A new generation of renters is entering the market - and their needs and interests will become a guiding compass for multifamily property management companies. Yes, we’re talking about Gen Z.
Gen Z is made up of those born from 1997 until 2012. This generation accounts for 25.9% of the U.S. population and currently has purchasing power worth $143 billion according to Business Insider.
Why Smart Tech Makes Sense for Gen Z
Property management companies that want to keep up with the new generation of renters would be smart to consider implementing smart home technology in their units and buildings.
As a generation who grew up with computers, iPhones and TV sets readily available, technology is at the forefront of what they do. Gen Z trends are flooding the likes of TikTok and Tinder. In fact, 55% of Gen-Z uses their smartphones for five or more hours a day according to Pew Research.
So what does that mean for the modern Gen Z renter? Technology is a given in life. They want it not just in the palms of their hands but integrated into their homes. As Gen Z starts to dominate the rental market, in-unit smart technology will no longer be an amenity, but an expectation.
In fact, SmartRent’s resident app allows users to update their home settings with the tap of a button. Residents can turn lights on and off, lock and unlock their doors, adjust the temperature settings, all in a quick instant. In addition, users can pair their personal ring devices , voice-activated speakers and sensors for seamless smart home control from one app. The immediate ability to make these adjustments with only a smartphone is not just attractive, but almost second nature to Gen Z renters.
A Generation of Doers
It is reported that Generation Z is one of the most environmentally-aware generations. In fact, the environment remained the top concern reported among Gen Z, according to a report from Deloitte.
Source: Deloitte
The fact that Gen Z is concerned with protecting the environment makes smart home technology appealing. Being able to control smart thermostats or lighting from anywhere is not only cost-effective but works to save electricity and protect the planet.
SmartRent even partners with energy companies like Elevation Solar , in order to provide costs savings to residents and property owners. SmartRent empowers users with the smart home technology that enhances, conserves and protects their communities while providing the ultimate smart building experience.
SmartRent CEO Lucas Haldeman was recently featured in Forbes about the impact of smart home technology on reducing the power grid. Click here to read the article.
Don’t Sleep On Gen Z
Whether they choose to complete a self-guided tour or utilize the access control system to enter the building, from the moment a Gen Z prospect first steps foot onto a property, they can be fully immersed in a smart home experience.
As they walk through the community and encounter the various smart home devices that they can control directly from their smartphone, your property becomes vastly more attractive to a generation obsessed with technology.
Ready to get started? SmartRent offers a full ecosystem of smart building solutions that open doors to a smarter world. Contact us to schedule a demo .