Millennials and Zoomers in Renting

  • Faber Real Estate Team
  • 02/8/22

Millennials and Zoomers in Renting


Renting is an easier way to find a place to live. It is also way cheaper because it is part of the monthly budget. Therefore, it is the choice at hand of the millennials and zoomers who are looking to move out of their parents and be independent.
 
Generation Y also called millennials (born in 1980 - 1996; Millennials) are digital natives and are faced with economic disruption. They experienced a lot of changes in the economy since they were born. Meanwhile, Generation Z also called zoomers (born in 1996 - 2012) are heavily tech-focused and have a shorter attention span.
 
In this day and age of Social Media, looking for a rental property is a lot easier. Marketers of real estate properties are utilizing every platform possible to reach potential customers. You can now see it on every site, such as TikTok and Instagram, which are two of the most used sites by Zoomers. 

Facebook marketplace is also one of the most accessible sites to look for a property. Facebook Marketplace makes it easier to share the property to other people, reach out to the property representative, view the location in the maps, and more, all under the same platform. 

Seeking knowledge first before investing in something is always important. With the help of the internet, as a free resource, checking out blogs, attending seminars/webinars, watching educational videos about real estate (e.g. buying an investment property, different types of loans, and what's going on with the market right now) made education much more accessible.

 

Digitized Rental Journey


Digitized processes of rental compared to the traditional (printed documents) one has made it a lot easier and more convenient for everyone. 
 
Looking for the right property with the digitized process is more convenient because it allows renters to filter results to complement their needs, view photos and take virtual tours, and schedule appointments with the leasing representative. 
 
The following are some of the advantages of the digitized rental journey: (a) Lease signing happens in just a few clicks. Application forms are more standardized, and it allows us to submit documents by uploading. (b) Rent Collection through automatic payments, with transaction history being recorded. (c) Maintenance Requests for issues that arise can be quickly informed to the owner.


Struggles and Preferences of Most Millennials and Zoomers


Three of the most stressful parts of renting for people belonging to these generations are the search for the right property, having to wait to be contacted by the leasing representative for a long time, and the move-in part. 
 
According to a RentCafe survey, 62% of the respondents agreed that technology is the most desired feature in a rental property. Ring doorbells, nest thermostats, high-speed internet, security, safety, etc. are just a few of the technologies that millennial and zoomer renters look for in a property. High-speed internet is the most important amenity, according to 27% of respondents, more than parking or a gym/pool. 

72% of people belonging to these generations also prefer touring a property to a virtual tour. They're a bit skeptical about the pictures they are seeing online. 
 
Their preferences are defined by privacy, convenience, and conservation, whether they rent or own. Many choose single-family houses because they value space and privacy. 

Rentspree Overview:
Key features of Rentspree are Online Rental Application, TransUnion Credit Report, Criminal background check, Eviction History Report, Acceptance/Denial Letters, E-Signatures.
 
 

 

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