Generation Z is starting to enter the apartment market. What’s different about this new generation of renters? And what can property managers and operators do to get them in the door and secure their lease?
To answer these questions, RealPage VP of Industry Principals and Economics Jay Parsons recently sat down with Jason Dorsey, a generational and behavioral trends researcher and co-founder of global research firm Center for Generational Kinetics, at RealWorld 2022.
“The most important thing to know about Gen Z is really a point of view, and that is Gen Z is different from previous generations,” Dorsey said. “And if we use what worked three years ago, five years ago, it’s not working as well or at all right now.”
Generation Z are the children of Generation X. They are digital natives, which means they grew up in the information age and have never known a time when digital technology didn’t exist. They tend to be more averse to risk than other generations and were the first to lose their jobs when the COVID-19 pandemic caused an economic downturn.
Generation Z is learning to drive and getting driver’s licenses later than any generation ever before. This has a huge impact on where they live, work and go to school. While generations before them saw driving as a ticket to freedom, Generation Z considers driving to be not a rite of passage, but as an added responsibility, according to Dorsey.
“They expect everything to be mobile only,” Dorsey said. “Mobile first doesn’t cut it. They want it mobile only. They have much shorter feedback loops. They expect to do everything by text. Apply for jobs and pay for things. All by text. They don’t want to show up and talk to you.”
Another key element Dorsey pointed out about Generation Z is that they believe deeply in diversity and stability. When it comes to employers, this generation is very keen on stability, likely due to their experience in the COVID-19 pandemic.
Watch the full interview from RealWorld 2022 on LinkedIn.
