In the world of property management, it’s important to stay informed and prepared of the latest rental trends. It’s also important to understand the different audiences and demographics of the tenants you’re renting to. Perhaps the newest of those demographics are renters from ‘Generation Z’.
Generation Z is generally defined as people born between 1995 - 2010. As this age group is starting to come of age and venture out on their own (23 million of them, in fact) – property managers should start paying attention to this next wave of tenants.
Generation Z is rapidly increasing in the rental market (already 14% and growing), and many rental properties are beginning to adjust and modernize business practices to attract these tenants.
Here are 3 notable tenant retention tips for Generation Z:
1. Online Capabilities are Non-Negotiable
Those part of Generation Z have never known a world without technology and automation. This age group grew up right in the midst of the internet boom, smartphones, and social media – meaning it’s the only way they do business with these types of tenants. To achieve tenant retention and tenant satisfaction with this group, property managers will need to first have the understanding that technology is no longer seen as an ‘amenity’ or ‘luxury’, but rather the bare minimum.
2. Social Media is Held to a High Standard
Before even stepping foot on your property for a tour, Generation Z tenants likely already know every detail about the space. Thanks to social media and online review platforms – there’s an endless amount of information at their fingertips. In fact, if this group of renters can’t find any pictures or information about your property online first, it’s likely they won’t even waste their time coming to look in person. Generation Z renters also have a lack of trust towards typical marketing efforts, and are much more swayed by tenant communication tactics like online referrals and social word of mouth.
3. Fast Response Times are Expected
Generation Z renters are accustomed to tenant communication that is instant. After all, they grew up in an age where text messages and emails were the most common forms of communication. To achieve good tenant communication with them, property managers will need to have quick response rates to any tenant inquiries, questions, or maintenance issues. Many property managers are investing in property management systems that allow them to reach tenants with the push of a button through voice, email or SMS text message.
Did You Know? Alert Solutions can help. Download our tenant communication brochure to learn more about personalized tenant communication channels.