Millennials and Gen Z renters are a tough crowd to please, especially when it comes to rentals. These generations are internet smart, so they want a landlord who’s just as tech-savvy as them. So, if you want to attract these younger generations with your properties, you need to move with the times and market your rental properly.
However, if your focus is on a certain demographic like this one, you need to provide plenty of rental options to prospective tenants. Although as a landlord, this can be challenging to achieve, it’s not impossible. You may need some help with technology and figuring out methods to attract these generations, and that’s why we're here.
How Millennials and Gen Z Renters Have Changed the Rental Market
The rental market industry has shifted a lot during the past few years. According to statistics, Millennials comprised the biggest U.S. renter population in 2020, at 37 percent. At the same time, Gen Z is estimated to overtake them in the next seven years by 44 percent.
Similarly, in 2022, millennials dominated the rental market with 17.2 million renter households, while Gen Z had 4.5 million renters added from 2018-2022, coming in second place. Being the biggest generation in the U.S., Millennials’ peak home-buying years are between 25 and 45 years old, so their desire to rent a house in the future could lead to an increase in the rental market.
So why market your property to these generations? Apart from being the dominating demographic, millennials and Gen Z renters have more flexibility to relocate for family, career, or travel. As a result, they can improve their income, giving landlords the possibility to provide many alternatives. Not to mention there’s less risk, responsibility, and maintenance that comes with renting.
How to Attract Millennial and Gen Z Renters?
Every generation has its own set of priorities, and renting is one of them. Many things will attract them, whether it’s a close walk to their favorite spots, flexible guest and pet policies, or aspects of the community. But if you’re a landlord who’s looking for ways to allure millennials and Gen Z, here are the most essential things you should focus on:
Improve Listing Visibility
Anyone can put a ‘’for rent’’ sign on the street and call it a day. But putting your property on popular listing sites provides more visibility. On top of that, if these websites drive traffic from potential tenants, they’ll also help with SEO, so the chances of your listing showing up on the first rental marketplaces are high.
One of these tools is Rentberry – a digital app that allows you to put your property on their listing, so visitors can apply online. This is exactly what millennials and Gen Z need because this app is a faster and more secure way of looking at rental places, without having to schedule a virtual tour. On top of that, potential tenants can review and sign the lease agreement online, not worrying about time constraints.
Or, you could also create your own website to put your amenities and listings, but you need to ensure it receives tons of traffic. Otherwise, you’re unlike to attract high-quality and responsible renters.
Take Advantage of Social Media
One of the most common things Millennials and Gen Z share is a love for social media. Both generations spend the majority of their time checking social media, so they tend to read news online rather than use the television or other sources of information. That said, if you take advantage of social media advertising, you’re likely to succeed in attracting Millennial and Gen Z tenants.
Additionally, you can use paid promoted posts to advertise your rental property. For example, spending money on a Facebook post allows you to reach more exposure and appear in many users’ newsfeeds. Or, you could head to Twitter, Instagram, and LinkedIn if you think you can reach more candidates.
If you didn’t know, social media ads are one of the most effective marketing strategies for renting, for many reasons, including the following:
- - The large and active user base
- - Capability for targeting certain user groups (Millennials and Gen Z)
- - Aesthetically pleasing content
- - In-depth information about your results
Besides knowing how to post a paid ad on social media, it’s also essential to create content that will attract your target groups. The first thing you should include is photos and videos of your rental, so potential residents can have a clear idea of what it’s like to live on your property. Then, you could also inform them about neighborhood events, proving your complex is in a decent community.
Don’t forget to share positive reviews of previous residents because this can show your future tenants what it was like living on your property. And lastly, if you have any promotional discounts or offers, ensure to advertise them as they can immediately attract potential tenants.
Advertise the Proper Things
If you want to facilitate the application process for millennials and Gen Z, you need to be able to advertise the things you think will make signing a lease easy. Essentially, you should clarify to them from the start how simple it is to be a tenant, and it all starts with the application process.
When you showcase your listing, you need to answer questions, such as:
- - Is your property sustainable?
- - What amenities do you offer?
- - What are the benefits of the neighborhood and building?
- - What are your pet policies?
- - How easy is it to apply?
- - What energy-efficient features are you providing?
Screen the Right Applicants
Quality over quality, right? The same thing applies to applicants too, especially if your property has received plenty of applications. However, as a landlord, you should use a proper screening process to identify only the best candidates who qualify as potential residents.
As mentioned, millennials and Gen Z are technology freaks, and as such, you should use online tenant screening to find the most qualified candidates for your property. According to Consumer Reports, tenant screening checks the prospective tenant’s credit, criminal, and eviction histories. And to make everything easier, these reports include an automatic recommendation with a thumbs-up or thumbs-down, meaning whether they’re worthy of being selected or not.
Once you find your ideal residents, keep them close. Try to communicate via technology as this will make you appeal to them more, plus it simplifies everything. Also, when communicating through emails or texting, you must be transparent by sharing certain documents or giving them in-time notices for building maintenance.