Everyone is familiar with millennials by now—what comes next?
It's Generation Z, and they're ready to hit the rental market.
Understanding the rental and lifestyle habits of different generations supports your hunt for the ideal rental market—plus, understanding what different generations look for in a rental property enables you to provide what they want. When your rental property appeals to more types of people, you have effectively increased your ability to find that perfect tenant.
Who is Generation Z? Let's find out who they are and what they want from your Clayton rental property.
Who Is Generation Z?
While they're often put together with Generation Y, Generation Z is different in many ways.
Yes, they're young—but they have very different behaviors, wants, and needs than millennials do. Plus, there's a whole lot of people that now qualify as "Gen Z." In just a few short months, we graduate to the year 2020 when experts say Gen Z will represent about 40 percent of consumers.
How do you connect with this elusive "new" generation to help them find your property? The key is to know what they like and dislike.
Start with What's Appealing
Let's look at what's most likely to earn a "👍" from Generation Z:
- These young adults grew up during the most recent recession.
- They've experienced parents without jobs who struggled to pay for basic needs.
- Generation Z is frugal and intentional with how they spend their money.
Your typical person in this generation isn't likely to have a family just yet. They're graduating college, entering the workforce, and looking for their first place to live out in the real world.
1. They Depend on Technology
This generation grew up with everything at their fingertips. They don't want to pay rent by writing a check—chances are, they've never written a check.
They handle most of their lives from their smartphones or tablets; from looking for their next home to handling paperwork and maintenance requests, if they can't find a technology solution for it, they'll move on to someone who can provide it. Having an online payment system and tenant portal appeals to Gen Z.
2. They Appreciate Individuality
From a landlord's perspective, this means they don't want the same house everyone else has. Generation Z does everything on their own time in their own way. Just as they've changed the landscape of digital media from cable to streaming television, they appreciate a personalized experience and the opportunity to provide feedback. Make sure they don't feel like "just another" tenant if you want to appeal to these go-getters.
3. They Look for Value
Gen Z probably has the latest technology—but they didn't pay top dollar for it. Technology is a tool, not a luxury; that mindset drives much of what they do.
Because they grew up valuing everything their parents provided, Gen Z understands taking care of what they have and earn. They'll want a home that's affordable with plenty of value included for their monthly rent—but that doesn't mean you have to go overboard with freebies. Craft your property listing in a way that describes the value—along with the quality—of your rental property.
4. They Want Stability
This is a marked departure from the millennial generation: millennials love flexibility. They'll chase their dream job for the sake of adventure.
Gen Z prefers to establish roots: when they find a comfortable place to live, they're more likely to start their own business or become a freelancer—rather than relocate for a new job. Generation Z could be excellent long-term tenants if you provide a rental home they love at a price they can afford.
Now that you've gotten to know them a bit, how do you attract Generation Z to your rental property? A few tips can help.
Help Gen Z Find Your Rental Property
It all starts with your property listing: to appeal to those of this generation, you have to catch their attention—otherwise, they'll scroll right on by your Clayton investment property.
- Describe the home in a way that makes it seem unique compared to other rentals in the area.
- Mention the value of living in your property, including the price compared to other properties and any savings your tenants might see from amenities in the area.
- Highlight your online application process; mention your online payment and maintenance system.
Make sure your property matches the items you highlight in your listing. Your property listing will be the first tool you have to attract Gen Z tenants, but they'll fall in love with your property once they see that you deliver on the listing.
An Expert Property Manager Can Guide Gen Z to Your Property!
Your local, Clayton property managers know how to attract the best tenants to your rental property—including Generation Z.
All County Heritage Property Management can help with updates to your property and craft a unique listing that will catch the eye of any Gen Z renters. When we find and screen the perfect tenant, our team provides service that helps Gen Z—or any potential tenant—know they aren't "just another rent check." A great place to get started is with a FREE Rental Property Analysis!