An ever-growing market for those looking to rent multi-family units are the burgeoning adult generation often referred to as Gen Z. These renters are different than their millennial predecessors, many of whom now look to own homes rather than rent. For any property manager, it is important to understand this base of renters and what they want and need from your property.
Here’s how you can appeal to Gen Z renters.
1) Reach them Where they Live—Online
Gen Z are digital natives. Unlike millennials who grew up mostly without social media and smart phones, Gen Z renters have lived in those worlds from childhood. As a result, they are highly fluent with technology and mobile applications. The go-to source of information for just about anyone these days—especially Gen Z—is the internet, and that’s where you should be focusing your marketing.
IBM found that 74% of the Gen Z generation spend five or more hours per day engaging with content online. Increasingly, the digital world is where young people spend their time, so a comprehensive online marketing strategy is crucial for property managers looking to attract interest from young renters.
2) Create Compelling Video Content
Online videos are where Gen Z renters spend much of their time online, so creating video content worthy of their attention should be a goal of your marketing. Craft quality stories that show off a property and tell stories in a brief and engaging way. Create video tours of your properties that prospective tenants can access any time.
Conduct interviews with other tenants and staff members to humanize your content and better help you shape brand identity. Even consider creating content for TikTok that highlights the qualities of your properties. The more shareable video content you can get out there, the better.
3) Conduct an Aggressive Social Media Campaign
Since Gen Z now makes up nearly a quarter of the population of the U.S. they are an invaluable source of prospective tenants, one you can’t afford to lose. That’s why it is absolutely vital that property managers maintain a thriving social media presence.
Social media is a great place to reach young renters. From Instagram to TikTok, your opportunities to conduct a marketing campaign that reaches young renters are limitless. Craft social media content that will connect with Gen Z renters on values they subscribe to. If you can harness the kind of brand power of Hydro Flask, for example, you will have Gen Z renters vying for a chance to live in one of your properties.
But what do Gen Z renters value?
4) Appeal to Gen Z Values like Individuality and Community
Perhaps more so than any generation prior to them, Gen Z expresses their individuality and has the platforms to do so. They are accustomed to personalization and self-expression and long for the opportunities to show who they are. You want to give them those platforms through community boards, events, and resources where they can make friends and express themselves.
Consider creating online Buzzfeed-style quizzes that allow prospective tenants to match up with apartment types or even better find a roommate based on their likes and dislikes.
5) Show Renters You Care about the Environment
A prominent cause for the upcoming generation is a love of the environment and a desire to protect it. If you can authentically show Gen Z renters that you care by installing energy-efficient upgrades to your property—or even expressing a commitment to paperless business—you can help appeal to the core values of these young renters.
Consider energy-saving appliances and windows when it’s time to upgrade, and be sure to highlight these enhancements on social media.
6) Create Accessible Digital Platforms
Speaking of going paperless, there are few things you can do better for any tenants—especially Gen Z renters—than to create a digital portal for all their property needs. Starting with inquiries and apartment application, make it easy for them to access your representatives and resources online.
If a prospective has a question, they should be able to reach out to you in an online chat on your website, Facebook, or Instagram to get the information they are looking for in a prompt manner. Allow tenants to electronically fill out and sign applications, all from their smart phones. This will ensure you gain the attention and business of Gen Z renters.
7) Make Maintenance and Communication a Breeze
Once your tenants have signed a lease, you need to maintain their love for your property and build a good reputation through efficient communication and maintenance requests. Gen Z renters will expect to be able to conduct all necessary business without having to even dial a number, so give them the opportunities to do just that.
Make sure your online platforms have a space for easily submitting maintenance requests, and be sure you have the time and staff to sufficiently and prompt respond to all emails and chat messages. Your renters are on their phones all the time, and they expect their property managers to be as well.
8) Allow Tenants to Pay Rent Online
Additionally, ensure your online portal allows tenants to pay rent digitally. Millennials already rarely write checks—for Gen Z, the whole process feels completely archaic. Check writing or picking up a money order for rent presents unnecessarily complex hoops for your young tenants to jump through. They’ll hate doing it and resent you for making them.
That’s why online rent payment isn’t just a recommendation, it is an expectation of today’s property managers.
9) Be Authentic
Brand trust is a must for Gen Z renters. With so many options vying for their time and attention online, young people have grown accustomed to gauging the genuineness of any brand, and this factors into their commitments. If they feel they can’t trust your property management company or that there is a lack of honesty and reliability there, they will seek out alternatives.
Be up front with them, make all lease stipulations clear, and always communicate in a clear and personable manner. No one wants to hear bad news, but if you can empathize with your renters even in an unfortunate situation, they will appreciate. Young renters especially want to be treated as responsible adults and will respond well to honesty and transparency.
10) Have Fun
Young renters want positive messaging and a community environment where they can have fun with friends. Starting with your marketing campaign, showcase what your property does for the community and environment. 88% of Gen Z members say they invest in companies that share their values, so show your fun side along with a charitable disposition by hosting community events that raise money for charities or serve a cause. You can get creative with your community events while also connecting with Gen Z values. But be sure to just have nights dedicated to fun as well, with events like pool parties or movie nights. Gen Z renters will love the opportunities to connect and have fun.
Gen Z renters make up large and growing portion of the rental market as they graduate college and/or enter the job force. As a property manager, you need to connect to them with authentic values in the digital world, then allow them opportunities for community and self-expression. These are the things Gen Z renters want and expect from their ideal rental property, and it’s worth your time and effort to make it happen.
For more information on property management and real estate investment, contact 208.properties today.