frequently and with ease. What this means for property owners and landlords is that offering amenities like high-speed internet services and smart home features could be a big draw for this demographic of renters.
Along these same lines, giving Gen Z and Millennial renters the ability to submit rent payments and maintenance requests online is important, as they tend to value the efficiency and convenience of such a system. It’s also important that your property marketing effectively utilize technology to reach and appeal to younger renters.
Virtual tours, a vibrant and responsive social media presence, and good communication are all key elements of marketing a rental property effectively to Gen Z and Millennial renters.
Prioritize Sustainability and Eco-Friendly Living
Another top priority, especially for Millennial renters, is enhanced sustainability and eco-friendly practices. Younger renters tend to look for things like energy-efficient appliances, green or natural building materials, and recycling programs.
By offering and highlighting the ways in which your property (or the community in which it is located) can support eco-friendly and sustainable living practices, you can more easily appeal to and retain Gen Z and Millennial renters.
Create Flexible and Modern Living Spaces
As a rule, younger renters tend to be attracted to living spaces that are multifunctional, since many of them work, attend school, and pursue a range of hobbies from home. You can also increase the appeal of your rental property by highlighting policies and local amenities that fit into the preferred lifestyle of Gen Z and Millennial renters.
For example, offering pet-friendly rentals can be a great way to attract more applicants, since pet ownership among these generations is very high. It’s also a good idea to point out other advantages of the property and its location, such as safety features, walking or fitness areas, and unique aspects of the neighborhood.
Build a Sense of Community and Engagement
Because they spend so much time online, you would think that socializing wouldn’t be much of a priority for Gen Z and Millennial tenants. But the exact opposite is true. Younger renters greatly value participating in community events, opportunities to socialize, and access to a wide range of local amenities. You can appeal to these tenants by doing some research and including these features in your property listings.
Leverage Social Media
While using social media as part of your marketing plan is important, for younger tenants you should also leverage social media and other communication tools to encourage goodwill and to facilitate open communication.
A key characteristic of both Gen Z and Millennials is that they are eager to communicate with you. This makes regular, positive communication with your young tenants absolutely essential to cultivating long-term tenants. It also gives you a chance to address any complaints or criticisms swiftly and transparently.
Doing so in a public forum may feel uncomfortable at first, but demonstrating that you care about your tenants can help you establish a good online reputation and make renters more likely to apply to your properties in the future.
The Secret to Success
Ultimately, effective rental property management is management that adapts to the evolving rental market. While you can learn about and implement many of the key strategies on your own, it may be even more efficient to enlist the help of a local rental market expert.
Source: Think Realty
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