Millennials and Generation Z are the biggest demographic of renters these days. With rising housing costs and lack of access to loans and mortgages, more and more of the younger generation has chosen to rent, and the convenience of apartment and condo living is drawing them in. They enjoy convenience and ease. Things that we can easily offer them in our world of multi-family properties. Here are some things to consider when investing in a property geared for the current generations.
Affordability
A lot of the recent rental information is geared towards luxury living and how materialistic the younger generations are. And while some of that is true, and there is certainly a time and place for luxury apartments, when we are talking about Millenials and Gen Z, we have to remember a few things – they have little to no savings, they have a lot of wants but just a few needs, and they are living more communally than the generations above them. They are living with roommates and partners and they are looking to save the most money while still living in an attractive, safe place. Look for units that can provide them with all that they need a few things that they want. Luxury amenities are just that, a luxury.
Accessibility
Uber and Amazon culture is currently king. Less people are driving, less people are doing their own shopping, less people are cooking, and less people are staying home. Never before have we had a culture where literally anything you wanted could be ordered at the touch of a button and hand delivered to you in a matter of minutes. This is important to the younger generations as they are working more and spending less and less time at home. Giving them access to services like Uber, DoorDash, Shipt, and other delivery services could be a huge bonus for your multi-family property. Making their life more accessible via location and availability will help you get and keep your units filled.
Boost Your Technology
Twitter, Instagram, SnapChat, and LinkedIn are taking the world by storm and no one can stop them. These platforms are becoming more and more all encompassing. You can do almost everything via a chatbox these days. And that isn’t necessarily a bad thing. It is something to adjust to for sure, but in the world of technology, more and more people are utilizing the services that they never would have before this insurgence of technology. They are asking more questions and are more invested than ever because they have the ability to do it quietly, from a device. They can sit in a meeting at work, and make appointments and arrangements from a chatbox in the lower corner of their laptop. Something that even a few years ago you would have had to wait until you got off work or had the day off to call about. This is good news for you. It means that you can reach more people during a wider net of time, every single day.
While it may seem daunting to appeal to this demographic, they are the strongest group of renters, and over the years, they have proven to be reliable tenants. So embrace it, and welcome to the world of Millenials and Generation Z!
