Two generations dominate the world of rental real estate: Gen Z (born between 1997 to 2013) and millennials (born between 1981 to 1996). In fact, people are calling them “Generation Rent” for living in significantly more homes than their parents’ generation. To put things into perspective, a study from SpareRoom revealed that around 25% of young adults have already moved more than 10 times since living independently.
The fact is, the young generationer prefers to rent than own. In fact, in 2022, 25% of millennials said they believe they’ll be “forever renters”. Not only is it because it’s within their budget (most of them are deep in debt), but it’s also more convenient. They can live wherever they want, and if they aren’t earning as much money as they once were, they can move to a “cheaper” city with ease. In addition, most of them work more than older generations. Renting allows them to pass most – if not all – of their maintenance duties to their landlord, and use their coveted time for activities they care for.
If your Miami marketing strategy isn’t geared toward this growing market, we’ve got you covered. In this post, we’ve pulled together a few key strategies to attract Gen Z and millennials to your Miami rental.
1. Invest in convenient locations with easy access to necessities
Location is always crucial when renting to any generation, be it baby boomers or Gen Z, but millennials and Gen Zers, in particular, are keen on the concept of the “15-minute city”. This concept in city planning is used to describe communities wherein the basic necessities (e.g. shops, healthcare centers, etc.) are close by – ideally, a 15-minute walk away.
With that said, when choosing where to invest in Miami, ask your property manager to scope out properties near amenities Gen Z and millennials would be interested in, like bars, cafes, restaurants, and business centers. Also, keep in mind that these generations are slower to start a family, so it isn’t necessary to invest in a good school district – your tenants likely don’t have kids yet.
Now, if you’ve already invested in Miami real estate, you’ll have no control over the location. In that case, what you can do is highlight what it has to offer, including the travel time to and from the city center, local events, and any popular spots for your tenants’ age group.
2. Use digital marketing to meet your tenants where they are
Social media is constant in the lives of most Gen Z and millennials. In fact, 90% of millennials say they use some form of social media, while Gen Zers use it for four or more hours a day – that’s twice as much time as U.S. adults. With that being said, a surefire way to market your Miami property is to use social media and meet your potential tenants where they are.
This isn’t to say you should stop leveraging other marketing methods – all you’ve got to do is shift most of your efforts to social media. For instance, you could use platforms like Facebook to talk about your property, while still posting your property in the newspaper. That way, you can attract multiple types of tenants at a time.
Highlight your home’s amenities with Instagram, and take your tenants on a tour with TikTok (you might even go viral!). But do remember that Gen Zers and millennials have short attention spans (8 to 12 seconds), so you probably don’t need to go into detail. Consider partnering with a Miami property management company to help you pinpoint which features to put the spotlight on.
3. Embrace technology through property upgrades
Gen Z and millennials grew up with the wide range of conveniences offered by tech – to give you an idea, Gen Z was 10 years old when the iPhone was first rolled out to the masses. Most of them may not be able to remember a time without their tech. With that said, they will not want to rent if you can’t match the level of convenience they’re accustomed to. Plus, they will probably be choosier than other (i.e. older) tenants.
High-tech upgrades are sure to be a selling point for Gen Z and millennial tenants. Some add-ons that will attract tenants include smart thermostats, smart locks, smart security systems (think Ring), and energy-efficient features.
4. Make rental payments convenient and online
As generations that grew up with the Internet and the accessibility that came with it, Gen Z and millennial tenants will expect ease of business when renting with you. They will want to do things as efficiently as possible. This means being able to access rental-related documents on demand, submit repair/maintenance requests at any time and any place, and pay their rent on the web with a few taps on their phone.
To win your tenants over, consider using a property management portal or platform to offer them a straightforward way to conduct rental-related transactions. Make sure to highlight this when marketing your Miami rental to Gen Z and millennials. A Miami property manager who’s well-versed with the portal or tool can also walk them through the tech to really sell the property.
5. Be lenient with your pet policies
This isn’t to say that you should give your young tenants free rein when it comes to pet ownership – that would be a bad idea, as you’ll still want to please and protect your baby boomer tenant pool. Simply loosen or limit your pet restrictions, as millennials account for 35% of pet owners in the U.S. They consider their cats, dogs, bunnies, etc. as part of their family, so your pet policies will be a major deciding factor for them.
To reduce the risk of allowing pets onto your Miami property, it’s a good idea to conduct a pet screening. That way, you can evaluate their pet’s behavior and establish whether or not they may be a problem down the road.
Need Help Marketing Your Property to the Right Generation?
By choosing Luxury Property Care to be your partner in Miami property management, you’ll benefit from our marketing strategies, designed to target your ideal tenant group. Whether you want to market it to Gen Z, millennials, baby boomers, or all of the above, you can count on our expert property managers, who have years of experience under their belt, to work their marketing magic. We’ll start by studying your market, and then identifying what makes your property stand out from your competition. This will allow us to craft a custom marketing plan that works for your goals.
Call us at (561) 944 – 2992 or complete our contact form to get expert help marketing your Miami property today.