Landlord Guide 101: Gen Z Housing Preferences
9 December 2022For decades, the younger generations, most particularly Generation Z and Millennials, have been reshaping the real estate industry. By being true digital natives, they became well-informed about even the tiniest details of getting a rental property or purchasing their dream home. It's no surprise they are called the “Generation Rent” because of their distinctive housing preferences. In fact, they significantly impact older generations or baby boomers because some of them became younger homeowners today.
Therefore, to attract these generations with your rental properties, get to know what qualities Generation Z is looking for in a rental home.
3 Qualities Gen Z Renters are Looking For a Rental Home
Gen Z and millennials are the second top consumers in the housing market. Apart from being interested in buying real estate, most of these young adults are still considering a home for rent due to student loan debt after graduating college. It would be an excellent opportunity to target them if you want to convert your house and lot in the Philippines into a rental property.
Here are the top three (3) qualities of a rental home they prefer the most.
Accessibility
The top quality most Gen Z renters consider is the accessibility of the property and guaranteed parking space. They prefer homes for rent close to their work and passion. Gen Z renters would like a rental home connected to the nearest commercial establishments and transportation so they can move around quickly.
Moreover, it can also be a great advantage if your rental unit has wider living space that can be used for their interests. Due to COVID19-pandemic, these generations choose to develop their skills connecting with technology. This includes online selling, digital art, photography, and content writing. Therefore, it must be associated with a stable internet connection as well.
Whether it is an affordable house and lot unit or a luxury apartment living, they would definitely put your property on their list.
Technology Utilization for Overall Convenience
Gen Zs are mostly dependent on technology utilization for overall convenience. They spend most of their time shopping, entertainment, virtual class, and electronic payments. So, practice using technology to market your rental home and offer online reservations. Otherwise, they will never find your rental property if you don’t list them on property finder websites or social media platforms.
It is also essential to accept online payments and mobile banking for rental fees. You can also share a virtual tour of your home to give them an idea of your space.
Trustworthiness and Transparency
These next-generation renters are also wiser because they only believe what they have read in online reviews and feedback. They try to look for honest testimonials from your previous renters before making a final decision.
Moreover, they also know how to determine your trustworthiness and transparency. If your details lack some information or reviews are too vague to believe, don’t expect that they will connect with you.
So, aim to please them with a realistic visual presentation. Provide honest answers every time they inquire or ask something. Be responsive and show them that you are always ready to help them.
3 Ways to Keep Gen Z Renters Stay in Your Rental Property
As much as you want to attract them, it is also ideal for keeping this young generation in your rental business. They are not only good payors; they are also great influencers to promote your rental space. Here are the three (3) ways to keep them.
Customize your property.
Consider upgrading your place, such as repainting the interior walls with vibrant or pastel colors to create an illusion of a spacious floor plan. You can add modern and complimentary decors such as wall decals, stickers, and geometric-shaped furniture. You can also add high-end features like walk-in closets, hardwood floors, smart thermostats, or an indoor laundry area if there’s a spare budget.
Or, be creative and only spend a little on upgrades. Create a theme or concept that best describes you and your rental home. By having a unique concept, Gen Z residents can never forget you. As a result, they will even recommend you to other people looking for a place to stay. So, it is also a form of marketing your place.
Give Gen Z residents opportunities.
Do you know that Gen Z loves challenges and opportunities? This generation is born to be competitive and wants to excel in most things they want. So, give them opportunities that will enhance their career or develop their interests to become more productive.
You can connect with local businesses or acquaintances whenever your Gen Z renters look for something they need to further their careers or interests.
Ask for feedback regularly.
One of the traits of Generation Z is they want to be heard. Asking for feedback from them make them feel important to the community. Their feedback also lets you know if your rental home needs an improvement or what they like about your place.
You can personally ask them regularly or do them on social media via polls, reviews, or comments. Make sure to respond as well to let them know you listen to their stories.
Be an Instrument to Help Generation Z Build their Lives
Along with other generations, Generation Z renters also look for budget-friendly home rentals. Since rental prices in cities are not keeping pace with their salaries, their option is to find a rental place near these cities.
The good news is that most of Lumina Homes' residential locations are only a few minutes from the city center. Among the features of our model homes offer more space, more room for bedroom provision, and are designed for modern living. If you are one of the Lumina homeowners, this is a perfect time to target Gen Zers or even Gen Xers.
Lumina Homes is a perfect community for all ages, offering affordable house and lot for sale packages. So, be an instrument to help these young generations to build their lives and future career by providing them with affordable rental options. Contact a trusted Lumina real estate agent near you for details and inquiries.
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