EVOLVING TENANT DEMOGRAPHICS AND PREFERENCES As noted in the previous section, markets with the most available multifamily properties are seeing a decline in rental value, which equates to more choice for the renter when selecting a home. To make sure your rentals are beating the competition, let’s discuss the insights we can deduce from renters’ demographic trends.
Gen Z’s Growing Influence
The majority of households are headed by adults under the age of 35. Crazy as it sounds, the oldest Gen Z’ers are nearing 30 years old. As a dominant force in the rental market, Gen Z’ers are more likely to seek out properties with eco- friendly features, smart home technologies, and shared spaces that foster social interaction.
To attract and retain Gen Z renters, property managers should focus on: ✓ Providing self-touring options for interested renters, such as InstaShow ✓ Implementing robust digital platforms for communication, maintenance requests, and rent payments ✓ Offering flexible lease terms and move-in options ✓ Creating Instagram-worthy spaces and amenities that appeal to social media-savvy tenants ✓ Emphasizing sustainability initiatives and green building practices ✓ Providing high-speed internet and tech-enabled amenities throughout the property
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