How to Attract 2018’s New Renters – Generation Z
Millennials have been the focus of consumer based marketing research for over a decade due to the young colossal market they make up. When it comes to the renters market, this is all going to change. Generation Z is just coming of the age where they are beginning to find their place in the world. Generation Z is defined as the group of people born between 1996 and 2010. Believe it or not, this generation is even larger than their preceding Millennials, totaling over 61 million potential tenants.
Although there are many similar characteristics among the two generations, you will have to slightly adjust your approach if you wish to tap into this massive, upcoming market opportunity. Here is a snapshot of some of the expectations Generation Z will have as they begin looking for a new place to call home.
Technological Functionality
The most obvious trend among Generation Z is their gravitation towards online interactions. Gen Z has never experienced a world where smart phones and social media were not present. Therefore, the idea of paper applications, paper leases, hand written cheques, and in some cases, in person showings, can be an almost immediate deal breaker. To keep the ever so short attention of Gen Z, everything must be online. In a world where everything and everyone is trying to buy the attention of this generation, no one summarizes it better than Dan Schwabel of Millennial Branding, "we tell our advertising partners that if they don't communicate in five words and a big picture, they will not reach this generation." Looking into creating video tours of show suites and providing pictures of floor plans are both great places to start if you truly wish to engage this market.
The adoption and implementation of programs allowing you to sign documents online such as applications, leases, renewals, and work orders will definitely resonate with Gen Z.
Communication
As touched on above, Generation Z appears to prefer less actual human interaction than we have ever seen before when it comes to renting. As a result, even phone calls appear off putting. Invest your time into developing lines of communication through text, email, or potentially a leasing app. These short, instant, non-pressured alternatives will relate with Gen Z on a more personal level.
As always, social media is your most powerful marketing tool. However, the key lies in knowing the context of the platform you are advertising on. Some social media works better for jokes, humor, and showing that fun and relatable side of your property management company or building. Other media focuses more on the facts, content, and value that you provide. There is a difference between using social media and using social media effectively. Spending time scrolling and searching through popular feeds on different media platforms will give you a feel for what type of content is appropriate, which in turn, will allow you to maximize your engagement with Gen Z.
Almost all social media platforms today provide users or businesses an option to produce paid ads. This alternative to the traditional advertising methods is, for the most part, an under-priced marketing tool that should definitely be looked in to and utilized.
Apartment Features
As you may expect, the features that Gen Z looks for when searching for an apartment do differ from typical renters. First off is connectivity. One of the first things we can expect Gen Z to notice is not only the internet connectivity, but their cell service. Advertising fast internet speeds and excellent wireless reception will become a huge selling point for this generation.
Another up and coming trend among housing is smart homes. Not only being connected to the world outside of their apartment, but within it as well. Preference for smart connected appliances and devices will begin to grow as the presence of these devices is slowly integrated into homes over the next few years. This could include smart thermostats, keyless locks, electronic security systems, mobile lighting control, and possible Google Home and Amazon Echo signing incentives.
As the oldest members of Generation Z begin to move out, no time is better to begin adopting some of these modifications if you wish to maximize the potential that this generation provides landlords. Let us know if you have noticed any other trends or tips that will engage this up and coming generation.
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