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A New Generation of Renters

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A new generation of renters has officially emerged as the eldest of Gen Z turn 25 this year. It’s okay to admit that as a property manager, you may be a little out of touch with this generation. So far they only take up a small portion of the rental market, but this demographic will only continue to grow, and you want to stay ahead of the curve. So how can you adapt your properties to appeal to this new generation of renters? First, it’s important to understand what defines Gen Z, past the stereotypes. 

What defines Gen Z?

The generation roughly born between 1997 and 2012, Gen Z has captured the world’s attention as they begin to enter adulthood. With distinct values and fresh perspectives, it’s clear this generation has been shaped by a new world. Here are the top three characteristics of Gen Z that property managers should consider.

1) Technology

Perhaps the most defining and unwavering quality of the bunch is their technology fluency. Known as digital natives, Gen Z is the first generation to have been born into a world dominated by technology. For better or worse, they have made tech a fundamental part of their lifestyles–from how they shop, to how they socialize, to how they carry out everyday tasks.

2) Experience-Focused

Arguably rooted in their notoriously short attention spans, Gen Z tends to value experiences over physical possessions that offer only momentary fulfillment. You’ll likely find them spending their income on events and activities instead of the latest material items. 

3) Individuality

Expressing individuality is at the core of the Gen Z zeitgeist. With a constant overload of information and influences from the internet, it’s no surprise they’re an experimental group. An emphasis on individuality simply means that communication requires personalization–a critical detail for anyone trying to market to this demographic.

How to Appeal to Gen Z

The key to appealing to this new generation of renters is adapting your property management style to cater to these qualities distinct to Gen Z. The simplest way to optimize this adaptation is utilizing a property management software like ManageGo to give you the tools you’ll need. 

With technology being so integral to their lifestyle, digitizing your residents’ entire experience is going to be key to capturing the Gen Z market. Having an online concierge that lets your residents do everything from booking amenities to managing their packages will give you a major leg up on other properties that aren’t taking into consideration this major lifestyle characteristic. 

You should also be taking advantage of Gen Z’s preference for experiences. Resident events are a fantastic way to cater to this proclivity. Plan events around significant holidays, new seasons, or even just because. If you’re not so creative in this department, check out our recent blog post with event ideas for the fall. 

Finally, we briefly touched on the idea of personalized communication as a way to recognize Gen Z’s inclination towards individuality, but what does this look like? With property management software, it’s never been easier to stay in contact with your residents and deliver on this value.

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