by threshold | Oct 13, 2020 | Culture, Marketing, Tech/Web
Updated 9/8/21
With the oldest representatives of Gen Z now 24 years old, this generation has already redefined the student housing market and is well on its way to doing the same for multifamily. As their coming of age continues to change the student housing and multifamily industries, here’s what you should know if you want to remain at the cutting edge of the industry and future-proof your marketing strategy. We’ll break down who Gen Z is, what motivates Gen Z’s housing choices, and how to market housing to Gen Z. Let’s dive in.
Who Is Gen Z?
First of all, let’s nail down some definitions. Although from a practical standpoint, generational boundaries are more of a guideline, the official birth years for Gen Z fall between 1997 and 2012. That means as of 2021, the oldest Gen Zers (or “Zoomers”) are now 24 years old. As a result, many Gen Zers are now becoming first-time renters in both the student housing and multi-family markets, and within the next decade, the entire generation will be 18 or older.
Besides their years of birth, Gen Z is defined by the digital and cultural trends that formed (and continue to inform) the zeitgeist of their formative years. This generation is dominated by digital natives—i.e. people who have not only never experienced a time without the internet, but who grew up using smartphones, social media, and other digital technologies and platforms. They are on track to be the most educated generation on average and tend to be socially conscious and climate conscious.
In terms of their values, Gen Z is considered to be similar to Millennials but antithetical to the Boomer generation. Many Gen Zers appear to reject the traditional values of the Boomer generation: for example, Gen Z is less likely to value buying a home, marrying young (or marrying at all), having children, achieving traditional career success, or conforming to traditionally-defined gender roles.
What Motivates Gen Z?
Gen Z’s digital and social sensibilities define their key motivations within the housing market. For example, it should come as no surprise that, even more than Millennials, the digital natives of Gen Z are motivated by smart home tech, access to high-speed internet, and a property’s digital presence. They prefer having the ability to learn about a property online without first having to visit in person and expect online options for lease applications, rent payments, and maintenance requests. In a similar vein, this group—accustomed to having so much of their life at their literal fingertips—appreciates convenience and will choose housing options that cater to it.
Beyond their digital expectations, Gen Z is also highly motivated by affordability. As this generation enters the market during one of America’s most staggering recessions, when tuition costs are higher than ever, and job security is hard to come by, they know they have to be frugal and cautious. For similar reasons, this generation values flexibility and efficiency. They want to get what they need without paying for extra; they want low utility costs and high value, and they want the freedom to change their housing when their needs change, especially during a time of instability.
Additionally, this climate-conscious generation is motivated by sustainability. They are early adopters of sustainable alternatives to everyday goods and services and likely to appreciate brands that they see as contributing to climate solutions rather than to climate problems.
How is Gen Z Changing the Housing Market?
As Gen Z enters the renting market, many developers and property management companies are beginning to see what is most important to these renters as well as what are some of the deal-breakers.
We’ve already seen a shift to online rent payment options, online leasing, and virtual tours. In addition to these changes, we’re beginning to see an incorporation of more smart-home technologies with new developments and upgrades to existing apartments. These changes speak to some of the shared values placed on digital convenience and tech-savvy by Gen Z and Millennials. While the latter have been shaping housing trends for over a decade, Gen Z will likely push these trends even further. In particular, smart-home technologies with phone compatibility are likely to be the next wave of upgrades. Some of the amenities we’re beginning to see in this area include:
- Smart thermostats
- Smart door locks and keyless entry (for apartments and amenity spaces)
- Package lockers
- Smart speakers (often given as leasing incentives)
- Smart lights
- Smart appliances
- App-based amenity reservation system
On the subject of sustainability, many developers are setting new standards with LEED certification. Since Gen Z values contributing to efforts that protect the environment, we may see an increase in LEED certified buildings and the marketing around these certifications to appeal to the interests of Gen Z renters. Other features and amenities we’re beginning to see in this area include:
- Vehicle recharging stations
- LED lighting
- On-site renewable energy
- Recycling options
- Daylighting
- High-efficiency appliances
- Community gardens
Another interesting trend that could emerge is co-living. While it’s still a niche industry, co-living may appeal to the convenience and affordability motivators for Gen Z. Younger renters are accustomed to and actively seek out living with a roommate. The housing affordability crisis of today may even motivate Gen Z renters to seek out co-living options in spite of the COVID-19 pandemic and any lingering cultural shift it may create.
How To Market Apartments to Gen Z
Whether you’re marketing student housing or multifamily apartments, appealing to a Gen Z audience requires more than just running some ads on Instagram or creating a TikTok for your property. While most apartment marketers and asset managers already know that social media presence is a must when marketing to Zoomers, there are additional factors you should take into account.
Branding & Positioning for Gen Z
Gen Z likes to see authenticity, social impact awareness, sustainability, and modernity from their brands, and apartments are no exception. For new developments, it’s easier to steer your branding in this direction, but for existing communities, it can be a challenge to adapt to these preferences after the fact. Consider drafting new brand messaging guidelines for everything from your social media posts to your website and ad copy, then update these digital assets accordingly. Gen Z can smell inauthenticity a mile away, so brand voices that are conversational, approachable, and down-to-earth tend to resonate better with this crowd. And after all, there’s something inherently appealing about a brand that appears to “cut through the bullshit” and deliver straightforward facts. While some existing brands can achieve this with just some well-placed tweaks, in some cases, a full rebrand could be the glow-up your community needs to attract Gen Z renters.
Gen Z also tends to prefer a brand look & feel that is colorful, playful, and simple. In general, think organic shapes, minimalist composition, and hand-drawn patterns and textures. By contrast, the ultra-luxe look & feel of metallic accents, moody lighting, and elegant or crisp lines don’t tend to play as well with this audience. That’s not a hard and fast rule though, so consider which of these elements, if any, will play well with your interior design and existing branding.
