Over the past decade we have become more and more familiar with the term Millennials, otherwise known as Generation Y. Born between 1982 and 1990, Millennials have become known as the generation of the internet and smart technology.
They have made an art form out of self-employment and have repeatedly demonstrated genius in self-promotion. From YouTube stars to #VanLife, Millennials have changed the way the world works.
But now, in 2019, the Millennials are getting old, entering their 30s and settling down, so who is going to fill their shoes? They’re being labelled Generation Z, and here’s what you need to know about them…👇
They believe renting is the new black
Millennials have introduced the idea of a transient lifestyle, but Gen Z are going to master it and take it to a whole new level. They are the ones who will be living and renting all over the world, a period at a time, rather than being settled in one city for any great length of time.
Gen Z are changing our perception of homeownership, no longer viewing climbing the property ladder as the be-all and end-all. With house moving becoming normal, they want to rent from a tenant-focused letting agencies that offer a variety integrated modern platforms.
These can include everything from a fast repairs process, alternatives to a traditional deposit to an easy-to-use key app.
They want the best deals
Gen Z are the most savvy generation, especially when it comes to insisting on the best price possible. From rental accommodation and clothing to technology and entertainment, they will know the best possible deal and refuse any other. In order to meet this demand, landlords and letting agents will need to understand that it’s the power of tech that can help them deliver better deals to their future customers.
But beware, Gen-Z will be looking for consumer-centric products that can genuinely improve their tenant experience.
Letting agents should look for partnerships with companies that can help tenants save on moving costs 🏡 or give them the option to protect their favourite gadgets!
20-Something CEOs
Millennials started a trend for starting early in life, and Gen Z are going to take it to the extreme. We are going to see a much higher level of self-employment and 20-something CEOs. There will be a shift away from climbing the traditional career ladder and towards harnessing the power of technology to allow them to be in control of their own destiny.
Some will start their own companies, and the rest will be working remotely, taking care of their own workloads and deadlines.
This means they’ll be after a variety of different properties; some will want additional working space to accommodate a small home office and some a cosy living room for when they’re working from home. A simple 2 bedroom flat is no longer the only option… 💁♀️
They’ll be your biggest advocate if..
you provide stellar tenant customer service.
Whilst it is true that Gen Z like to live the ‘no strings attached’ lifestyle, they are also suckers for good customer service and building genuine relationships, including with their landlords and letting agents.
Impress them and they will rave about you to their friends, leave 5-star reviews and retweet your posts!
Getting the basics right, e.g. being responsive to repair requests and responding to complaints, is vital. Agents should offer clear communication and be receptive to tenants’ needs. We’ve already seen a move this way with the Millennials, where a large emphasis has been put on curation and personalisation, but Gen Z have even higher expectations.
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