The landscape of rental properties is constantly evolving, and with each new generation entering the market, the needs and expectations of tenants change. The latest generation to make their mark in the world of renting is Generation Z, often referred to as Gen Z.
Born between the mid-1990s and the early 2010s, Gen Z individuals are unique in their preferences and behaviors, and understanding them is essential for property managers seeking to attract and retain this demographic.
Below are some valuable tips for renting to Gen Z, helping property managers stay ahead of the curve and meet the needs of this tech-savvy and socially conscious generation.
1. Reach Them Where They Live—Online
Unlike millennials, who witnessed the rise of social media and smartphones in their formative years, Gen Z has been immersed in the digital world since childhood. As a result, they possess an innate fluency with technology and mobile applications. In today's information age, where the internet reigns as the primary source of knowledge for virtually everyone, Gen Z is no exception, making it essential for property managers to direct their marketing efforts online.
According to IBM's research, a staggering 74% of Gen Z individuals dedicate five or more hours each day to online content engagement. As the digital realm increasingly becomes the preferred playground for young people, it underscores the critical importance of an online marketing strategy for property managers seeking to capture the attention and interest of this tech-savvy demographic.
Here are some strategies on how to do so:
Conduct an Aggressive Social Media Campaign
With Gen Z representing nearly a quarter of the U.S. population, maintaining a thriving social media presence is vital. Gen Z renters are active on platforms like Instagram and TikTok. Craft content that resonates with their values and aspirations.
Showcase the lifestyle your properties offer, and make sure your brand aligns with the values that matter to Gen Z. If you can establish a strong brand identity, you'll have Gen Z renters eager to live in your properties
Create Compelling Video Content
Online videos are Gen Z's preferred form of content consumption. Craft engaging video stories that showcase your properties and the unique lifestyle they offer. Create virtual property tours to allow prospective tenants to explore your listings remotely.
Consider conducting interviews with current tenants and staff to humanize your brand and build trust. Embrace platforms like TikTok to reach younger audiences through shareable video content.
Create Accessible Digital Platforms
Gen Z expects digital convenience in all aspects of life, including renting a property. Establish an online portal for inquiries and applications, allowing prospective tenants to access information and interact with your team seamlessly.
Provide an online chat option on your website and social media channels to promptly address inquiries and provide information. Allow tenants to electronically fill out applications and sign leases via their smartphones.
Allow Tenants to Pay Rent Online
Streamline the rent payment process by enabling digital rent payments. Gen Z prefers digital transactions, and the archaic process of writing checks or obtaining money orders can be a turn-off. An online rent payment option is no longer a recommendation but an expectation.
2. Appeal to Gen Z Values Like Individuality and Community
Gen Z places a high value on individuality and self-expression. Provide platforms for them to connect and express themselves. Consider creating online quizzes that help prospective tenants find the perfect apartment or compatible roommates based on their preferences.
Community boards, events, and resources that foster friendships and self-expression can set your properties apart and appeal to Gen Z's need for individuality.
3. Show Renters You Care About the Environment
Gen Z is environmentally conscious and values sustainability. They are more likely to choose eco-friendly housing options, so property managers should consider implementing green practices in their properties.
This could include energy-efficient appliances, recycling programs, and the use of renewable energy sources. Highlighting these features can make your property more appealing to Gen Z renters.
4. Make Maintenance and Communication a Breeze
Efficient communication and maintenance processes are essential to maintaining Gen Z renters' satisfaction. Offer digital channels for tenants to submit maintenance requests and communicate with your team. Ensure quick responses to emails and chat messages.
Gen Z renters are accustomed to swift digital communication, so make sure your property management reflects this expectation.
5. Be Authentic
Be transparent about rental costs and fees. Gen Z renters appreciate honesty and are more likely to trust property managers who are upfront about all expenses associated with renting a property. Avoid hidden fees or surprises in the leasing process.
Be upfront with lease stipulations, communicate clearly, and empathize with your tenants. Even in challenging situations, your honesty and transparency will be appreciated.
6. Host Events
Gen Z renters seek positivity and community engagement. Showcase your property's role in the community and the environment. Consider hosting events that align with Gen Z values, such as charity fundraisers or environmentally-focused initiatives.
But it's not all about serious causes – have fun, too! Organize events like pool parties or movie nights to provide opportunities for Gen Z renters to connect and enjoy themselves. Create spaces within your properties that encourage interaction, such as common areas, communal kitchens, and outdoor gathering spaces. These community events and activities can also help foster a sense of belonging among your Gen Z tenants.
Change is constant, and the future of property management is shaped by the evolving preferences of each new generation. As we've explored in this article, Gen Z represents a distinct force in the rental market, with unique values and expectations. To attract and retain Gen Z tenants, property managers must leverage digital platforms, align with their values, and create engaging and authentic experiences.
As a property manager, your ability to adapt and innovate in response to these changing dynamics will not only attract and retain Gen Z renters but also position your properties for long-term success in the rental market.
For more information on property management and real estate investment, contact 208.properties today.
