How Gen Z is Changing the Face of Multifamily
October 15, 2019
Now that you’re all caught up on the generation with $143 billion spending power, let’s talk multifamily. At two billion strong, Gen Z is quickly changing the world as we know it — multifamily housing included. From smart amenities to social spaces, we’re looking at how multifamily is responding to the next wave of renters.
Living in a Digital World
Living in a digital world isn’t a newfangled idea to Gen Z — it’s the norm — as the generation came to be in an already tech-saturated world. Without knowing the days of landline phones and dial-up internet, Gen Z expects tech integrated into every aspect of their life, including their housing. Multifamily developers are increasingly installing smart technology like electronic locks, smart outlets, and video monitoring.
Don’t Rely on the Dot Com
Born into the age of social media, members of Gen Z are less likely to visit websites than their predecessors and have little patience when it comes to slow websites. This generation expects to get their information from social media supplying frequent and behind-the-scenes updates, making social media a must-have in multifamily property marketing.
Going Green is a Given
More than any other generation, Gen Z has a growing concern for the planet and expects the same from their favored brands and spaces. Multifamily residences are installing energy-efficient appliances, smart thermostats, solar panels, and green roofs to appease earth-conscious consumers.
No More FOMO
As Millennials brought us FOMO, Gen Z has embraced a new acronym — JOMO, or the joy of missing out. This stay-at-home generation is spending less time out of the house than the previous generations, instead, replacing movie theaters with streaming services and restaurants with food delivery. In the multifamily space, developers are responding with amenities that feed the need to stay in. Designated spaces for learning and creativity like tool lending libraries, coworking spaces, and even in-house pubs or recording studios encourage Gen Z to stay in and embrace the JOMO.
It Makes a Village
Don’t think staying in means this generation is anti-social — also known as ‘Gen We’, this generation is all about connectivity, constantly engaging with friends both online and IRL. What does this mean for multifamily? Community amenities are on the rise as multifamily buildings increase retention rates with activities and programming that connect residents with one another. From residents-only in-house fitness classes to terrarium building classes, multifamily buildings are answering Gen Z’s call for connectivity.
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