Marketing to Gen Z Won't be the Same
When you know who your ideal renters are in your area, you’ll be able to tailor your messaging and advertising to speak to their specific wants and needs. Basically, you want to market to your market! The specific local trends and demographics can’t be ignored. It always helps to look at the big picture.
Reviewing Your Renter Demographics
About 12% of renters in 2018 belonged to Generation Z. But that jumped up to 23% in 2020. So while Millennials still make up the majority of rental activity, we shouldn’t exclude this new wave of renters coming. Students, individuals just starting their careers, and young couples often have budgetary concerns. Watching rental rates and having the right marketing strategy will help investors land more long-term leases.
Today, the decision on where to rent seems to be more motivated by wanting a better overall lifestyle. The developers who can deliver will be in a great position to nudge out the competition. However, if you haven’t addressed your marketing efforts and how you’re presenting your location’s amenities, the Gen Z renters won’t have you on their radar.
For example, here in southwestern Idaho, it’s crucial for developers and investors to highlight the benefits of having close access to the foothills for hiking, the downtown scene, and other activities. And it doesn’t hurt to talk about our low cost of living. Especially with the influx of out-of-state movers.
Let’s Make Sure You’re Ahead of the Curve
Painting the picture of renting’s convenience and the different recreational opportunities in your area makes a big difference for securing new tenants. Going forward, the renters of Generation Z won’t just be interested in the amenities of their apartment complex—they also want to know what they’ll gain from the entire town or city where they’re living. For that, communication is key.
If you want to solidify your multifamily investment in the Treasure Valley market, please don’t hesitate to reach out. There are all kinds of new ways to make sure your property aligns with the priorities of renters today. Send us an email so we can schedule a time to talk!