While millennials have historically garnered all the attention from multifamily apartment properties,\u00a0Generation Z is quickly overtaking the rental market. This age group \u2014 typically born between the mid-1990s and 2010 \u2014 is starting to seek housing without the help of their parents.<\/p>\n
Gen Z, often misconstrued as millennials, make up about 26 percent of the U.S.s population and contribute about $44 billion to the American economy, according to various estimates. As such, this young population should definitely be an extremely important part of your marketing strategy. Gone are the days of traditional marketing, as this generation has a\u00a0shorter attention span and a mobile-only mindset.<\/p>\n
Gen Z renters are looking for efficiency in the leasing process, new communication channels, and enhanced amenities. As these young adults continue to enter the rental market, it will become increasingly important for you to understand their expectations. Consider the following strategies to attract Gen Z renters:<\/p>\n
Having grown up with technology, Gen Z is unable to comprehend a time before the digital age. They\u2019ve never heard the AOL voice chime \u201cYou\u2019ve got mail!\u201d, nor have they listened to the maddening tones of dial-up Internet. To this group, the Internet is their one-stop-shop for everything \u2014 and that includes where they choose to live.<\/p>\n
As such, this generation typically has a much shorter attention span.\u00a0Research shows<\/a>\u00a0that compared with millennials and other age groups,\u00a0Gen Z spends much more time accessing the internet via a mobile device\u00a0rather than through traditional PCs. In many cases, it\u2019s the primary way they connect.<\/p>\n With technology at their fingertips, everything of interest to Generation Z is connected to social media.\u00a0Marketing should focus extensively on the most popular social media platforms (i.e., Facebook and Instagram), and continually adapt, as new social tools gain popularity.<\/p>\n While these young adults are known for their multitasking abilities when juggling various social platforms at once, they are also known for \u201cscrolling.\u201d Your social media ads should, therefore, be attention-grabbing and specific. Hone in on your core message quickly or risk losing engagement.<\/p>\n For best results, focus your marketing efforts\u00a0on videos and other visually appealing content. Bold graphics, vibrant colors, and playful fonts are great ways to capture a Gen Z renter\u2019s attention. If appropriate, include Gifs and other fun content to spark their interest.<\/p>\n A mobile-first strategy is important when it comes to communication and the leasing process. Gen Z is unlikely to hand-write a rent check or manually fill out a leasing application. They expect everything online, which includes leasing paperwork and payments.<\/p>\n Due to their reliance on technology, Generation Z spends a lot of time educating themselves before making a purchase. As such, you will want to\u00a0appeal to their online preferences when listing your property. For example, many of these young adults expect to see a lot of photos, videos, and links to view the apartment online. They want to engage with the property, unit, and amenities digitally before they will visit personally.<\/p>\n Forget phone calls;\u00a0texting and online chats are the preferred method of communication for Gen Z renters. In fact, a\u00a0recent study<\/a>\u00a0found that about 96 percent of this age group owns a smartphone, and the majority of them prefer texting over physical phone conversations. Utilize texting and develop other lines of communication through a property email platform or an app.<\/p>\n Gen Z is different than millennials in that\u00a0they are more sedentary<\/a>\u00a0and less prone to be attracted to amenities like a swimming pool or on-site fitness center. Research shows that\u00a0Gen Z renters are looking for common spaces to mingle with their neighbors. Therefore, it might benefit you to focus your attention on advertising indoor and outdoor lounge spaces and other shared amenities. It\u2019s also beneficial to highlight co-working space and walkable restaurants that will appeal to Gen Z\u2019s desire for community.<\/p>\n Unlike former generations,\u00a0Gen Z renters prefer to take their reviews and questions to social media\u00a0rather than posting on online review websites like Yelp. While this generation has not completely ditched traditional online review sites,\u00a0word-of-mouth communication is more valuable to them<\/a>, likely because they are more wary of misleading online testimonials. When marketing to Gen Z renters, consider focusing your efforts on social platforms, push reviews on these platforms, and connect with as many people as possible in order to organically spread the news of your amenities and features.<\/p>\n Although Generation Z and millennials may seem similar, the social differences are evolving quickly. The key when marketing to Gen Z renters is to not only understand how technology impacts them, but also how to leverage efficiency and social features to pull in a new wave of renters.<\/p>\n","protected":false},"excerpt":{"rendered":" While millennials have historically garnered all the attention from multifamily properties, Generation Z renters are quickly overtaking the market. <\/p>\n","protected":false},"author":1,"featured_media":2183,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-1489","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-multifamily"],"acf":[],"_links":{"self":[{"href":"https:\/\/incepm.com\/swifty-api\/wp\/v2\/posts\/1489"}],"collection":[{"href":"https:\/\/incepm.com\/swifty-api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/incepm.com\/swifty-api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/incepm.com\/swifty-api\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/incepm.com\/swifty-api\/wp\/v2\/comments?post=1489"}],"version-history":[{"count":0,"href":"https:\/\/incepm.com\/swifty-api\/wp\/v2\/posts\/1489\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/incepm.com\/swifty-api\/wp\/v2\/media\/2183"}],"wp:attachment":[{"href":"https:\/\/incepm.com\/swifty-api\/wp\/v2\/media?parent=1489"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/incepm.com\/swifty-api\/wp\/v2\/categories?post=1489"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/incepm.com\/swifty-api\/wp\/v2\/tags?post=1489"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}2. Get Social<\/strong><\/h2>\n
3. Prioritize Efficiency for Leasing Processes<\/strong><\/h2>\n
4. Utilize Photos and Videos for Online Listings<\/strong><\/h2>\n
5. Harness Mobile Communication Channels<\/strong><\/h2>\n
6. Highlight the Right Amenities<\/strong><\/h2>\n
7. Take to Social Media for Online Reviews<\/strong><\/h2>\n