With Millennials making up 56% of the rental market and Gen Z bringing in an estimated 44.4 million renters of their own, it’s time for multi-family to re-evaluate their engagement tactics when connecting with these prospects.
It’s undeniable that the Millennials and Gen Zs are big players in the rental market. These renters are digitally-powered, sociable individuals with high expectations for convenience and authenticity. Although both groups have distinct characteristics about them, they also share quite a few similarities. When considering how to get these individuals on board with your property, there are a few things to note from both groups.
Here are the top things to keep in mind when marketing to the new faces of renters:
1. Show, don’t tell
Both Millennials and Gen Zs desire authenticity when it comes to businesses. It’s important to not be too salesy -- let your professional photos speak for themselves, and make sure the photos and descriptions are to-the-point and not overly embellished. Shorter attention spans mean you have to catch their attention quickly and leave a great first impression. According to recent reports, Gen Zers in particular note YouTube as their favorite website, so consider video tours when listing your properties.
2. Corporate social responsibility
Both groups believe that businesses should focus on more than just their bottom line. They want positive reasons to be loyal to a business, whether it’s sustainable practices, eco-friendliness, etc. That means you should show great initiatives that your business is a part of! For example, offering environmentally friendly recycling on-site, community printing, or energy-saving smart home tech will appeal to the 76% concerned about sustainability.
3. Lifestyle branding
Both Millennials and Gen Zs are sociable groups that desire community. Providing co-working spaces and rooftop decks designed for socializing will definitely be a hit with these renters. When marketing your property, highlight access to local nightlife, restaurants, nature, etc. Since these groups are active and pay attention to fitness as well, be sure to highlight proximity to parks, hiking trails, and bike routes, or access to an amazing gym, too.
4. Technology
The most important factor for these digital natives is technology. Top-speed internet and wifi are a must, with feature-rich and immersive apps for greater connectivity. Highlight the convenience that your high-tech amenities add, whether it's easy accessibility on demand with your property using chatbots, or reaching out with social media DMs. Ensuring a strong social media presence with cross-channel marketing across popular platforms such as Youtube, Facebook, Twitter, and Instagram will help attract prospects from the Millennial and Gen Z demographics overall.
It’s important to offer amenities that matter to Millennials and Gen Zs. Since it takes valuable time and money to attract prospects, it’s crucial that you use your resources wisely, going above and beyond to engage and keep these renters in your property.
Valuable tech amenities don't also have to be expensive or extraordinary. Even amenities like #printers can delight younger generations that are often still in college or require printing for work, taxes, applications, return receipts, and more. Learn more about PrintWithMe's convenient wireless printer station as a low-cost amenity that will be truly appreciated by this demographic, as well as your property staff.
