Best Ways to Attract Gen Z Renters at Your Rental Community
Date Written: 01/24/2023
Last Updated: 01/24/2023
Property Management
Gen Z, the successors of the Millennials, are starting to take over and shape the world and our future. According to a recent statistic, Gen Zs are projected to take up one-third of the workforce. Next to Millennials, they are the second biggest group, and expected to dominate the labor force by the end of the decade.
The members of this socially aware and purpose-driven generation are growing up and looking for a place to establish their independence and individuality. According to last year's news report, Gen Z surpassed Millennials as the largest population of renters for the year, with 42% of commercial real estate sales coming from this group.
Marketing to Gen Z is a wise move if you're looking to fill the vacancies in your apartment and boost your revenue. However, targeting Gen Z renters can be challenging for landlords, so here are some best ways to attract new renters to your property.
Who Are the Gen Z Renters?
"Gen Z" is a term used for individuals born between 1997 and 2010 collectively. As of writing, Gen Zs are around 13 to 26 years old.
Gen Zs are known for being tech-savvy and socially conscious, with a focus on sustainability and ethical decision-making. In fact, around 44% of Gen Zs mentioned climate change as one of their biggest fears.
Gen Zs are also more racially and ethnically diverse than their older counterparts. They're expected to be the most diverse generation yet, with nearly half of Gen Z identifying as part of a minority group.
With their technological nativity and a strong sense of social responsibility, Gen Zs are anticipated to be the "best-educated" generation yet.
As Gen Zs increasingly transition to adulthood, many are starting to look for a place to settle. Although most are still too young to afford their apartments, they are expected to take over the real estate market and become the biggest renters in a few years.
Preparing your place to be "Gen Z-friendly" is the best way to prepare for this transition.
How to Market Apartments to Gen Z
You don't need to transform your property completely to turn it into "Gen Z apartments." All you have to do is make slight adjustments and be strategic with your approach. Here are some tips to help you market to this generation:
Make Your Presence Known on Social Media
Gen Zs are digital natives and rely heavily on the internet for information. It's essential to be present on social media platforms such as Instagram, Facebook, and Twitter.
Create a profile that showcases your property in the best light while highlighting its unique features and amenities. Also, post regularly to keep your followers engaged and updated about what's happening on your property. You can also share events around your property's location to hook potential renters.
If you can naturally incorporate current trends, viral topics, and relevant conversations into your posts, do so. This could improve your social media page engagement, but don't force it. Gen Zs hate "forced" marketing, so ensure your content is authentic and organic.
Provide High Speed and Reliable Internet
Gen Zs make up the first generation to grow up with constant access to the internet. They depend greatly on the internet for their day-to-day activities. For them, high-speed internet access is a basic need, and they don't have patience for slow, unreliable internet.
Offering a fast and stable internet connection can be a game changer when marketing your property to Gen Zs. It's a quick and easy hack to make your place attractive to this tech-savvy generation. Make sure to provide proof of your internet speed and reliability before they move in.
Build an Inclusive Community
Gen Zs are the most socially-aware generation, and they recognize the individuality of each society member. You can create a welcoming atmosphere for potential renters by providing a safe space for all and including everyone in activities and events.
You can also partner with local businesses, organizations, and charities to show that your property is passionate about making a difference. Gen Zs are more likely to rent from landlords who are socially responsible and proactive in the community.
They might even endorse your rental property on their social media channels, giving you free word-of-mouth marketing.
However, ensure that your intentions are genuine and that you are not just paying lip service to diversity. Gen Zs recognize inauthenticity and will call you out on it.
Highlight Your Amenities
Like many other generations, Gen Zs are looking for convenience and comfort. Highlighting your property's amenities can be a great way to capture their attention.
Focus on sustainability features, such as energy-efficient appliances, renewable materials in construction or interior design, or promoting eco-friendly habits like recycling and composting. This will give renters an idea of the lifestyle they can have on your property and let them know that you're conscious of the environment.
You could also showcase unique amenities like community gardens, sports courts, and pet wash stations to attract renters who are looking for something different.
Build Coworking Spaces
Many Gen Zs are working remotely or under flexible work conditions. Creating a coworking space is an excellent way to market your property to them.
Coworking spaces provide the convenience of working at home and the opportunity to socialize, network, and build relationships with other tenants. It's an excellent way for Gen Zs to be productive while meeting new people in a supportive environment.
By creating a coworking space, you're providing an attractive amenity and a modern lifestyle choice to potential renters.
Leverage Technology to Your Advantage
This may be a significant investment, but leveraging technology to attract Gen Z tenants to your apartment is worth it.
Invest in new technology like smart home features, remote-controlled appliances, thermostats, and even voice-controlled devices. Gen Zs have grown up with access to the latest technology, so providing them with modern, tech-enabled homes is a great way to capture their attention.
You could also show how you leverage technology to efficiently manage your rental property by using property management software. By showing that you're adept in technology, you can give potential renters the peace of mind that their rental experience will be smooth and highly organized.
Make Your Unit Pet-friendly
Many Gen Zs have pets, and it's essential to ensure that your property is fit for animals of various breeds and sizes. This means providing treats and toys, having designated play areas for pets, accommodating different breeds of dogs, and promoting regular vet visits.
By welcoming pets into your rental units, you can attract renters who may have been turned away from other properties because of their furry friends.
Having pet-friendly policies also shows that you are an understanding landlord who values the well-being of tenants and their pets. This alone will give you a boosting edge over your competitors.
Final Thoughts
Adapting to fast-changing times is how strong businesses and properties survive. As our time and society change and evolve, you must adjust your marketing strategies to capture the attention of newer generations like Gen Z.
By focusing on social responsibility, convenient amenities, tech-enabled features, and pet-friendly policies, you can ensure that your property stands out as an attractive option for them.
Growing your business is a challenging task, but with the help of the right tools, you can stay on top of the competition.
ExactEstate is an all-in-one property management software to streamline your rental process, from lead generation to tenant onboarding. Maximize the potential of your property with ExactEstate. Schedule your demo today!
