Are You Experiencing a Demographic Disconnect with Renters?
Generational differences aren’t new, but if you’re over 35 you may be feeling a disconnect with younger renters. Millennials, young people between the ages of 18 and 34, number roughly 77 million. They are larger than the Baby Boom generation and three times the size of Generation X.
There’s no question that Millennials are a key segment for property managers, but do you know how to best target this demographic?
Here are some interesting facts and practical advice for connecting with Millennials:
Know Your Audience – Regardless of your age and theirs, take time to understand your audience, their view of the world, priorities, privacy concerns, tech usage and communication preferences. Consider hiring a Millennial ambassador to give you some insider knowledge.
Engage, Entertain and Educate – Millennials want content that is useful. If it doesn’t entertain or educate, chances are they won’t read it. In fact, in a recent study, 41 percent of Millennials said the main reason they abandoned content was that it was too long.
Be Authentic — Avoid using popular slang or buzz words as a way to relate. Millennials will see right through it. Be honest, upfront and accountable. Millennials are savvy shoppers and value transparency.
Get Social – Social media usage is high among Millennials, with Facebook, Instagram, Twitter and Pinterest being among the most popular platforms. Five out of six Millennials in the U.S. connect with companies on social media networks. Consider how you can connect with young renters on social media. Post photos and video tours, invite them to special events, and run promotions and contests.
Utilize Tech Tools – More than 85 percent of Millennials in the U.S. own smartphones, and they touch them about 45 times a day. As potential renters, they are informed and often conduct extensive research of properties online. They are sure to have the latest apps and tech tools at their disposal.
Appeal to Their Pocketbooks – The median income for Millennials in the U.S. who are year-round, full-time workers is $33,883. Because they grew up during a period of recession, many Millennials value financial security. Offering financial incentives, move-in specials or cost-savings perks are sure to impress