With millennial renters declining, Generation Z will drive rental demand into the next decade. A quarter of all U.S. renters and 47% of recent renters are already members of this generation.
Gen Zers, born between 1997 and 2012, don’t remember a time before the internet. During their early years, they saw the rise of smartphones and social media. Nearly all (94%) of them have a smartphone, and they spend 12 hours per day on average using technology products.
Not surprisingly, this digitally savvy generation has different expectations than older generations when it comes to leasing. Keep reading to understand what Gen Z renters want and how leasing automation can help you deliver it.
24/7 Responses
While business hours used to be standard, today many people expect round-the-clock responses. Nearly 75% of consumers under 35 in one survey said they highly appreciate 24/7 service. With most (93%) of Gen Z admitting to staying up late on social media, they may be even more likely than millennials to prefer non-traditional business hours.
What that data means for property owners? If you’re not answering rental queries after-hours, you could lose Gen Z prospects. The good news is, AI makes it easy to respond instantly. With an AI-powered leasing automation tool, your property team can respond immediately when prospects reach out no matter what time it is.
ApartmentAdvisor ASSIST’s conversational AI agent responds to rental queries day and night. According to our data, more than half (52%) of leads come in after hours, showing the demand for 24/7 communication. When prospects get an instant response, they may stay more engaged in the leasing process. Half of prospects who queried our ASSIST AI agent responded within 10 minutes.
ASSIST’s FHA-compliant tool also automatically screens leads for income, credit, and preferences to save your team time and help them focus on the most qualified leads.
AI Tour Scheduling
Gen Z is notoriously skittish about talking on the phone. So, it’s not surprising that 80% of Gen Z consumers prefer digital self-service over calling a business to talk to a person, according to one survey. What that data means for property owners? Gen Z renters may opt for another property if you don’t provide easy ways to schedule a tour online.
Lease automation software makes online tour scheduling simple. With ASSIST, your prospects can request an appointment, select from available times, and book a tour using our conversational AI agent. A fifth (20%) of renters only need to exchange two messages with the AI agent before scheduling a tour, according to ApartmentAdvisor’s research.
Mobile App Communication
In 2010, when the oldest Gen Z members turned 13, teenagers already sent and received more than 4,000 texts per month. It makes sense that nearly 40% of Gen Z renters prioritized text and AI communication as the change they’d most like to see in their rental experience.
What that data means for property owners? If your prospects can’t ask about your apartment via a convenient mobile app, they may not bother. Nearly half (46%) of Gen Z consumers consider AI ideal for simple fixes and 47% see it as optimal for generic questions.
With ASSIST, your prospects can inquire about listings through the user-friendly conversational app. The AI agent handles common issues, like checking availability, scheduling tours, and screening prospects and forwards more complicated issues to your team. (That’s important because 65% of Gen Z prioritizes human customer service for complex issues.) On the back end, a unified dashboard consolidates inquiries, tour scheduling, and application tracking to make the leasing process more efficient for your team.
Digital Leasing
More than half (51%) of renters prefer to sign a lease online, up from 39% in 2018. With 63% of Gen Z prioritizing a technology-first rental experience, automated applications and leases may be even more appealing for the youngest generation of renters.
What that data means for property owners? Digital lease signing saves time since you don’t need to schedule an in-person meeting or send documents in the mail. It may also improve resident experience.
With ASSIST, prospects submit rental applications through the user-friendly app. Once approved, they digitally sign lease agreements with a few taps. When their lease is nearly up for renewal, ASSIST sends a friendly reminder, and they sign the renewal agreement right on the app, too.
Win Over the Next Generation of Renters
Gen Z grew up doing everything on smartphones, from banking to shopping to schoolwork. It’s no surprise they expect a technology-first rental experience, too. By providing 24/7 responses, AI tour scheduling, mobile app communication, and digital leasing, you’ll deliver the convenience they’re looking for.
ApartmentAdvisor ASSIST’s conversational app responds instantly when prospects reach out, pre-screens, schedules tours, and facilitates secure digital lease signing. Fill out this form to see how it can help you fill vacancies faster and boost renewals.