What's your target renter in the metro Atlanta rental market? Many rental property owners have an ideal renter in mind. Depending on the type of renter and their generational traits, your property can be more (or less) attractive to your best potential group of residents.
Baby Boomers and millennials have been a significant part of the Atlanta rental market for quite a while. However, we're now seeing a rising population of Gen Z renters join the metro Atlanta rental market. Is your investment property appealing to this growing group?
If you're an investor from overseas, it can be challenging to draw in these potential residents without a cultural and historical understanding of what they look for from their rental homes. Understanding the desires of this age group can help you target them collectively when it's time to look for a new resident by meeting these often unspoken needs.
In many cases, if your rental is attractive to Baby Boomers and millennials, you're already well on your way to serving Generation Z renters, too! Keep reading to learn how to attract the Gen Z population to your house for rent in metro Atlanta.
Who Is Generation Z?
If you thought millennials were still your youngest renters, there's a new crowd in town ready to be your next major demographic!
- Generation Z is generally considered to be the age group born from 1996 through 2010.
- This generation is on track to become the largest group of consumers by the year 2026, so providing excellent housing with amenities they're seeking can be extremely profitable for investors.
- This population is emerging from college life, looking for their first career jobs, and in need of their first homes. However, most people in Generation Z are not yet ready to buy a home.
- Their logic for renting is because homeownership is not financially possible, or they do not want the responsibility of homeownership so early in their adult life.
With these interests and needs in mind, your house for rent in metro Atlanta could be an ideal housing solution for this young generation.
What Do They Want in a Home?
How can real estate investors make their properties rental-ready for Generation Z? You won't necessarily need to do significant renovations. However, careful attention to how you offer services—and how your rentals help improve a resident's well-being—will attract these renters to your properties.
Your typical Gen Z renter grew up with the internet and social media. They are always connected to their mobile devices, so your rental property and operations must cater to a digitally-centric lifestyle when targeting these renters.
A focus on technology, smart home solutions, online rental payment, and text or email communications will engage your Gen Z renters (and help them pay the rent on time).
Space to Work
Generation Z has an entrepreneurial spirit. They know they'll have to work hard to support their lifestyles and future dreams, but they don't see corporate America as the way to do it.
Marketing your rentals with available workspace can help attract Gen Z, especially with the growing work-from-home trend. Many of them have hobbies or ideas that they hope to turn into a career, and they need the space to make it happen.
Outfitting your house for rent in metro Atlanta with plenty of ways for renters to set up a network, create, and pursue their hustles at home can keep your properties competitive among this generation.
Convenience and Upgrades
They might only be beginning their money-making careers, but they don't want to live in substandard homes. Generation Z is willing to pay more in rent for better amenities and locations convenient to a busy lifestyle.
If you're thinking of making upgrades to your rental property to appeal to this generation of renters, now is the time to do it. Consider upgrades like spacious closets, luxurious shower and bathroom faucets, decks or balconies with room for chairs and a table, and a kitchen style that is social media-worthy.
You don't have to overspend on these kinds of updates, either! Do your research to see what kind of upgrades make the best financial sense for your real estate investments and justifies a rental rate increase that keeps you in line with the competition in the metro Atlanta area.
Of course, you don't necessarily have to manage this kind of research yourself: for many investors abroad, trying to navigate necessary updates to make your investment properties appealing can be challenging across time zones. When you find yourself in this predicament, the best thing to do is leave it in the hands of your trusted property management services provider.
Generation Z looks for a rental home they can show off to their friends and family. Keeping your rentals well-maintained and operationally efficient helps Gen Z renters fall in love with your properties and spread the word about your excellent management.
Whether you're local, out of state, or outside the country, you need best-in-class property management to care for your house for rent in metro Atlanta. Gen Z appreciates:
- Technology to report maintenance issues and pay the rent touch-free (and from home)
- Prompt responses to any maintenance requests and professional repairs the first time
- A well-maintained rental home with working appliances and smart home technology for added security
- Flexibility in their options for all of the above.
Being open to different lease terms can help your properties appeal to more Generation Z renters. A property manager handles the leasing process, renewals, and reduces vacancy rates when it's time to find more renters of any generation.
The Best Property Manager Knows Generation Z
Here at Compass Property Management Group, our management staff understands what renters are looking for because we are renters ourselves! This helps us provide a level of service that's courteous, professional, and an incredible value to the property owners we serve.
An advantage of appealing to this population means that your rental property will also be attractive to other renter generations too! From baby boomers to Gen Z, the Compass Property Management Group helps investors reach the metro Atlanta rental market with smart upgrades and expert property management services that draw in applicants and encourage renewals.
Our goal for our clients is to encourage our renters to become long-term renters, and we do this through our honest approach to full-service property management. We know that creating a world-class portfolio of properties comes from providing world-class care to both our renters and property owners!
Ready to welcome Generation Z into your rental homes? Contact us for a free, no-obligation consultation!