Ahhh, the American Dream. Having a family. Retiring at a young-ish age. Becoming a homeowner.
The next generation is paving its way into the world and new trends are being set while more industries are disrupted. The ideal components of what we used to consider to be the American Dream are evolving as Generation Z enters the workforce.
What do we know about Generation Z? (1995-2012)
This is a generation that has not known life without internet or social media. Their American Dream is saturated with technology.
According to a Business Insider article, “…today’s youngest adults will spend more on rent in their lifetime than their predecessors, according to the report. Members of Gen Z will spend an average of $226,000 on rent before ever owning a home.” This is even more than the $202,000 millennials are spending.
Becoming a homeowner has been one of the most sought-after titles in achieving the American Dream. But now, the trend is slightly changing–at least in the renting space. Since 2016, the percentage of people who are interested in owning a home has decreased by 13%. While this group is still very young, they’ve stepped onto the renting space in the multi-family industry.
Gen Zers are not as concerned with owning a home as in the past because having flexibility is more valuable. The flexibility in renting allows for Gen Zers to enjoy traveling and engage in experiences. The multi-housing industry boomed its amenities department when Millenials were also less than concerned with becoming home-owners. This amenity filled lifestyle has influenced Gen Z’ers to also want their living space to give back to them with community and common areas such as resident portals where they can interact with the community. This way, most issues, updates, and announcements are handled online.
Understanding what Gen Z’ers want and how to connect with them is the key to success for the multi-housing industry. Bringing value to what Gen Z’ers want in the renting world will create more loyal tenants who will truly love the home that’s been catered to them.