Posted by: phillipsre | September 24, 2013

Appealing to Gen Y Renters

Gen_Y_Tech

Photo Credit: inspirewifi.com — Another great article about what Gen Y is looking for in their apartments.

All property managers and landlords want to appeal to their audience, and one audience that is very active in the rental market these days are Millennials, also known as Gen Yers. These are people that are either students looking for off campus housing, students that have just graduated and starting a new job, or anyone born between 1978 – 1995.  This demographic is very in tune to technology, they are busy so  they want what they want quickly and they really don’t want to have a lot of personal interactions when dealing with rentals. They want to see a lot of photos before making an appointment to see a property, they want to pay their rent online online and they want to be able to report problems or ask questions at any time of the day.

This article from Multifamily Executive has highlighted the mistakes you don’t want to make in order to keep these Gen Yers as your renters.

Here are the four mistakes you don’t want to make:

No mobile presence – Your website must be available online and on smart phones, Gen Yers are looking online while they are on the go and they want to see as much as possible about your property from their phone.

Old School Communications – The last thing this group wants to do is get on the phone and talk about a property. They would rather email or text and set up the appointments that way. Make sure property managers and resident managers are capable of texting and emailing and you will grab a lot more interest.

No Online Payments – As mentioned earlier, Gen Yers want to pay on the computer at their convenience. Checkbooks are a thing of the past.

9-5 Hours Only – It really all comes down to convenience and ease of use, if you are only taking calls between certain hours, you will miss those people that are in class or working and can’t get away to make a call or drop in. Providing a lot of flexibility will help increase your calls.

The bottom line is that this demographic is way more connected than any other generation. These renters are using online tools, searching online resources for reviews and talking to their social networks about what they have found. In order to appeal to this group, you will need to be available online and provide the latest technology and resources that brings in this audience. It also might not hurt to have a Food Truck near your property too! 

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Responses

  1. […] Generation Y has generally been known to be more transient, flexible and seemed to move a bit more, as we have discussed in the past. This article from the Seattle Times, shows that Millennials are now looking into the buying market […]


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