What Kind of Experience Are Gen Z and Young Millennial Renters Looking For?

Millennials refer to people born between 1980 to 1994. As such, they generally came of age between 2000 and 2010, a two-decade stretch that witnessed the rise of the Internet, the ubiquity of social media, and the popularity of sharing and collaboration.

Then came the next generation, more popularly known as “Generation Z” or “Gen Z.” Born between 1995 and 2012, zoomers, as they are colloquially known, are currently entering adulthood.

Millennials and zoomers grew up using their smartphones for practically everything— from booking rides (Uber, Lyft), getting pet care services (Rover), finding parking spaces (JustPark), finding handymen and movers (TaskRabbit), ordering food (EatWith), and obtaining storage space (Neighbor), among many others. Together, these generations are acclimatized to living in a digitally connected world.

Part of becoming an adult is finding your own place to live. That means now more than ever, property managers and landlords should prepare to cater to the needs of Gen Z and young millennial renters.

The Rise of Coliving: Targeting Gen Z and Millennial Renters

Coliving, short for “communal living,” is a housing approach built on the community living model. The concept, however, does not only require apartment or house residents to share living space but also to coexist. They thus need to share similar interests, values, and short- or even long-term plans if they are to cohabit successfully.

Over time, coliving gained considerable traction, especially among young professionals (yuppies) and college students across the U.S. But as we said, they do not want to live with just any roommate; they look for people they can hang out with.

Addressing the Gen Z and Young Millennial Need to Socialize

We cannot deny that COVID-19 forced almost everyone to stay home—quite hard for millennials and zoomers who are essentially social creatures. Lockdown protocols and social distancing took a toll on them. Thanks to the coliving concept, today’s twenty and thirty somethings can socialize in the comfort of their own homes.

It has been said that while millennials and zoomers need to interact constantly, these interactions do not have to be physical. Given that they grew up in the digital age, they are used to socializing online, spending around 4–5 hours daily on social media.

Hence, reliable and high-speed Internet access is a must, and landlords and property owners must keep this need in mind while offering coliving spaces to today’s renters. A space where everyone in the building can congregate may be a good idea, as that gives everyone in the community a chance to interact if they want to.

Sating the Gen Z and Young Millennial Thirst for Freedom

Ironically, even if millennials and zoomers love to socialize and thrive in shared living spaces, they also crave control and freedom. They are, in fact, often described as independent and sometimes willful. They tend to suffocate from too much parental or even professional supervision.

For property managers and landlords, that translates to giving each Gen Z and young millennial renter some personal space even if they reside in a coliving space. Limiting the number of renters in available rooms may be a good idea. That way, everyone has their space and a feeling of privacy too.

Satisfying Other Gen Z and Young Millennial Requirements

We know millennials and zoomers as digital natives. They are used to getting what they need and even want with a few taps on the phone screens or giving instructions to Siri or Alexa. Therefore, you can hardly imagine them doing the laundry or going to the grocery the same way their parents did.

In that vein, property managers and landlords need to equip coliving spaces with at least some of these comforts if they want to attract as many renters as possible.

Location is also something they should consider as well. Given their age, millennials and zoomers comprise most of today’s workforce, so ensure your properties are near or within city limits. They also like going out, so proximity to coffee shops, bars, and restaurants is a selling point.

Do you want to know more about how coliving can benefit Gen Z and young millennial renters? Tripalink can help you explore coliving options (furnished or otherwise) in various cities across the U.S. If you are interested, sign up for membership now.