Millennials may currently make up the largest percentage of the workforce and command the lion’s share of buying power in the United States, but the Gen Z cohort is close on their heels. This generation, the oldest of which are approaching their mid twenties, are much different than their predecessors. Here are a few things to know about them as they come of age and begin filling out applications for rentals.
They’re More Frugal
The people of Gen Z were not in the workforce when the Great Recession hit, but they watched their parents struggle to make ends meet. As such, they tend to be more frugal than some of the older generations. If you want to attract Gen Z renters, expect them to fill out applications at lower price points and make sure your rates are competitive for your target area.
They’re Tech Savvy
As digital natives, Gen Z grew up in a world powered by technology, so they expect their homes to keep pace. They won’t tolerate things like slow Wi-Fi networks or clunky websites. Appeal to their sensibilities by offering property rental information online including video tours, pricing information, pictures, and online applications. Must make sure that your property rental website is optimized for mobile viewing.
Gen Z is composed of a creative bunch that thrives on the capitalistic spirit. Nearly 75% of current high school seniors say they want to own their own businesses someday or turn their hobbies into careers. This means their living spaces should work as home offices, too. Properties with separate dens or dedicated offices can help them achieve their goals.
They Value Individuality – And Think You Should, Too
There is nothing cookie cutter about this generation. They scoff at McMansions and want everything to be personalized. Including a questionnaire on the website allows them to explore what they’re looking for will help you appeal to this group. Also consider investing in homes with character, as this generation is more interested in renting a house through a property management company than filling cookie-cutter complexes.
Gen Z is young, but it won’t be long until they make up the majority of your renting population. As they come of age and start filling out applications, it’s helpful to know how you can simplify the process and appeal to their sensibilities. The question here is are you ready for the Zen G, cos we are ready! No matter where you rent or who you rent to, a property manager can help you by screening tenants, collecting rent, and ensuring your properties function well. To learn more about Home 365’s technology-driven property management services, contact us today!