Pub. 4 2019 Issue 6

14 www.ctaahq.org Millennials and Gen Z: Challenge or Opportunity for Multifamily Rent Property Managers? By Payments Journal A fter years of racing to keep up with the de- mand, inventory for multifamily rent prop- erties now outpaces demand in many major markets. That puts property managers in a tough spot, trying to prevent renters from being wooed away by more amenities or lower monthly rent as renewal dates approach. But wherever there’s a challenge, there’s often an even greater opportunity. Swift’s recent survey sheds some light on how proper- ty managers can not only hang on during this crunch, but actually thrive. Especially where millennials and Gen Z are concerned. Renters between 18 and 29 outnumber all other age groups combined. So, it isn’t surprising that of survey respondents that intend to live in apartments next year, 52% are millennials and Gen Z. This age group tends to value quality of life expe- riences above quantity. For example, millennials were (and still are) key to the booming success of fast-casual restaurants everywhere. The same “expe- rience craving” affects where millennials and Gen Z choose to call home — and for how long. So, while they may be harder to please, their numbers make meeting their expectations impossible for property management to ignore. But how can they provide these renters the type of experiences they want, without blowing the budget? Here are some interesting insights the survey revealed about millennials and Gen Z, and how property managers can leverage them to improve recruiting, retention, and referrals for this group of renters. 83% are more loyal when surprised with savings offers. Everyone loves surprises — especially when they carry a positive monetary value. Often with less dis-