Education and news for smart DIY landlords!
As of today, millennials dominate the rental market. But landlords need to prepare themselves because a new generation will soon be looking for a place to live in without the burden of owning it.
Meet generation Z. In case you don’t know, gen Z are those who were born between 1996 and 2014. Gen Z renters expect certain things from rental properties. Technology is a big one. You might not be taking advantage of it in the past, but that has got to change.
Here’s how to prepare your rental property for this new demographic. Keep reading.
We mentioned earlier that this generation is dependent on the internet. If these individuals expect Wi-Fi access in hotels, they’ll have the same expectation from rental properties. Entice potential renters by offering free Wi-Fi and a paid upgrade for a higher internet speed.
Gen Z renters want things that make their lives easier. If you don’t have a laundry facility or a washer/dryer inside the rental unit, consider adding one. These young adults are going to be responsible for their laundry for the first time. As you welcome them into your rental, be sure to provide detailed instructions on how to use the washing machine and dryer.
According to an APPA-sponsored survey, 80% of gen Z Americans have a pet in their home. 60% of them have dogs, while 36% own cats. Here, we can see that this generation values pets. If you want to attract these young renters, make your property pet-friendly this time. Keep in mind that young people will always choose their beloved furry friends over your rental.
Read more: Renting to Tenants with Pets: Tips to Follow
Help your current and future gen Z renters feel more secure in your rental. Now is the best time to upgrade or update your home security. Check that all windows have working locks and also add security bars to windows on the first floor. Place security cameras at entrances and hallways. Consider home security systems to detect unauthorized entry. Let your tenants decide if they want to subscribe to this service.
Are you simply relying on a “FOR RENT” sign on the street? Gen Z renters grew up with social media, which is why you need to include it in your marketing strategies. Take beautiful photos of your vacation rental or apartment and market them on Facebook, YouTube, and Instagram.
Did you know that gen Z values physical fitness and healthy eating? They’re willing to pay premium to be able to live healthier lives. If you’re still buying a rental property for the first time, pick a location where fitness centers, parks, and health shops are also found. If you already own an apartment, consider setting up a gym in an unused room.
Since gen Z is going to become a huge part of the rental property population soon, it’s best to start making your rental more appealing to them. Overall, these renters desire technology, convenience, and personalization!
If you’re ready, make Landlord Prep your go-to resource for landlording education. Here, we offer a complete DIY landlording course to get you on the right track. Join our academy today. If you want, you can check out Flavia’s real estate investing webinar first!