Updated January 11, 2022
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. The best Atlanta property management company can help you understand the desires of this age group and can help you target them collectively when it's time to look for a new resident by meeting their 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?
Generation Z refers to the demographic cohort following Generation Y (also called Millenials). The precise start and end dates for generation Z are debated, but typically it begins sometime in the early 1990s and ends around 2010-2015.
Members of Generation Z are different from older generations in several ways. They are the first generation to be raised in a world where technology is always on and always available. They are also more comfortable with diversity and are more likely to accept people who are different from them.
What is important to members of Generation Z is that they feel like they're making a difference in the world. They want to feel like their lives have purpose and meaning. They also want to connect with others, both online and offline.
They may seem like just kids, but Generation Z is ready to be your next significant demographic! Here are a few things residential property managers say you should consider about Generation Z.
- 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 highly profitable to investors.
- This population is emerging from college life, looking for their first career jobs, and needing 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 Rental Properties?
When it comes to what this generation wants in a home, members of Generation Z look for many amenities in their homes. They want something comfortable, stylish, and practical. They also want a home that is affordable and accessible.
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).
Since this generation is comfortable around technology, it might be a good idea to make your rental properties as Smart technology-friendly as possible. Think about these additions to your investment property.
- Smart thermostats. These allow you to control your home's temperature remotely and save you money on your energy bills.
- Smart locks. These allow you to unlock your door using your smartphone and can also be used to create temporary access codes for guests.
- Smart lights. These allow you to control the brightness and color of your lights using your phone and can also be used to create schedules or scenes.
These extra features are inexpensive but a great way to reach a younger tech-savvy audience who will be flooding the rental market over the next several years.
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. Instead of working for someone else, most Generation Z wants to start their own business.
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.
Additionally, Generation Z uses social media. They are constantly using apps like Snapchat, Instagram, Tik Tok, and Twitch to connect with friends and to make money, even as a side hustle. So including these outlets in marketing your rental property is an excellent way to get their attention.
Generation Z has seen plenty of hardship since the recession hit in 2008. They've watched family members lose jobs and homes and seen friends and classmates struggle to pay tuition. So finding a rental that is affordable and accessible should be their top priority.
If you want Generation Z renters in your Atlanta rentals, you'll need to market your property as an affordable option compared with other local properties. This group also responds well to marketing that showcases the conveniently located rental: near public transit, the airport, downtown Atlanta, or other trendy hot spots.
Renting to Generation Z is simple when you keep your target renter in mind. They only know what they've lived through and what's important to them—making it easier for you to reach out with services that meet their unique needs.
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 rent for better amenities and locations convenient to a busy lifestyle.
If you're thinking of upgrading 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 justify 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 residential property management company.
Property management companies can help you with various tasks, including finding and screening tenants, collecting rent, maintaining the property, and dealing with any legal issues that may arise. They can also help you market your property and understand the local rental market.
Excellent Property Management
Generation Z looks for a rental home to show off to their friends and family through social media and in person. 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. There are many reasons that Generation Z loves flexibility in lease terms. One reason is that this generation is very comfortable with technology, and they want to be able to work from anywhere. They also want the freedom to travel, and they don't want to be tied down by a traditional lease agreement.
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
If you're a landlord in the metro Atlanta area, consider some of these changes to your property that will appeal to this generation. Consider hiring a good property management company, too, as they can help you get the word out about your properties while taking care of maintenance issues promptly and professionally.
If all of this sounds intimidating and you want help, let us know. Our team of experts is ready and waiting to partner with you to create a stellar marketing plan that drives sales by considering how Generation Z thinks.
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! 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 from baby boomers to Gen Z.
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 our renters and property owners!
Ready to welcome Generation Z into your rental homes? Contact us for a free, no-obligation consultation!