In multifamily, we like to talk about renting millennials, wondering why that is? According to the Pew Research Center, in 2015, Millennials became the largest generation in the U.S. workforce. Plus, they are the largest living adult generation next year. So, of course, we can get hyper focused on renting to this generation as an industry.
However, looking at customers more closely, it’s a diverse group. More often, baby boomers are selling homes and choosing the convenience of apartment living. With Gen Z entering early adulthood, they are also becoming a massive segment of renters today. Post-Millenials account for 33% of the global population, and they contribute $44 billion annually to the US economy, according to Commscope.
More often than not, multifamily developers are tasked with designing communities that simultaneously appeal to all different generations. How is this even possible?
Common Spaces
All generations tend to gravitate towards common areas within their communities. However, they appreciate them for different reasons. Gen Z’ers and millennials typically prefer being “alone together.” They want to spend time within the clubhouse, but they want to be in their own space. On the other hand, baby boomers love onsite group activities such as dance classes, cooking lessons, or brunches that allow them to socialize. Developers often have to find the balance in designing common areas to accommodate both needs.
Leaning into this feature when marketing your community can be beneficial in attracting prospects of all age ranges. You have the opportunity to appeal to a wide array of people, and it’s essential to utilize that.
Technology Preferences
Most of the world uses technology nowadays, but each generation has a different comfort level when utilizing these tools. Gen Z and Millenials have had internet most of, if not all of, their lives. They have been immersed in the benefits that the internet offers, like instant access and information at their fingertips. This is why it’s essential to use tools that appeal to both generations. For example, Millennials and Gen Z’ers tend to gravitate toward solutions that take up the least amount of social interaction. It’s not that these generations aren’t social — they are vastly social. However, they often prefer to save their social energy for meaningful interactions rather than transactional ones. They want information whenever and wherever they are, and as marketers, it’s our job to give them that.
On the opposite side, baby boomers can and like to utilize technology but in a different way. They want a solution that’s easy to use, takes minimal thought and gets the job done. They’d prefer to talk with someone directly when it comes to complex processes. To learn about a solution that can appeal to all generations, check out BetterBot. The automation platform allows self-service when it makes sense and passes along traffic at optimal points.
Location
The real estate cliche still holds strong today: location, location, location. It still matters, and it’s still heavily considered. Developments 10 minutes away from a central business can offer some exciting perks. These developments allow developers to build at a size and finish at a level that attracts all types of residents. They often provide proximity to jobs that renters of all ages are seeking.
Strategic Marketing
Every generation responds differently to marketing techniques. When trying to generate leads, it’s important to consider geography. In areas that tend to have a younger population, email and text campaigns can do well. In more suburban areas, you may need to focus more on face-to-face interactions, regardless of age.
Today, prospects are comprised of a wide range of people. The diversity in age can pose some challenges, but if you know how to handle those challenges, you can be successful if you continue to plan strategically. For customized marketing tactics, check out our article on Why You Should Tailor Your Chatbot to Your Unique Property Type.
