In our latest Resident Experts Series, we sat down with Lia Nichole Smith, Senior Vice President of Education and Performance at SatisFacts, to discuss how multifamily businesses should approach interactions with Gen Z as more and more of them enter the rental pool. The following are a few of the key takeaways from our conversation.

Gen Z is bigger than you think

Gen Z makes up approximately 32% of the global population, making it the largest generation in the world, while in the US it trails only Millennials. The oldest members of Gen Z will be turning 26 this year while the youngest are 11.

How Gen Z differs from other generations

Smith cited three distinct areas that set Gen Z apart from its predecessors. First, they are a generation of entrepreneurs. Smith noted that approximately ⅔ have either started a business or indicated they would like to start a business in the future. As a result, they view customer service and the customer experience differently than other generations.

Since they have first hand knowledge of what good service looks like because they’ve delivered it themselves, they expect nothing less than the best experience.

Second, Gen Z has a much shorter attention span than previous generations. They have a scrolling mindset. You only have a few seconds to hook them before they move on to something else. They aren’t going to let you deliver your detailed, convincing marketing spiel that may work on their Gen X parents.

“They need their information fast,” said Smith. “You can't wait for them to come around with your flowery words on your website and things like that. They don't have time for that. They're like, ‘Onto the next. I'm bored.’"

Finally, they are well educated and informed consumers. They’re on track to become the most educated generation ever, so when they look for an apartment, they’re going to be more discerning. Some generations can be persuaded or moved by marketing messages. This generation knows who they are and they are unashamed, unashamed about it.

Gen Z are true digital natives

Gen Z is the first generation that will have no memory of what it is like to live without the internet. Because of this their search habits differ greatly from other generations. They turn first to social media. They want to hear from someone with lived experience of the apartments they are investigating. When evaluating reviews, they need more than five stars and a one sentence review. They are truth seekers so details matter.

Any friction is a deal breaker

They don’t care if they are being helped by a person or by technology, speed is what they care about. Anything that inhibits them will result in an unhappy customer. Previous generations may have accepted breakdowns in processes to a certain extent. Gen Z will not, so if you’re a property owner that makes people jump through a bunch of hoops just to complete an application, you might be scaring away potential residents before you even know about them.

They care about your values

With rent being the largest payment members of Gen Z make in a month, they want to make sure it’s going to a community that shares the same values as them. They're willing to compromise on things that we traditionally tout as being assets to living at a really beautiful apartment community like extra space and nice amenities if it means they’re living at a place that aligns with their values.

Transparency matters

A vast majority of Gen Z expects their apartment to be up front about the fees they're going to be charged. According to the SatisFacts Biennial Renters Survey, 83% of Gen Z said that management companies need to be more transparent when it comes to mandatory fees in addition to the rent. This generation is pragmatic with how they spend their money, so they don’t want to feel like they’re experiencing a bait and switch when they make their first rent payment when they were quoted something different during the application process than what their bill actually is.

Learn more

To learn more about how to incorporate Gen Z into your marketing and leasing strategies, check out our full conversation with Lia Nichole Smith by clicking here.