Move over Millennials – Generation Z is here. This group of people born between 1996 and 2010 are just beginning to come of age and find their place in the world. With over 61 million members, this demographic will be the next wave of tenants in your rental properties if they aren’t already.
In order to appeal to this new slice of society, you’ll have to go a step beyond simply listing your apartment on Craigslist. There are certain things that Gen Z will come to expect in their new pad, whether it’s top-of-the-line amenities, increased leasing functionality, or improved communication methods.
Amenities Generation Z Renters Are Looking For
It might be hard to remember a time before technology, but Gen Z literally cannot. They were born in the midst of social media and smartphones, meaning that they don’t know how to live without. Because of that, amenities like fast internet and television hookups are at the top of their list.
Generation Z also has an affinity for being more sedentary than previous generations, meaning that things like a fitness center or swimming pool might not be as exciting to them. Instead, devote your time to creating a community-based co-working or maker’s space. Since members of Gen Z often have entrepreneurial tendencies, having a dedicated area for these types of activities will really draw them in. In fact, 52 percent of Generation Z renters are looking for shared amenities like this.
Since they’ve spent their formative years on social media, it should come as no surprise that they value beauty. In fact, a 2016 study found that 11.3 percent of the money Gen Z females spent was on cosmetics and beauty products. While this might not have a direct relevance to apartment rentals, it does seem to suggest that prospective tenants will pay more for updated, beautiful features, like revitalized kitchens and bathrooms.
Online Leasing and Listing Functionality
Let’s face it, there’s little chance a Gen Z member will fill out a paper application or hand-write rent checks. These methods are antiquated and may scare away potential tenants. To draw in this younger generation, you’ll need to move everything online. This includes all rental forms and payments.
You’ll also need to appeal to their online sensibilities when listing your apartment. It’s estimated that nine out of 10 use only online resources when looking for a new place, and 30 percent will ask their friends’ opinions by sharing listing photos and links. Make sure you put your apartment on as many sites as possible and utilize tons of photo and video to help it shine.
Communicate the Generation Z Way
Phone calls are a thing of the past as far as Generation Z is concerned. One study found that Gen Z members are 60 percent more likely to hang up a phone if their call is not answered in 45 seconds. Instead, develop lines of communication through email, texting, or an app. These are instantaneous and allow for quicker, shorter messages that aren’t time-consuming.
Gen Z renters also have a strange policy when it comes to looking up reviews of a property. Instead of heading over to Yelp, they’ll just ask their friends and family instead. This might be because they know how fake some testimonials can be and can easily see past them. Don’t waste your time writing testimonials on your own website. Instead, get involved with social media so that you can connect with as many people as possible and spread news of your properties.