Who are Gen Z and millennials?
Generation Z covers those born between 1996 and 2012. The latest generation to reach adulthood, they’re also known as “zoomers” for the fast-paced period they grew up in.
The first generation born in an internet-reliant world, this generation is characterized as tech-savvy, goal-oriented, and values-driven.
Millennials, born between 1981 and 1995, typically began using the internet as older children, teenagers, or young adults. Defining moments include the turn of 21st century and the September 11 terrorist attacks.
Gen Z begin renting as millennials phase out
Although they still submit nearly half of all rental applications, millennials are slowly shifting away from renting as Gen Z steps in. Half of millennials are now homeowners, according to Census Bureau data. Currently the second largest group of renters, Gen Z is on track to soon overtake millennials.
What does Gen Z want?
For the constantly connected generation who grew up with email, smartphones, and social media, the internet is a given. These renters not only expect an online presence; they demand it. One in four Gen Zers report spending over five hours a day on their phones, so it’s no surprise they’re looking for mobile-friendly content. Design your website for mobile first, and advertise on internet listing services that offer mobile apps and mobile-responsive websites.
With nearly 40% of 18- to 24-year-olds using social media as a search engine, according to Google, Gen Z is also more likely to use social media for rental information. They prefer video content, especially short snippets. If you don’t have a presence on platforms such as Instagram, TikTok, and Snapchat, you may be missing out on attracting this demographic.
Gen Z’s focus on social media also changes their apartment expectations. Make sure your community is Instagram-worthy with new décor, fashionable plants, and a splash of personality.
Unlike millennials, who generally still remember a world with floppy disks, landlines, and dial-up internet and may be more forgiving of old-school technology, zoomers are looking for the latest digital solutions for everything from touring the unit to paying rent and reserving the community clubhouse. Highlight your digital tools, including smart tech.
Beyond technology, Gen Z is motivated by authentic experiences and personal recommendations. Explore user-generated content and micro-influencers to appeal to this generation’s desire for genuine information and individual stories.
Over half of this generation is drawn to socially conscious brands, according to MNI Targeted Media. Highlight your brand values, contributions to the local community, and sustainability practices.
The new face of renters
By 2025, Gen Z is expected to catch up with millennials, and they’ll take over as the largest group of renters by 2030. They’re also on track to rent in greater raw numbers and for longer, with over 60% describing renting as more flexible and less stressful than homeownership, according to a Freddie Mac survey.
Renters in this age group are also the most likely to move soon and search outside their neighborhood. Only 9% of renters ages 18 to 24 who plan to move will stay within their neighborhood, compared to 14% of 35- to 44-year-olds, according to an Apartments.com survey. They’re also among the most likely to move to a different state, so make sure to establish a robust digital presence.
By adjusting your marketing strategy, you can gain the loyalty of this essential group today and for the future.