Pub. 4 2019 Issue 5

4 www.ctaahq.org Trend #1: Gen Z Is the Next Big Focus Everyone is concerned about millennial consumers, but over the next decade, Gen Z will grow from 8 million to over 55 million in the US workforce. Unlike previous generations, Gen Z has experienced technology their entire lives, so leasing and marketing campaigns should incorporate the use of technology and reach Gen Z where they are most active, on apps and the internet. Gen Z also places a high priority on trust, equality, and more casual, personable messaging that speaks to them like a friend. Businesses in the rental housing industry should ditch overly formal language in exchange for casual messaging to successfully reach Gen Z prospects. Trend #2: Rent-Payment Reporting Despite rent payments accounting for a hefty percentage of a renters’ monthly expenses, many renters aren’t currently receiv- ing credit for those payments on their credit report. In a recent study by TransUnion, 70% of renters reported they would be more inclined to choose a property where landlords offered rent-payment reporting. This gives the rental housing indus- try the unique opportunity to create additional value for their properties and residents by offering rent-payment reporting. This reporting not only helps build a person’s credit history, but it also helps drive positive rental payment behavior and reduce delinquencies for property management companies. Trend #3: Technology, Technology, Technology Technology for the rental housing industry is projected to continue growing. There’ll be tech solutions offered for every aspect of property management, including: • Landlord communication • Energy conservation • Climate control • Security • Social communities • Fitness Four Trends Coming to the Rental Housing Industry in 2020