What Gen Z Is Looking For In A Rental
Gen Z is now starting to come of age and looking to move into a home of their own. Soon they will make up the largest share of renters. Our youngest demographic has a lot in common with Millennials in terms of housing needs. However, this digital generation also has some very specific desires for their housing. Understanding and meeting these desires can ensure that you attract these renters just as they are entering the market. This will give you a clear advantage over the competition that will be slow to adapt.
1. Technology Is Key
Gen Z was born with a smart device in their hands and they now spend a good portion of their time engaging with technology. If property managers want to attract Gen Z, they need to lead with technology. High-speed internet is a must. You’ll also want to look at smart home features, having lots of charging capabilities, and things like LED lighting.
2. They Love Community
Gen Z is a very connected generation both online and offline. They want to have a strong community around them. Communal spaces like pool areas, dining areas, and game rooms are a must. You should also consider hosting community events like holiday parties and classes where residents can meet and mingle.
3. They Are Extremely Environmentally Conscious
Like Millennials, Gen Z is very concerned about their environmental impact. Having green features like recycling and composting services, energy-efficient appliances, and even a community garden. They love places with features like solar power, grey water, and sustainable construction materials. Any environmentally-friendly upgrades will pay off with these two generations.
4. Lockers For Packages
Though this is a minor thing compared to other amenities, it is a big seller. Gen Z shops mostly online. So having a secure place to store and retrieve their packages is very important. So setting up smart-enabled lockers in your lobby or hallway can be very attractive. You can even charge a premium for this feature.
5. Design Features
Gen Z was raised on the internet, so they have a keen eye for aesthetics. An attractive apartment is made even more attractive if it is well designed. Gen Z will even pay extra for attractive features like wall color, hardwood flooring, and nice countertops. Gen Z spends a lot of time at home compared to other generations. So it is important to them to have an attractive space that creates positive vibes.
Understanding the needs of this rising generation of renters can help you capture the market now. Fortunately, there is some overlap with Millennials, so you can easily target both generations with these upgrades. For more ideas to increase your occupancy, contact Occupancy Solutions at 1-800-886-0948. We’re always here to help.