Most of you would have seen news stories about millennials. However, for landlords of student accommodation – forget the millennials, there’s a new generation in town! Generation Z- the term coined for those born after around 2000 are now coming of age – and will be coming to let your student accommodation very soon (if they aren’t already).
Quite a few large shifts in society shape the behaviour of Gen Z which can seem baffling to those of us who remember landline phones and fax machines. However as a landlord, if you can understand your tenants a little more, you may just find your relationship, and your income, that little better!
Gen Z Are Digital Natives
Generation Z are the first true ‘digital natives –they grew up with internet readily available, and constantly being able to access it through fast broadband and smartphones. For landlords, this means that they expect a reliable internet connection at all times.
Indeed, you may find that your average Gen Z tenant will happily go a few days without access to hot water, but cut out their ability to stream Netflix or access social media and you are likely to have one very unhappy tenant.
This approach to digital also extends to managing everyday tasks such as banking, paying bills, and communicating with friends. Indeed most of us can no longer envisage a time when we couldn’t make a bank transfer from our smartphone.
This attitude to being able to communicate online means that your tenants are likely to expect to be able to communicate with their landlord on several online channels. Here at Student Haus – we make this easy! We offer an online maintenance reporting system, where tenants can even upload photos to show what the issue is.
We also know where to connect with our Gen Z tenants, as well as traditional methods of marketing your HMO to let – we connect with our prospective tenants on social media, using the power of online communities to showcase properties.
Generation Z are Bargain Hunters
In recent surveys, it has been shown that Gen Z are more price conscious than the generations who proceeded them. Growing up in a global economic downturn, combined with an abundance of internet deal sites such as Groupon has resulted in those aged 20 and being true bargain hunters.
However, as with all bargains – it’s not always about price – it’s about value, so as a landlord, it is always worth thinking about what adds value to your tenants. Do you offer inclusive bills so that they don’t have another thing to worry about? What about additional features such as communal areas where your tenants can entertain, or higher quality furniture than other landlords?
Generation Z Value Individuality
This generation is the first to be ‘born social’. Over 92% of them have a digital footprint, and as a result, they seek to be seen as individuals more than any generation that proceeded them.
This has an impact on HMO landlords as your home is one of the key places where you can express your individuality. From tenants who want to customise their space to those who feel that postcode is an expression of who they are, individuality is a key consideration when both marketing and managing your property.
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