Generation Z, born between 1997 and 2012, have grown up in a technology-driven world and have different expectations and habits when it comes to searching for and leasing apartments. Below we take a brief look at some of the differences between Gen-Z’s apartment hunting process, and some of the tools they expect and rely on.
Online Presence: Generation Z relies heavily on the internet to research and search for apartments. They are likely to start their search by looking at online listings, virtual tours, and reviews from previous tenants. It’s essential for multifamily properties to have an attractive and informative website that accurately represents the property and its amenities. If you aren’t easily findable online, you will miss out on Gen-Z renters.
Mobile-First Approach: Generation Z is more likely to use their mobile devices for online searches and prefer a mobile-friendly experience. This means that multifamily properties should ensure that their websites and online listings are optimized for mobile devices, and they use listing services that have a strong mobile presence.
Social Media Influence: Social media plays a significant role in the lives of Generation Z, and it can also impact their decisions about where to live. Multifamily properties should leverage social media platforms such as Instagram and Facebook to showcase their properties, share community events, and demonstrate how technology is a part of their community.
Value for Money: Generation Z is cost-conscious and demands a good value for their money. They may be more likely to choose a property based on the overall cost of living, including rent, utilities, and other expenses. Multifamily properties can appeal to Generation Z by offering competitive rental rates and additional benefits, such as flexible lease terms, amenities, and technology-focused features.
Sustainability: Generation Z values sustainability, and many are looking for properties that align with their environmental values. Multifamily properties can appeal to this need by incorporating sustainable features, such as energy-efficient appliances, water-saving fixtures, and recycling programs. Being able to explain how your community values it’s impact on the environment is an important skill for your leasing agents.
Contactless Leasing: Generation Z is comfortable with digital and contactless experiences, and this extends to the leasing process. Many multifamily properties are now offering online leasing options, including online applications, digital signatures, and contactless move-in processes. Read more about how you can incorporate contactless leasing into your leasing process.
Conclusions
Generation Z has unique expectations and habits when it comes to searching for and leasing apartments. Multifamily properties that understand these expectations and develop approaches to cater to them, will compete for Gen Z tenants and have a competitive advantage compared to multifamily owners who do not adapt to these needs.