Renters on the Rise

Generation Y, also known as the Net Generation or Millennial Generation, is a term used to describe the demographic group following Generation X. This generation is known for their affection for and increased use of communications, media and digital technologies.  Another characteristic that defines this group is that they tend to be renters.  When you couple these characteristics with an increasing number of homeowners forced by foreclosure to turn into renters, the result is a significant upswing in renters in this segment of the market.

Yes, even in these times, there are attractive rental opportunities and property managers who turn to technology to market and manage their properties more efficiently are in a great position to take advantage of it.  An article published in Housing Finance Online states, “People less than 25 years old are historically the most likely to rent, accounting for an average of 75% to 82% of the nation’s rental market. To reap profits, apartment renters and owners will have to cater to the distinct needs of this computer-savvy group.”

Printed media has fast become an antiquated marketing strategy, whereas websites enable property managers to effectively showcase properties to reach this technically savvy audience. Providing an easy, online application can turn your website visitors into prospects and finally into renters with a few clicks of the mouse!  There doesn’t need to be double-entry of information or even taking information over the phone or manually keying it in.  Electronic methods make it easy to gather and just as easy to retrieve.

In addition to e-savvy property managers, these renters are also drawn to complexes that offer high speed internet connections, wi-fi spots and self-service payment options. Their lifestyles tend to shun writing checks or paying bills via the US Postal Service. For them, electronic banking is a must.

If you already have these services in place, you are moving in the right direction.  If you don’t, or just want to audit how you stand up compared to the competition, ask yourself the following questions:

Do you have a website?

Do you have a secure hosting solution?

Do you offer online applications that flow collected information directly into your property management solution?

Do you have a streamlined rental process?

Do you offer both your renters and your owners online, secure portals to mange their accounts?

If the answer to any of these questions is “no,” PropertyBoss can help.  With thousands of customers, we have the experience to help your organization make the most of Generation Y renters!