Generations of Renters and How to Attract Them

Posted by Hannah Lapin on Oct 16, 2018 9:00:00 AM

Generations of Renters and How to Attract Them

AppFolio, a leading property management software, teamed up with Inman News, a leading news source of real estate information, to look at the top market trends of 2018. They evaluated three key groups of renters- Millennials, Seniors and Gen Zers – and highlighted what attracts them to a rental. We’ve broken down some of their key findings:

  1. Millennials
    • Millennials Rent Because:
      • It’s affordable
      • They don’t want responsibility for maintenance
      • They care about location
      • They have commitment phobia
    • Millennials Want to See:
      • Neighborhood perks
      • Strong social media presences
      • Positive reviews
      • Flexible lease options
  1. Seniors
    • Seniors Rent Because:
      • It’s affordable
      • It’s hassle-free and more convenient
      • They want to downsize
    • Seniors Want to See:
      • Accessibility
      • Personal Connections
      • Favorable Visitor Policies
  1. Gen Zers
    • Gen Zers Are:
      • Born in the mid-1990s
      • Have grown up in a technology-dependent lifestyle
    • Gen Zers Want to See:
      • On-demand technology options such as text messaging and online payments
      • Transparency and honesty
      • Simple websites
      • Excellent service and complimentary reviews

Which group do you think your property attracts the most and which ones are you interested in attracting? To see more market trends of 2018, see the Top Market Trends Impacting Your Business – Webinar Recap on AppFolio. For more insights on the rental market, see our “Rental Market Research” blog category.

 Additional Rental Market Insights

 Related: A Look at the Rise in Renters in the U.S., 10 Most Expensive & Least Expensive States to Rent In

Topics: Real Estate Investing