Why property managers need to appeal to their unique needs
Gen Z, short for “Generation Z” refers to the people born between 1997 and 2012. Many people in this age group have started to enter the rental market and property managers need to know how to adapt to their needs. Appealing to Gen Z renters is crucial for many reasons which we will explore in this blog post.
First and foremost, Gen Z is the largest generation so far, amounting to 32% of the global population, surpassing even millennials (Spitznagel, 2020). Gen Z renters are essentially the future. As they start trickling into the rental market, they will have a significant impact on the way things are done. Those property managers who will know how to attract and retain them will be positioned for success in the future.
So how do property management companies appeal to this population? What is it that Gen Z renters are looking for? To fully appeal to their needs, it is important to understand how Gen Zers operate. Gen Z are technological natives. They grew up with technology and are accustomed to having easy access to information at all times. Many of them lead busy lives and value technological advancements which can provide them with more convenience. They will appreciate property managers who embrace technology whether it’s through providing virtual tours, online lease applications, or online rental payments.
Another thing that Gen Z is known for is their commitment to sustainability. When deciding which rental property to choose, they are more likely to choose the one that prioritizes sustainability and offers eco-friendly features. A few examples of these features include green spaces, energy efficient lighting, and energy-efficient appliances. Property managers who can implement some environmentally friendly practices will have an easier time appealing to Gen Z.
When looking for a rental property, Gen Z also craves the sense of community. This generation has a reputation for being social butterflies. They appreciate properties that offer spaces for social gatherings. There are many ways to include these spaces in your property. Some examples are a game room, party room in which they can host gatherings, and outdoor spaces. This will instill a sense of community within the building and retain loyal tenants. (add abt resident experience)
Flexibility is another thing that Gen Z renters value. Whereas older generations may be ok with committing to a long-term lease, Gen Z often look for short-term or flexible leases. Being that they don’t always know where life will take them, they enjoy having the flexibility of short term leases.
Overall, property management companies will need to make a few changes if they want to set themselves up for future success. Using a property management app such as Payquad is definitely a step in the right direction if you want to appeal to this demographic.
At Payquad, we offer tech-savvy solutions for your property management needs. Everything is just a click away from amenity bookings to rental payments.
Reference:
Spitznagel, E. (2020, January 25). Generation Z is bigger than millennials – and they’re out to change the world. New York Post. Retrieved from https://nypost.com/2020/01/25/generation-z-is-bigger-than-millennials-and-theyre-out-to-change-the-world/
