For years, the talk has been about how to attract Millennial renters. And while Millennials (aka those born between 1981-1996) still make up the majority of the renter population across the US, they no longer hold the title for the most renters within the generation itself. In fact, many Millennials bridged the gap from renter to homeowner, thus shifting away from the renter-majority generation title. As of 2022, homeownership rates among Millennials rose to 52%.
Gen Z Takes the Stage as the Renter-Majority Generation
As a result, the torch has now passed to the following generation. Gen Z, dubbed Zoomers, is currently the generation with the most renters. In the last five years, the number of Gen Z renters increased to over 75% and added 4.5 million renters to the national pool.
So What Does This Mean For Landlords?
As more and more Gen Z renters continue to flood rental markets across the country, there are a few things rental property owners need to be aware of. First and foremost, you have to know your audience. As the renter-majority generation, it’s important to take into consideration what Zoomers look for when searching for a new home.
According to data from RentCafe, Gen Z’s top priorities in a rental home revolve around technology. Of those polled, 62% stated technology was extremely important, with the #1 amenity in a rental being high-speed internet. Gen Z’s preferences for smart home tech, such as smart locks and thermostats, ranked 2x higher than previous generations, too, making it a smart investment for property owners to consider.
Shifting Strategies
It’s no surprise that technology plays an important role when Zoomers search for a new home, too. Over half of those surveyed indicated they preferred to view a property without an agent present, making self-tour options incredibly valuable. They also indicated that online presence is important, basing much of their search and decision-making around online ratings and social media activity. This means landlords and property managers need to focus on building their online reputation. Focus on positive reviews as well as creating an active social media presence, especially on Instagram, can help to draw Gen Zs to your listings.
If you don’t incorporate these into your marketing strategy, we highly encourage you to do so or seek out professional property management services, like Real Property Management Colorado’s, to help you do just that. We’ve had years of establishing a substantial online presence, including positive review ranking and an active social media following across multiple platforms. We know the importance of growing with the times and utilize technology across our services to help make the entire rental process smooth and simple for both residents and property owners.
Part of successfully managing a rental property is knowing who to market to. Trends and needs change as a new generation of renters continues to strike out on their own. With Gen Z now the only renter-majority generation, landlords and property managers must consider their needs and desires in addition to those of previous generations.
