Are You Ready For Generation Z Renters?

Thu, 07 Oct 2021 08:00:00 -0500

For the past few years, the global real estate industry focused on marketing to one target audience: millennials. But as technology develops, we have an entire generation having a different set of requirements. Gen Z renters are digital natives who haven’t lived without the internet. As the oldest ones turn 24 this year, now is the perfect time to prepare your business for the new generation.

There are around 68 million people belonging to Gen Z in the US alone. This demographic is the reason why most property managers want to cater to their needs. To give you a head start, we have compiled the best ways you can use technology to attract Gen Z renters.

Finding properties online

Gen Z uses social media for almost everything, even finding properties. Instagram and Youtube are some of their favorite online platforms. Even though Google search is still a popular method to market properties, you need to look beyond that to reach Gen Z renters.

Modify your marketing strategy to include social media platforms. In addition to Gen Z renters, these platforms also contain a large audience of all age groups. By creating the right ads, you can target the Gen Z renters while still marketing to other groups. Well-performing social media posts also show up as search results which drive organic traffic.

Improve your SEO strategy and create engaging social media posts to build a clientele of Gen Z renters. They also value personalization right from their playlists to their apartments. Create a brand strategy that speaks to them and personalizes their tenant experience.

Affordability over amenities

Even the oldest Gen Z members are still just out of college and looking for a place to live. They look for financial stability and believe in “saving” more than “spending.” A survey by BHG Real estate reveals that Gen Z tenants are ready to give up luxuries to achieve homeownership.

While they value tech and connectivity in their living spaces, affordability is still their topmost priority. Rental prices that allow them to save for their future home are most appealing to this generation.

They also prefer long-term leases that are longer than a year. This helps them achieve stability while they work for their future. According to a survey by Tenant Cloud, 55% of Gen Z renters plan to rent for a few more years, till they can buy their own properties.

Reviews matter

Gen Z do the most research online with 30% of them checking ratings and reviews before touring a property. So apart from listing your property on social media platforms, you also need to build a positive reputation around your property management business.

The best way to get reviews is to ask your current or previous residents. However, tenant experience plays an important role in what kind of review you will get. People rarely need a push to write about a negative experience. But if you ensure quality service to tenants, you can easily get positive reviews from them.

Consider collecting tenant feedback to improve your services accordingly. Tenant portals such as MRI Tenant Connect are an excellent way to maintain tenant communication and collect feedback.

More tour options

For Gen Z renters, property tours need not be on-site with an agent. A survey by RentCafe revealed that 52% of Gen Z renters chose non-traditional property touring methods including virtual and self-guided tours.

Virtual tours use a collection of images and videos that allow a tenant to view a property through phones and computers. You can also conduct virtual tours through video calls with an agent showing them through the property. Virtual tours save time as prospects can view the properties at their own convenience.

Self-guided tours, on the other hand, are conducted on-site. But, these tours lack an agent and the prospects view the properties on their own. Tools such as RentCafe Self-Guided Tours help create a seamless property touring experience. The software includes features such as tour scheduling and ID verification. You can also use AI chatbots to assist prospects throughout their property viewings.

High-speed internet connection

Since this generation is tech-dependent, it is no surprise that high-speed internet connection is the number one priority for them. Ensuring excellent connectivity through WiFi makes your property stand out. As the remote working trend is also catching up, building co-working spaces with a reliable internet connection are also helpful for all your tenants.

You can implement WiFi-as-a-Service (WaaS) to accommodate a high number of devices. WaaS allows your tenants to access the internet directly from your WiFi network. Tenants can choose their own bandwidth speeds through different monthly packages. A WiFi connection also unlocks a whole bunch of advanced amenities that can attract Gen Z tenants.

Smart home tech is a must

Smart home amenities provide favorable housing conditions that appeal to Gen Z. Around 62% of Gen Z renters believe that technology is very important when renting a property. Apart from the convenience and cost savings, these amenities also help in environmental conservation.

Smart home technologies include a host of amenities such as:

Digital locks: Locks that use QR codes or biometric scanners instead of keys.
Smart Lights: Lights that work through voice or motion activation.
Smart thermostats: Adjusting temperature by gauging the number of people in the room, external temperature, and more.

Using AI, machine learning, and the IoT, you can implement smart amenities that are fit for the Gen Z renters.

Prepare for Gen Z together with Assetsoft

Gen Z thrives on digital advancement in rental properties. Assetsoft can help you implement suitable technology through RPA, artificial intelligence, and the IoT. Our team works with the clients to build a custom strategy for each business.

Whether it is property management software or smart home amenities, we can help you with all your real estate technology requirements. Our experts are with you even after implementation by providing the required support and training. By working with Assetsoft, you can leverage the best technology and resources to boost your business effectively.

Talk to us at Assetsoft to make your business Gen Z ready!

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