So long, geriatric millennials. Hello, Gen Z: Meet your new renters

By Mark Paulson, Anthony Venti Realtors, Inc.

Mark Paulson is a realtor in Alhambra specializing in the sale and leasing of commercial real estate. He has been a real estate professional since 1976. Contact him at Anthony Venti Realtors, Inc., 626-282-6121.

For a while, every single article was about millennials. Millennials were eating too much avocado toast. They were killing the wedding industry. Apparently, millennials even destroyed mayonnaise!

Articles about millennial renters were especially common. What were they looking for in an apartment? What amenities did they want? Were they really that different from Gen X and boomers when it came to renting?

Well, as crazy as it sounds, while millennials are still renting, the people in this generation are now 25 on the young end, and 40 on the older end.

There is even a term for those millennials who were born in the early ’80s: geriatric millennials.

That means that many of the “more mature” millennials are starting, or have started, families and are no longer wanting to rent. According to Forbes.com, in 2015 7.6 million millennials were homeowners. While millennials currently still make up the largest group, in 2018 Gen Z represented 6% of renters, and that number continues to grow.

All that is to say: Now is the time to turn your eye to Gen Z renters!

Welcome, Gen Z renters

The oldest members of Gen Z are currently 24. That means if Gen Zers aren’t renting yet, they will be soon.

So, what do Gen Z renters want? That’s right, a taste of the medicine millennials dealt with, plus a reference to a movie from 24 years ago, plus a link to a reaction gif! Being cool is overrated.

What do Gen Z renters want?

Like, well, everyone else right now, Gen Z wants good Wi-Fi and high-speed internet access. But this generation grew up with the internet, and it is a non-negotiable for them. When they are looking for an apartment, they do Google searches and find reviews of the community — it’s important that you have good reviews! But also, don’t just let negative reviews sit there. Make sure they’re answered and explained. And virtual tours are important as well (though the pandemic accelerated this trend for all prospective renters).

Authenticity is important. Show pictures of current apartments that are ready to rent, not just glistening pools. Though that isn’t to say they don’t want the bells and whistles. Make sure the units are upgraded — Gen Z will even pay for that.

Additionally, sustainability is important, as well as wellness features, such as electric car charging stations and bike storage.

As more Gen Zers come of renting age, it’ll be interesting to see what other trends they bring to the multifamily industry. And in general. But, please, leave our avocado toast alone.

Source: multihousingnews.com.    


millenialsGen Znew rentershomeownersWi-Fiinternet

Oct 2021


Copyright © 2014, Alhambra Chamber of Commerce. All Rights Reserved.