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Step aside millennials, the largest generation ever is ready to rent. The oldest members of Gen Z will ring in their 25th birthdays this year, and this tech-savvy group is quickly becoming the fastest growing renter demographic.
Coming of age in the era of smart phones and social media, Gen Zers are highly skilled and have even higher expectations compared to previous generations. By now, you probably know the basics about Gen Z, but as the up-and-coming generation of renters, it’s critical to dig deeper.
To appeal to these “digital natives,” you must first understand their habits, values and lifestyles. Lucky for you, REACH by RentCafe is taking a closer look at Gen Z characteristics and will be sharing its research data with you in a series of infographics.
But first, let’s understand who exactly these Gen Zers are.
Gen Z’s top 3 characteristics
- Gen Z is made up of independent and entrepreneurial thinkers
Most Gen Zers were raised by members of Gen X. As parents, Gen X tend to favor autonomy and entrepreneurialism, values they have passed on to their children. Members of Gen Z celebrate their independence and ability to express themselves, and they don’t have the perception that things will just go their way. They aspire to become leaders, and 41% plan to become entrepreneurs. More than others, this young generation seeks to create success instead of expecting it.
- Gen Z values diversity and societal change
While Gen Z is the largest generation yet — roughly amounting to 2.46 billion people in 2019 — it is also the most diverse. According to the Pew Research Center, in the US, 52% of Gen Zers are non-Hispanic white, 25% are Hispanic, 14% are Black, 6% are Asian and 5% are other.
They’ve also experienced and embraced a great deal of societal change. Having grown up with unprecedented social reach, connection and impact, members of Gen Z value differences in perspectives, attitudes and beliefs.
- Gen Z relies on social media for connection
Perhaps the starkest difference between Gen Z and older generations is their familiarity with and reliance upon technology, which is an important tool they use to communicate, engage and connect … and they’re always online. In a study of Gen Zers, 95% said they are on a social media app or website at least once a week, with 63% of Gen Zers saying they used Youtube more than 2 hours a day and 66% reacting to an Instagram post in the last week. Additionally, older Gen Zers were significantly more likely than their younger counterparts to use Snapchat and Facebook.
#Reach4GenZ
Now that you know a little more about Gen Z characteristics, it’s time to investigate the best ways to market to them as renters. This summer, REACH by RentCafe will help you learn all there is to know by investigating four important categories about Gen Zers: their online search behavior, how they value ratings and reviews, their social media habits and their design preferences.
Be sure to stay tuned as we’ll be releasing new content throughout the summer.
Excited to learn more?
Check out this Gen Z introduction video to keep getting to know your future renters.
