Gen Z Wants Technologically Advanced Apartments
The majority of Gen Z renters believe apartment technology is essential in their apartment and community.
The oldest member of Gen Z is turning 24 this year. Soon, the generation will be moving into apartments and flexing its power.
Having grown up using smartphones, it’s no surprise that technology and social media is a way of living for Gen Z. Even though they are budget conscious, they want the highest-quality apartments and rental communities that feature the most technologically advanced features, according to RENTCafe.com’s Sanziana Bona.
In a recent survey, RENTCafe found that 62% of Gen Z renters believe apartment technology is extremely important in their apartment and community. Twenty-eight percent of Gen Z respondents said it was extremely important, while 34% said it was very important. In both cases, those percentages were higher than any other generation.
High-speed internet was a bigger priority to Gen Z respondents than parking, gym or laundry services. Additionally, technologically advanced features like smart locks and thermostats, as well as energy-efficient appliances, ranked ahead of having extra space, such as an extra bedroom.
Gen Z respondents preferred making online rent payments and maintenance requests (37%) and having a mobile app for managing rent and maintenance (28%). While those preferences were consistent with other generations of renters, Gen Z was more interested in text rent payments than the other respondents, according to RENTCafe.
To reach Gen Z, apartment owners and retailers will need to go to Instagram. Gen Zs are the first generation to list Instagram as their most used social media channel. More than a third of Gen Z respondents, 36%, chose Instagram as their top media channel, followed by 17% who prefer Facebook. All other generations were overwhelmingly Facebook users, according to RENTCafe.
Right now, many of those Gen Z renters may be returning home, as Millennials did during the Great Recession. According to research by the Pew Research Center, 52% of 18-to-29-year olds were living with their parents, up from 47% in February. Before this year, the peak was 48% at the end of the Great Depression.
But eventually, Gen Zs will want to move out on their own. Following the pandemic and once the job market improves, younger residents will continue to flock to urban markets and job centers, according to a report from John Burns Real Estate Consulting. This group primarily includes young Millennials and older members of Gen-Z.