Gen Z is a groundbreaking force to be reckoned with. Zoomer icons like Billie Eilish, Tom Holland, Jenna Ortega, and Timothée Chalamet exude an unparalleled sense of style, influence, and purchasing power. This generation is not just shaping trends; they are reshaping markets, especially in the rental sector. Individuals born between 1997 and 2012 have already spent a staggering $145,000 on rent by age 30, according to Fast Company, with Gen Z’ers in California facing as much as $300,000 in rental living costs. Representing over 40% of the multifamily market, Gen Z's impact is monumental. As Forbes highlights, "Gen Z is poised to be the largest and most powerful consumer generation in history.” In this P11 Thought Leadership piece, discover the keys to engaging Gen Z and unlocking unparalleled success in your multifamily communities today.

WHY THEY CONTINUE TO RENTFlat out, buying a new home is not within their financial reach. Affordability and the higher cost of living are the gatekeepers. Gen Z is riding out these factors and trying to save to eventually buy a new home by continuing to rent and choosing co-living spaces with roommates. Yes, having roommates is back. According to Rentcafe, 96% of renters have them instead of living alone. This is an opportunity for smart multifamily developers to intentionally design more spacious and innovative floor plans to meet and solve this need.

BUMP UP YOUR YOUTUBE & TIKTOK CONTENTAs a generation raised on social media and smartphones, Gen Z continues to rely on them heavily for most of their purchasing decisions and leisure time. It’s as important as breathing, eating, and self-care to them. Fifty-four percent of their downtime habits are watching YouTube and TikTok videos. Your community’s social pages should be consistently fed new and compelling marketing content to engage this audience and sway them into choosing you. Your digital marketing must take priority and be dialed in to reach this “buy online” generation. It’s essential for your online tech to be effortless and cool. From online rental portals, apps, maintenance requests, and voice-activated apartment features, the future is now.

SOCIAL AMENITIES & COMMUNAL SPACES ARE A PRIORITYGen Z is a social creature and wants the convenience to hang out easily, just steps from their apartment doors. It’s important for property management companies to anticipate this growing lifestyle need. This is an exciting opportunity to add more imaginative and dynamic use of amenity spaces. P11 recommends collaborating with your interior designers to go beyond a naturally modern aesthetic and create buzz-worthy spaces. Still top of mind are cool co-working spaces, community gardens, more robust onsite pet parks & amenities, and fancy fitness centers/active amenities.

HIRE P11 TO REACH YOUR GEN Z AUDIENCE EFFECTIVELY & DYNAMICALLYWith nearly 40 years of national multifamily marketing experience, P11 has the proven insight and creativity to help your multifamily properties successfully reach this Gen Z force of nature with innovative solutions that amplify your success and, equally important, create an environment for renters that feels like home and feels like them. Contact us now for more information about our branding and digital solutions, custom and templated website experiences, and so much more.