Gen Z is the current generation of young adults and teenagers with many entering the rental market. With that said, this generation takes up a good majority of the renters right now. It is essential to understand the Gen Z trends in the rental industry. Read on to learn more about dealing with Gen Z renters, what they are looking for, and how to market to them.
What Does Gen Z Care About?
Tech: Gen Z is the most technology-focused generation. Besides, they grew up with technology at their fingertips and used it for both work and fun. While social media and texting are important to them, so is human interaction.
Saving Money: This generation watched their parents struggle through a sizeable financial depression. In response, they want to save money and be prepared should another financial crash occur.
Creativity and Entrepreneurship: This generation is creative, innovative, and full of entrepreneurs. They like to create solutions with technology and innovation.
Stability: They crave stability in life, work, and relationships. Security is a crucial item that Gen Z looks for when applying to jobs, moving, and even in relationships.
What is this Generation Looking for in A Philly Rental
- Affordable: As we mentioned above, this generation likes to save money. They seek to rent from affordable landlords. Often, along with roommates or their significant other to split the cost.
- Personalization: This generation is creative with very personalized living spaces. In this regard, a Gen Z prospect may be looking for a place with plenty of design and storage space. Additionally, they are looking for a home that will allow them to make cosmetic changes. Be open to this!
- Energy Efficient: Gen Z cares about the environment, energy, and energy costs. Because of that, it is imperative to make your building as energy-saving as possible. There are simple fixes that can make your property more energy-efficient. This allows you to get LEED-certified, an important feature, especially for younger renters.
- Amenities: Genn Z wants amenities, shared spaces, and places to connect with neighbors. Consider hosting events for residents, having a modern business lounge with Wi-Fi, including a pool (on the rooftop, if possible). Having retail either on the property or close by is also a bonus!
- Online Rent and Maintenance: Convenience is essential! Firstly, allow online rent payments and be able to reach out to maintenance via the portal as opposed to a phone call. In addition, excellent tenant focused social media presence where they can reach out to staff is key.
How to Market to Gen Z Renters
- Social Media: Get the most out of your social media accounts by encouraging resident engagement. An online community can be as powerful as an in-person one. In addition, social media ads may be the best place to reach the Gen Z generation.
- Website: A website is imperative to attracting this generation and others. It needs to be stylish, quick, and full of varied content. Gen Z generation has a particular interest in material with videos.
Tips for Marketing to Gen Z Renters
Optimized: Optimize your site, listings, blogs, review sites, and social media accounts to allow for high keyword ranking. Optimization is the only way to get your website and other content seen. The first page of Google is your only bed to attract this generation. It can be done organically or by the use of Google Ads, but those need to be optimized as well.
Mobile-Friendly: An immense majority of prospective tenants are looking at listings on their phone or iPad. Hence, the website, social media, and ads should be mobile friendly. A website needs to load quickly to keep the attention of Gen Z and many others.
Online Reputation: Online reputation is huge. As we have reiterated quite a bit, this generation is tech-savvy and will do most research online. The most significant step you need to take is to respond to all reviews good or bad, but especially the bad ones. Try to get the negative commenters to discuss their issues offline and revise the review or take it down. Having high online ranking, especially on Google Business, will organically attract more viewers.
As all these tips are important, if you are looking to attract Gen Z renters (which you should be), it is vital to ask for help. Asking for help may include hiring a property management company, marketing agency, or younger interns/staff with the knowledge to attract and retain Gen Z residents.
Looking for a Property Management Company in Philadelphia to help you market, lease, and retain Gen Z renters? Contact Bay Property Management Group Philadelphia, and let’s discuss how we can help with all of your property management needs!