The next generation of apartment residents is an entrepreneurial, technologically-adept and financially-independent group. They may be too young to venture out on their own yet, but today’s children will be moving out on their own sooner than you might expect and they are excited to soon be living the lifestyle of modern apartment living.
This demographic group, dubbed Generation Z (born between 1994 and 2000), is even more independent than Generation Y and Millennials, with many more of these teens expressing a desire to start their own businesses and hire employees (even though they are still in school). These independent thinkers are likely to choose apartments, in order to have financial stability and live the independent lifestyle they enjoy.
Gen Z is less motivated by money than the preceding generations, so they are more likely to choose apartments based on factors other than rent, such as location and the unique amenities provided. It’s not that they are not concerned about money. In fact, they are more educated about saving money than preceding generations, and will likely have half the credit card debt of Millennials. They know the value of their hard-earned money and will choose to rent apartments, rather than sink thousands of dollars into a monthly mortgage and home upkeep expenses.
Gen Z will be more educated and more adept than any previous generation; therefore they will likely obtain higher-paying jobs and have the financial ability to be more selective as to the type of apartment in which they want to live. The highly-sophisticated education they are receiving can be partly attributed to the Common Core program, which is now in place in nearly every U.S. state. “Common Core presents today’s students with the real-world application of knowledge,” says Dr. Peter Ancona, director of The Tutoring Center in Oviedo, Fla. “As a result, they are going to graduate and enter the workforce with high-paying jobs earlier in life.”
Dr. Ancona further adds that, “While the Gen Zs are more technologically-adept, they communicate differently than previous generations. Think about it: these youth have non-stop saturation of technology from the time they get up in the morning until bedtime. When they are watching TV, they are also multi-tasking on their iPads.” As a result, these adults will require a brand new marketing approach.
Because they love technology, Gen Z will appreciate apartment communities that are forward-thinking. They will be more likely to rent apartments from communities that have built-in Bluetooth and surround sound systems, those with virtual reality games, and those that communicate with them via text or social media. This highly educated group wants to earn an advanced college degree, get married, have children, and own a pet earlier in life than other demographic groups. Living in an apartment affords them the opportunity to have a comfortable – even luxurious lifestyle – while attending college and building a career.
As a parent of a Gen Z that is soon destined for college and the World, make sure to visit www.apartmentsearch.com when the time comes. We help apartment seekers quickly narrow down their search for the perfect place to live by amenities, price, location, and other factors. Plus, when you tell your new apartment community that you found your apartment on ApartmentSearch.com, you can earn up to $200 in rewards. Who knows, you may even want to find your own apartment next to your Gen Z family member!