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As Millennial Renters Move On, How Will You Fill Empty Units?

TransUnion
Blog Post12/06/2019
Business
As Millennial Renters Move On, How Will You Fill Empty Units?
A new TransUnion–Radix partnership can help

A new TransUnion–Radix partnership can help

TransUnion and Radix, a cloud-based market-survey platform, have partnered to provide deep market intelligence to property management companies. The timing couldn’t be more perfect as we’re seeing signs of a shift in renter demographics.

For years, the Millennial market has been the holy grail for property managers who want to fill rental units. Millennials comprise the largest generation in the U.S. and fall within the age-range of 20–35; no doubt, the sweet spot for renters, and they will continue to be a focus of the industry.

Still, as many Millennials grow up and choose to buy instead of rent, they could leave a void in the market. At the same time, two other trends are emerging that could help property owners and management companies keep the coffers full, even as Millennials migrate to the suburbs.

Generation Z is coming — and they’re tech savvy

Gen Z, the group born in the mid-90s to early 2000s, is entering the rental market, and their expectations are high. They grew up with technology and want it integrated into every part of their experience, from finding a rental unit via a mobile-ready website to online screening and payments.

They expect luxury and plenty of amenities, such as pools, high-tech fitness centers, firepits and on-premise cafés.

Most critical for capturing this cohort’s business, however, is to be honest and transparent. The marketing spin and sales pitches that worked for previous generations won’t work with Gen Z. Instead, to sell your rental units to them, you have to be direct and focus on the benefits of renting from you.

Boomers are interested in a new lifestyle

More and more people above the age of 55 are opting to rent over buy. Some never bought; others lost their homes during The Great Recession and decided not to buy again. However, most are moving into rentals because they want a simpler, more care-free lifestyle.

Seniors are living longer and they’re more active than ever before. Many want to use their time traveling, taking up new hobbies and having fun, rather than dealing with the maintenance of a home.

As the price of homes has rebounded, they’re opting to sell, make some money and live out their golden years in a rental. They’re looking for rental communities that are walkable, offer amenities, such as pools and fitness centers, and require zero maintenance on their part.

You will need to sell them on how your rental community promises the life they want after retirement. 

TransUnion–Radix: Tap these new markets with intel

Both groups offer tremendous opportunity for property owners and management companies to fill units vacated by Millennials and to develop new properties that meet their specific wants and needs.

Of course, doing either requires deep intelligence on existing resident behavior and on markets where you are looking to develop.

To help meet that need, TransUnion has partnered with Radix to offer demographic data and insights that you can’t find in a typical property management system.

Transunion’s ResidentVisionSM Property Review helps you to analyze resident demographics, evaluate the quality of residents in a given area, and fine-tune your marketing strategies to meet a specific group.

For its part, Radix enables you to see how your properties, units and floor plans stack up against your other units and your competitors, and it provides real-time, accurate market analysis in easily digestible reports.

Working in tandem, the two solutions offer you insights you can use to drive decisions about where to build, how to renovate units, what amenities to offer, how to price and more.

As Millennials move on and out, and you look to attract Gen Z and Boomers, information — or rather, data — is power. Give yourself an edge with Residentvision and Radix. 

Learn more about Radix.  

 

To learn more about Residentvision visit our product page here

 

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