Multifamily Meets Generation Z
It's official, Gen Z has arrived.
With the youngest rental demographic signing leases and filling units, now is the time to start catering your multifamily strategy to their preferences. First, it's important to understand how they operate and what they look for in life and rental property.
THEY ARE MORE PRACTICAL AND RISK-AVERSE
Many Gen Z renters are familiar with financial risk after witnessing an economic downturn in their childhood. As a result, they have become pioneers who do not merely settle on their careers. Even if they do, they focus on having a career that maximizes their income.
They are more of savers than spenders. Generation Z was raised and shaped by extreme economic pressure, thus making them prioritize conservative spending and more reliable jobs or/and investments.
They consider technology a basic need. Generation Z highly relies on the internet to earn a living.
COMPETITIVE AND INDEPENDENT
People from Generation Z are highly competitive, hence they prefer working independently to shape their present and future. This characteristic discourages certain setups such as open offices.
Generation Z uses technology and social media to help them make sound decisions before settling on any investments. They compare options before settling, and their decisions reflect their personalities and values. They are also willing to pay more for sustainable and customized products.
How does this affect multifamily professionals?
Your housing must be different from others to attract Gen Z. The prices and location highly depend on each other as most people are concerned about accessibility, quality of the neighborhood, and proximity to entertainment and industry.
Additionally, Generation Z prefers having access to meaningful amenities over space. Some of the things they consider important include eco-friendly amenities, coworking spaces, package lockers, and smart technology.
To learn more about the future of multifamily as well as what Targa can do for you, please contact us today. We would be happy to talk about our properties and management services.