Everything You Need to Know About Gen Z Renters

If you’ve been observing renter demographic trends, you know that the oldest Gen Z renters are starting to rent their own housing. Soon, Gen Z will make up the majority of renters.

If you want to continue attracting renters in the next decade, you should know as much as possible about the next generation of renters, including their experiences, wants, and expectations for housing.

Generation Z consists of people born between 1997 and 2015. The oldest Gen Zers are either in college or already graduated and working in their professions. The youngest will be almost old enough to rent by the end of the next decade.

While the age range is substantial, all Gen Zers share some characteristics. This generation is one of the most educated, as well as tech savvy. They are also heavily impacted by the Covid-19 pandemic.

Below are some characteristics of Gen Z renters so you can prepare to rent to the next generation.

They Need Student Housing

Student housing is always a lucrative market if your properties are located near a university.

However, keep in mind that Gen Zers are among the most educated generations yet, and many more are receiving high school, college, and graduate diplomas than previous generations at the same age. As university enrollment increases and demand for student rentals rises, you can profit from equipping your rentals for student living.

Students are looking for convenient, affordable properties close to their schools. If you keep your rates competitive, students will likely be attracted to your properties without much extra marketing, amenities, or renovations.

They Value Sustainability

Gen Z renters grew up during climate crises and environmental consciousness. As a result, they are more aware of the importance of energy conservation and eco-friendly policies than previous generations.

Gen Zers are also more likely to include sustainability as a key criterion when searching for housing.

If you’re looking to attract Gen Z renters in the next ten years, look to make some sustainable upgrades. For example, you could replace gas appliances with energy-efficient ones, install smart thermostats to conserve heat, or install low-flow plumbing fixtures to conserve water.

Your tenants of all ages will appreciate your efforts to care for the environment and community.

They are Digitally Literate

Gen Zers are the most digitally literate generation yet. Having grown up with computers and smartphones, they need little to no guidance navigating software applications, paying rent online, or using other technology.

Many Gen Z renters expect technology to be integrated into their renting experience. For this reason, your rental business’s future success relies on your ability to use digital tools like online property management software and smart home technology.

At the very minimum, you should allow renters to pay rent, submit maintenance tickets, and sign leases online.

They Study and Work from Home

Gen Zers were students when the Covid-19 pandemic sent most of them home. They are now accustomed to studying and working from home. Many have fully remote jobs or are pursuing online degrees.

It’s not just Gen Zers who have continued to work from home. Older generations have also kept working from home as employers realize the benefits of hiring remote workers.

To attract any renter in 2022, you need high-speed internet—a requirement for remote positions. You might also install coworking spaces or public computers to adapt your rentals for remote working and learning.

They Shop Online

Gen Z renters are frequent online shoppers. If you’re looking to attract renters in the next decade, make sure your properties are Amazon-friendly. 

For example, if your rentals don’t already have a protocol for package delivery, this might be a good project. Renters who aren’t home during the day may worry that their packages will be stolen or damaged if left outside. 

A package center ensures that expensive electronics, medicines, and other packages are delivered and stored safely until your tenants can pick them up. You might also install video doorbells to warn off porch pirates who might steal packages delivered to individual units.

They Understand Social Media

Finally, Gen Z renters are pros at social media. Importantly, they are most likely to shop for rental housing online, especially on social media sites like Facebook Marketplace or online listing sites like Zillow or Apartments.com.

To attract Gen Z renters and accumulate applicants, make sure your online listing and social media skills are up to par.

Renters of the Future

It can be difficult to think about preparing for the future when so much is happening in the present. However, by focusing on the characteristics and expectations of Gen Z renters, you can secure a group of highly qualified renters for the future of your rental business.

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