For the past 10 years, global industries from retail and consumer goods to multi-family rentals have searched for effective strategies to attract, reach, and retain members of one of the most disruptive generations: Millennials. But as a new decade unfolds, the prevalence of the newest, largest, and most technologically-advanced generation has created a massive shift in expectations and desires, especially when it comes to apartment living. Gen Z, or people born between 1996 and 2010, currently comprise 27% of the U.S. population ― the largest generation in history ― and they’re just beginning to explore rental options as they enter adulthood. As Gen Z’ers continue to age, how can multi-family property managers adapt their capabilities and offerings to reach such an influential group of renters? Continue reading to uncover key statistics on Gen Z and insights into how your properties can prepare for the future.
1. Three-quarters (74%) of Gen Z renters consider apartments.
The oldest members within Gen Z are only 24 years old. With minimal credit and rental history, this generation is the most likely to consider apartment living over any other. For property managers, understanding Gen Z is the first important step in increasing tenants among a highly-prevalent category.
2. Over half (52%) of Gen Z renters choose a furnished rental.
In contrast to Millennials, Gen Z is much less financially stable and more modest in their personal investments, particularly when it comes to their living spaces. If your property doesn’t offer furnished options, share any additional cost-effective features, such as free parking amenities, trash services, and Amazon lockers, and be transparent in your communications regarding pricing and utilities.
3. 60% of Gen Z renters will pursue an online listing with a call or email.
Gen Z has been nicknamed “True Gen,” which refers to their search for truth and honesty in all their purchases ― from the food they consume to the places they live. In this sense, Gen Z renters aren’t afraid to ask the hard questions, and they are the most persistent when it comes to gathering information on your units and your property. Ensure your property management team is equipped with the knowledge and expertise to answer questions via phone, email, or even an unannounced walk-in.
4. 66% of Gen Z uses more than one internet-connected device at a time.
What truly separates Gen Z from previous generations is its entirely mobile-first upbringing. As true digital natives (the first digital natives in history), members of this generation are extremely comfortable with IoT devices, and they rely on technology to carry out many of their daily tasks. Offering high-speed internet is certainly a plus to Gen Z renters, but a technologically-advanced building is a true stand-out from other properties they may be considering. Access control systems with locks, such as RemoteLock, offer the convenience and flexibility that Gen Z values in all areas of their lives; in fact, 57% of all renters, not just Gen Z, would prefer smart safety devices in their apartment buildings.
5. 50% of Gen Z renters find online reviews very or extremely important.
This one should come as no surprise: With Gen Z’s reliance on technology and mobile devices, social media and online review sites are among the very first ― and most influential ― places that Gen Z renters visit to inform their purchase decisions. If your properties don’t actively manage, monitor, and/or respond to online user reviews, you could be losing potential tenants -- and key information on where your business could improve.
6. 73% of Gen Z renters are most likely to rent again.
Along with 72% of Millennials and 63% of Gen X, the vast majority of Gen Z renters are ready to move to a different rental within a year if their needs aren’t met. Appealing to their wants and needs in apartment living will mean the difference between a renewed lease and a broken one. What’s the first upgrade your property will make?
Need an access management system to make your properties even more appealing to Gen Z renters? Contact RemoteLock today to see how our powerful solution can help enable more sales and improve your vacancy rate.
1 Generation Z News, Latest Characteristics, Research, and Facts. Business Insider
2 Robbers, Nancy. Marketing to Apartment Renters of Different Generations, Research, and Facts. Zillow, Inc.
3 Morgan, Blake. 50 Stats All Marketers Must Know About Gen-Z. Forbes Media