What one of the largest renter demographics wants from you
In real estate, the phrase that holds the most weight is “location, location, location.” But, for the largest demographic of renters, what really matters are “amenities, amenities, amenities.” And if you know what to do and say when they first visit your community, you’ll lock in an audience more than willing to sign a lease – with or without the tech they’re looking for.
Introducing: the Up and Comer. As the youngest and largest demographic of renters, they’re often thought of as the trendsetters looking for the next best thing. But what we found about this group in our recent research may surprise you.
Throughout our series, we’ve uncovered insights that can help you increase your occupancy and net operating income when you turn them into actionable strategies that address the needs of these five types of renters:
The Routine Renter
Here, we’ll highlight the psychographic data behind this group and how, with the right talking points, you can be the one that shows these trendsetting renters what’s cool.
WHO UP AND COMERS ARE: YOUNG, HIP AND WITH MONEY TO SPEND
This demographic group is looking to you to show them the reasons why your property is where they want to be. And this attitude may work for or against you. If you can be the first to catch their eye with the right amenities, they’re likely to sign the lease without doing too much extra research.
So it’s smart to be smart around Up and Comers. That means having advanced upgrades; smart locks, smart thermostats, smartphone-controlled lights, and other connected amenities. Having a turnkey apartment they can walk into without much thought will go a long way with this too-busy-to-take-a-break group. And with the sudden shift in the market due to COVID-19, a separate Assurant survey found that 62% of renters believe smart home features and technology are one of the most important factors about a rental unit. So upgrades that work for the Up and Comers now may also be a feature beneficial for a wider renter audience.
But tech isn’t the only amenity they’re looking for. In an additional research survey, Assurant found that as a potential result of the coronavirus, Up and Comers also want room to stretch out. Nearly 70% of renters said that one of the most important factors about a rental unit is a larger living space to help with working from home, activities and workouts.
Once the pandemic subsides, however, our research shows that traditionally, Up and Comers are looking for a thriving community that mirrors the life they lead outside their home. Highlighting events such as movie nights, on-site or off-site hosted happy hours, paint and sip sessions, and yoga classes may show Up and Comers you know how to keep up with their active, social lifestyle.
HOW TO CONNECT WITH UP AND COMERS: TALK UP THE TECH AND THE TRENDS
Since Up and Comers were born in a world always connected to Wi-Fi, you need to dress your best where it matters most: in the digital world.
Start with your website. Having a user-friendly website that showcases your community’s activities and unique features is a must for this group. Then, it’s a matter of emphasizing the community culture and personality – and your virtual personality is more important than ever before. A recent COVID-19 study we conducted found that 60% of renters would consider virtual walkthroughs, interviews and contracting without seeing the property in person. Use virtual tours and walk-throughs to sell your complex to renters who, like Up and Comers, are likely to be looking for information digitally.
Promote any smart amenities. If your property has smart locks, fridges, thermostats or other features, put these front and center for the Up and Comer. They’re interested in the latest and greatest technology has to offer, and they want to be trend setters. Highlight any ways your property aligns with their motivations.
Highlight the Instagram-worthy attractions of your location. For many communities, adding new features is part of a long, costly process. So if you don’t have all the bells and whistles just yet, turn to the surrounding areas and location of your property. Highlight that your community’s location is part of the amenity. Nearby Instagram-worthy restaurants, a variety of unique shops and hangout spaces in your neighborhood can help bridge the gap.
Help them work through logistics. Target Up and Comers if you have a high-end property. But beware: This group could come with a bit more risk. Focused on fun, these renters don’t often think about logistics like getting renter’s insurance. Highlighting the benefits of renters insurance and pointing out that they can get liability only policies from companies like Assurant can help them shift their mindset. Make it easy for them to get coverage that protects the investment you’ve made in your property.
Discover the many ways you can attract this demographic and others using our latest whitepaper. You’ll get a clearer picture of the commonalities between all groups that you can use to create more effective marketing strategies. By understanding the intricate details about the five types of renters like Up and Comers, you can attract more potential tenants and improve your bottom line.
Read “How to Speak Resident” for more.