Demographics Continue to Shift With Generation-Z Now Becoming Second Largest Group of Renters
Generation-Z has now officially become the second-largest group of renters, as they actively soughtout the apartment living lifestyle in 2020. While Millennials still claim the top spot for renters at 48 percent, the number of Gen-Z renters jumped by 36 percent last year when compared with 2019.
While Generation-Z might be young – with their oldest members a mere 24 years of age, those able to rent their first apartment homes seem to know exactly what they are searching for, in terms of features and services. From seamless Internet connectivity to health and wellness-focused amenities, here are 5 attributes that Gen-Z renters are looking for in their ideal apartment community.
Generation-Z is far from the only generation that values Internet connectivity; however, one could argue that they are the most fervent and experienced users of all things digital. Over a quarter of Gen-Zers agree that a lack of seamless online connectivity is a dealbreaker for them when it comes to apartment living. In fact, 58 percent of Gen-Zers become uncomfortable after just four hours without Internet access. Communities must also embrace contactless services that make their residents’ lives more convenient, such as resident portals equipped payments, smart technology packages that include smart locks and thermostats, energy-efficient appliances, and central hubs that tie everything together.
Saying that Generation-Z is leading the charge in green initiatives would not be an understatement. According to a recent study, Generation-Z considers climate change the most vital issue of our time. These young adults are so committed to eco-friendly living that 73 percent of Gen-Zers surveyed said that they are willing to pay more for sustainable items – up to 10 percent more, in most cases. These preferences also extend to their apartment homes. Currently, the top green features sought after by this resident demographic are recycling programs (79 percent), community green initiatives, such as communal gardens (73 percent), and on-site renewable energy (63 percent). Implement any of these offerings, and you’ll help Generation-Z lead an eco-friendly lifestyle.
Apartment hunters used to focus more on an apartment’s on-site amenities, rather than its adjacent offerings. Yet, Generation-Z experiences more contentment with amenity-packed neighborhoods, and when given the opportunity to live in such a location, this demographic – and their predecessors – become more trusting of others around them and feel less socially isolated. Help Gen-Z understand what makes your community stand out from the competition by incorporating localized attractions into your marketing strategy. Become a fierce advocate for your neighborhood by hosting socially distant food pop-ups for your residents, serving coffee from local roasters, or posting blogs and social content with local recommendations for restaurants, recreational centers, and shopping boutiques.
Secure Package Delivery
2020 was a banner year for online shopping, with many analysts agreeing that the historic e-commerce boom will majorly shift how we acquire household essentials, clothing, and even groceries. It should come as no surprise, then, that Gen-Z renters desire safe, efficient package delivery. Unlike other generations, nearly 30 percent of Gen-Z is willing to pay more per month for secure package delivery, like smart lockers or concierge services. In a similar vein, Gen-Z also appreciates amenities that accommodate rideshare and food delivery services. Along with Millennials, they are the most likely to use delivery apps. So, in addition to secure package delivery, consider equipping this Uber Generation with designated parking and drop-off areas for passengers and goods alike.
Health and Wellness Amenities
Gen-Zers place a large premium on products and services that promote healthy habits, help them look and feel their best, and relieve anxiety, depression, and headaches, which nearly half of Gen-Z consumers report struggling with to some extent. Fortunately, there are many ways to embrace wellness on-site. Fitness centers remain popular amongst 87 percent of Gen-Zers, who exercise at least three times per week. Yoga rooms also continue to be favorable, with twice as many Gen-Zers practicing mindfulness and meditation as Baby Boomers. Even multi-purpose green spaces are appreciated by this generation, 60 percent of whom regularly indulge in outdoor activities. After the events of 2020, most of us are taking an interest in our health, and Generation-Z is no different.
Though Generation-Z shares common ground with Millennials, they are unique in their own lifestyle preferences and must be catered to appropriately when it comes to marketing your apartment community. If you are interested in attracting these sought-after residents to your property, start with our recommendations, which outline the specific amenities, features, and services that these young, prospering individuals are after at the start of their most independent years.