As millennial renters increasingly become homeowners, it is important to turn your attention to optimizing your rental properties for the new generation of renters: Gen Z. Though the housing market will soon be flooded with millennials, the rental market will shift to a majority of Gen Z renters. Understanding how Gen Z renters work and what they want in a rental property is vital to ensure that you remain at the top of the rental market.
It can’t be emphasized enough how important technology is for Gen Z renters. Technology has become inexorably entwined in their lives, which means that they will need accommodations that suit this lifestyle. Make sure that high-speed internet access is available on your rental property. Gen Z renters will turn to social media and the internet to find suitable rental properties, so it is absolutely vital to ensure that your properties can be found online. Ensure that your website is responsive and optimized for mobile use, because a poorly functioning website will lose you many potential Gen Z tenants. You should also create the ability to make rent payments online. Respond quickly to messages to maximize your chances of obtaining Gen Z renters.
Though amenities certainly help to draw more tenants to your properties, the time that Gen Z renters grew up in ensures that they will value affordability over potential amenities. Rather than investing in upgraded appliances, pass the savings on to Gen Z renters. Affordability is generally a quality that Gen Z renters won’t, or can’t, compromise on.
Gen Z renters are often lumped in with millennials, but there are many key differences between the two generations. Millennial renters are generally flexible and willing to relocate for new job opportunities. Gen Z renters tend to desire to own their own company or make a hobby into a full-time career and they require far more stability in their lives. Long-term leases tend to be very attractive to Gen Z renters. To learn more about optimizing your properties in today’s rental market, contact us at the Keyrenter in Tulsa today.