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Why Renting to Gen Zers Might Be a Genius IdeaDecember 03, 2018
So much has been said and written about Millennials and their renting priorities, while Generation Z is entering the rental market with heads held high. The oldest representatives of the generation born between 1995 and 2015 are characterized by a brand new mindset related to every sphere of life, including property management solutions. Obviously this topic cannot be left unaddressed, since 18- to 22-year-old Post-Millennials seem to be the perfect renters. They are great multitaskers and entrepreneurs, understanding that their financial success depends upon properly thought out decisions, dedication, and personal determination.
Here are a few reasons why you should consider Gen Zers as your prospective tenants:
Gen Z will appear in the list of your prospective renters sooner than you expect
For the oldest Gen Z members, there is nothing wrong with skipping education, even if one refers to the most prestigious colleges and universities. An academic certificate won’t guarantee getting a dream job or launching a promising startup. That’s why most of them tend to get a temporary job and rent a low-cost apartment while working on self-improvement and implementing revolutionary ideas. If you’re a landlord, offer them an affordable and comfortable place and set up the best internet connection you can. That’s all you need to do to grab their attention with your rental property.
Remember that Gen Zers are likely to use property management software systems like TenantCloud to find rentals and then cooperate with the landlord. Due to their digital time-management skills, they will activate every available option in the software that will make their life easier, and thus spend less time on routine tasks to concentrate on what’s worth their attention—mostly future prospects and constant self-growth. Thus, landlords will deal with reliable residents who provide timely online rent payments and solve issues right away, since procrastination is definitely not their favorite word.
Tech-savvy Gen Zers might promote rentals in their social media profiles
It seems that the first toy presented to a Gen Z kid was not a teddy-bear — it was a smartphone. The Generation Z is so obsessed with up-to-date technologies that one can hardly imagine a twenty-year-old girl who isn’t taking selfies, posting photos, sending voice messages while shopping online, and simultaneously chatting with a friend via Instagram. Therefore, Gen Zers are great multitaskers involved in everything connected with social media activities. They are basically the Julius Caesar of the 21st Century, switching between different tasks and somehow staying focused on the main subject. As Gen Zers are familiar with multiple digital influencers and are totally fine with reaching out to them asking for promotions and advertisements, you, as a landlord, can benefit from such marketing strategies. Despite their young age and high expectations, the oldest Post-Millennials have absorbed various useful life hacks on how to successfully do business and implement projects that previous generations have never heard of. Reliance on Generation Z tenants is pretty beneficial, as they know how to behave in the digital world.
Gen Zers prefer working from home
In fact, Generation Z members are not teamworkers. They’re more likely to work on their own projects with their own resources to avoid hierarchy in the workplace and take the credit as well as the blame for what happens to them. In many cases, an apartment will serve as a home office, meaning that the rental will become a lively workspace. The new wave of renters don’t need luxury apartments and expensive furniture, as they are more practical and skeptical, trying their best to spend less. Landlords should think out-of-the-box to create a favorable environment that enhances their tenants’ productivity.
Money is money, after all
If you’re still not sure whether renting to Gen Zers is a brilliant idea, think of it from a financial perspective. Due to the personal qualities of Post-Millennials and their money-oriented mentality, be ready to receive timely rent payments and immediate responses. These aspects really matter in the property management world, don’t they?
Do you rent to Gen Z members? Leave a comment below. We’d love to hear your thoughts on this topic!