As an expert Jacksonville property management company, we know that identifying your ideal renter is essential when marketing rental properties. It’s an important first step that is often overlooked when developing a marketing strategy. Once you have your target market, you will have a better idea of your potential residents’ needs, wants, and struggles, and you will know how to best cater to them!
Marketing to renter groups like baby boomers and millennials can lead you to long-term quality tenants! What about Gen X and Gen Z? Here's what investors need to know.
How to Market Your Rentals to Gen Z, Millenials, Gen X, and Boomers
Targeting your marketing attracts your “ideal tenant!” For example, suppose you are looking for tenants for a single-family home in a quiet neighborhood near a great elementary school. In that case, you are probably looking for people in their late 20s to early 40s who are most interested in things like a good school district and safe streets. Your target market will shape how and where you advertise your rental unit.
On the younger end of the spectrum, you have Gen Z, Millennials, and Gen-Xers who range from college age to adults in their mid-50s. However, as a professional Jacksonville property management company, we've noticed that all of these generations utilize technology to search rental listings. They also prefer technology in their homes and to pay the rent.
Gen Z renters are currently in their early to mid-20s, making them college-age or recent graduates. They will have less experience with renting. While they are in college or at the beginning of their careers, don’t count them out as viable tenants. They are much more likely to be frugal and seek stability in their housing, thanks to the Great Recession.
If your Jacksonville rental property is appealing to younger people, you are quite likely to find a tenant interested in a longer-term rental. As this generation tends to be social, houses in lively communities or apartment buildings are ideal. Living near a transit hub can be appealing, as they are often on the go to school or work.
This group also tends to be passionate about environmentally-conscious amenities and features, so if you have these features, play them up! As many Gen Z-ers are gig and hospitality service workers, they often operate outside regular business hours. This makes tech-driven self-service amenities (like smart package lockers, keyless locks on gyms and pools, and other on-site features) important.
Millennials are in their late 20s to early 40s. They are also fluent in technology and likely to use it to find rental properties (though they are old enough to remember the time before the internet). Millennials are more likely to move frequently to new locations to be close to the right job.
Millennials often continue to rent throughout their 30s and even into their early 40s, perhaps because housing is not very affordable or because they just feel the need for more flexibility. Affordability is their biggest concern, with convenience coming in just below that. They are also often looking for pet-friendly Jacksonville apartments, as a higher percentage of them are pet owners.
Gen Xers are now in their early 40s to mid-50s, and they are also enthusiastic technology users. They tend to be more prosperous and are more likely to have incomes of $100k+ per year. Those looking to rent are more likely to prefer renting single-family detached homes, as they need as much space as possible to fit their current lifestyle. Some are even looking to have their millennial children or boomer parents live with them, so space and square footage in Jacksonville are key.
Boomers (and occasionally folks from older generations) are renting more frequently these days. As they downsize from their single-family homes when their kids move out, they are generally in the market to buy or rent apartments, condos, or townhomes. Baby boomers tend to look for nice properties that don’t require much maintenance. They prefer to be within walking distance of cafes, shopping, grocery stores, and public transit, among other amenities. That said, many of them are willing to live in quieter suburbs, away from large cities.
Like Gen Xers, they tend to have a more stable financial situation, and those that are interested in renting are more likely to be looking for a luxury rental. Appeal to boomer renters by emphasizing the luxury of not having to deal with property maintenance, as well as the convenience of nearby amenities. Boomers like being near travel hubs or highways, making it more convenient to visit family and friends in other areas.
A Property Manager Markets to Find Your Ideal Renters
Placing your ideal tenants is easier with the marketing expertise of a Jacksonville property management company! We understand what every generation of renters wants in a rental home, and we have the right resources to find the right tenants for your properties.
Spectrum Realty Services understands the Jacksonville market and how your rentals serve tenants best. Let us help you identify the best tenants and maximize your income. Contact us today for a free consultation!