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In a recent finding, millennials are now mostly homeowners, meaning most renters are now Generation Z. This generation is the most radical and ethnically diverse in the country. They are highly educated and highly tech-savvy. So stand out to this generation by keeping your properties attractive.
We compiled a short list of tips to attract potential residents to your properties. But first, start with some amenities to make your property more attractive for Generation Z.
High-Speed Internet: Gen Z spends more time on the internet than any other generation. What’s more, they are most accustomed to rapidly advancing technology and have high expectations regarding technology. Therefore, provide complimentary high-speed internet or include it in the rent price.
Outdoor amenities: Adding outdoor amenities to your property will boost its value and provide that highly sought-after green space residents crave. Gen Z values community, and outdoor spaces are perfect for groups to gather and mingle. Consider setting up a courtyard or garden area with comfortable patio furniture and BBQ grills. Add some water fountains for some to come and have a Zen moment in the garden and not have to always use the indoor gym for yoga. Add a community dog park, too, so you don’t have to worry about the garden getting run down by pets.
Coworking spaces: Since 2020, remote work has been the norm, and many Gen Z residents will work from home. As a result, coworking spaces are a highly desired amenity to this generation of residents. Since remote work is only expected to grow, a coworking space is a wise investment for the building. If able to add a business center to the property, this can be a great coworking space. Residents can reserve a meeting room for the day and have colleagues come in and work for the day. Adding a coffee bar with a few snacks would boost morale and synergy. Consider adding a cold brew keg of coffee which is now the coffee favorite of Gen Z. Also, be sure to have a few computers, printers, and copiers for residents to use. Make them available during business hours.
Property technology: Over 50% of Gen Z says apartment technology is essential. Broken elevators, old kitchen appliances, and bad fluorescent lighting will not fly with this generation. Smart home amenities like smart locks and thermostats are tech-powered features Gen Z residents crave. To wow Gen Z residents and prospects, manage the building’s smart technology in one place. Integrate and invest in a unified mobile app solution. With electric cars becoming more popular, include a few parking spaces with electric vehicle charging stations. And for those residents with bicycles, consider having a smart lock station or area for bikes.
Mailroom for today’s online economy: For Gen Z, online shopping is the norm. Everything they order, from groceries to clothing to furniture online, Gen Z seeks apartments that ensure secure and accessible deliveries. The best solution is to add a package management solution to the mail room. Delivery carriers can access this to drop off parcels, and residents can be notified with a code or QR code to scan and receive their packages. Install a video intercom system at the door so couriers can gain access to the room.
Beyond investing in the right amenities for the building, appeal to Gen Z prospects by using social media to market properties, showcase online reviews, offer virtual and self-guided tours, and invest in design upgrades.
When you invest in design upgrades, prospects will pay that higher rent. So upgrade units with spacious balconies, more enormous closets with shelves, better lighting, trendy fixtures, upgraded countertops and appliances, and replace carpet with hardwood flooring or wood-like laminate if budget allows it.
If planning on building a new property, consider areas with businesses within walking distance of the location, such as a local farmers market or wine bar.
Updating properties with technology will surely attract and retain prospects and residents alike. And keep in mind that Yardi is here to make property management effortless!