Digital Marketing for Gen Z
You already know that a social media presence and social media ads are a must for Gen Zers. To maximize your impact on these platforms, video is a must. TikTok videos, Instagram reels, and Instagram Stories are excellent ways to give quick video tours of your floor plans, show off resident events, introduce your on-site team members, and more.
In addition to these platforms, your website and Google My Business page are also key to earning leads and leases from Gen Z renters. You don’t have to have the fanciest website, but a modern feel with solid UX (including, at a bare minimum, no broken links) can go a long way. That goes double for a GMB page with updated info, a working link to your website, attractive community photos, and positive reviews.
And because most housing searches begin with a Google search, especially among the digital natives of Gen Z, Search Ads are a must if you want to reach your prospects when they are most ready to click and convert.
by threshold | Apr 20, 2017 | All, Culture
Name: Emily Barker
Title: Graphic Designer
Emily takes apartment marketing ideas and turns them into apartment marketing masterpieces. She has been creating next-level multifamily marketing brochures, websites, and logos for Threshold for some time now, and we just want her to have her moment in the sun.
Get to know Emily below!
What are 3 words you would use to describe Threshold?
weird, friendly, evolving
If you had an office nickname, what would it be?
Office Daria
What is your favorite line from a movie?
Listen up, Fives. A Ten is speaking. — Jenna, 30 Rock
If you were stuck on an island, what three things would you bring?
coconut radio, a Kindle full of books, notebook & pens
What is the title of your autobiography?
Why Are These Fonts Not Syncing! The Emily Barker Story
What is/would be your motto or slogan?
You can’t have it all, but you can always have pizza.
If you had a superpower, what would it be?
Flight
What is your hidden talent?
I’m pretty good at using a Chinese Yo-yo
If you were famous, what would it be for?
Making delicious Kimchi
Favorite Austin eats?
Las Trankas for street tacos
by threshold | Apr 6, 2017 | All, Marketing
Reasons to Rebrand
We get a lot of requests for rebrand projects from new property owners, especially those who’ve bought older properties. If you’re an owner taking over a property, you might want that property’s branding to fall more in line with the other communities you own. A rebrand makes a statement to the surrounding community that your property is serious about its image.
Recent renovations also cause property owners to come to Threshold for marketing ideas for apartments in the midst of a rebrand. The big payoff for big renovations is the ability to promote them. When you make renovations, and do a rebrand, you can promote your property in a whole new way to a whole new audience.
Finally, poor reputations can also cause owners to consider rebranding. Past a certain point, your property’s reputation cannot be saved, no matter how much time you dedicate to reputation management. If that’s the case, a rebrand can give your property a fresh start.
Obstacles to Overcome
Losing a name associated with negative reviews is great, but you’ll also lose plenty of equity in the community from people who’ve knew about your property’s old name. Online, you’ll have to take certain steps to combat the loss of domain and page authority that your website has built up over the years. At Threshold, we combat this by mapping your old URLs to similar pages on your new website.
There are a million moving parts to take care of when your property gets a new name, especially in today’s age of multiple online social media pages and apartment finder websites. It’s a complicated process to update every little detail, but it’s worth it—and entirely necessary— when launching a new brand into the market.
Your new site will have to build up trust with Google over time, no matter how much work your advertising agency does to combat the loss of SEO mojo from your old brand. However, property managers can drive traffic to their site right away by launching Google AdWords campaigns.
With AdWords, you can show up in search results right away because you’ve paid to be there. That will immediately drive traffic to your new site and speed up the trust-building process with Google.
Take Good Care of Your New Brand
As property managers know, renters care deeply about the lifestyle their chosen community projects. Sometimes, that projected lifestyle is even more important than the amenities or the square footage. Doing a rebrand can help your property show off an entirely different lifestyle than the old brand was putting out there. You can do all this without making major renovations.
We talked about changing the property’s social media pages to suit the new brand, but the voice and tone on social media should change as well. When we create new brands at Threshold, we don’t create them to be permanent. Instead, we develop brands that have the chance to grow and evolve as time goes on. We want our clients to be able to take ownership of their brand and wield it how they see fit. Social media is a perfect place to start trying out your new brand—your new voice.
A rebrand can involve anything from naming and a logo to a full-blown collateral update, including digital apartment marketing materials such as your website. We’re here with game-changing apartment marketing ideas when your property is ready for a rebrand. Whether you’ve just purchased a new property that needs to present a new face to the market, or you’re just sick of looking at a stagnant logo, Threshold can help.
by threshold | Feb 15, 2017 | All, Marketing
The demand for creative residential marketing ideas for apartments is higher than ever in this saturated market. After all, the seven year luxury apartment boom may finally be ending. U.S. apartment rental rates have increased 26% since 2010, however, rents only grew by 3.8% in 2016 compared to 5.6% growth in 2015. Furthermore, the Commerce Department has released figures that suggest fewer newly-constructed apartments being rented out this year than last year. In short, rent prices have stopped skyrocketing and new developments are slowing down.
Differentiation is more important than ever in a saturated market. In Threshold’s many years of experience in residential marketing, however, we’ve learned that differentiation is an easily misunderstood concept. Differentiation is not just a unique amenity or industry-first service offering. Differentiation is answering the question, “Why would your ideal resident choose your property over the property down the street?”
Some communities try to differentiate by offering services like bike repair, tanning beds, and even dog washing areas. While the overall service and amenity offering is important at any apartment community, it’s unlikely than any one amenity will convince someone to choose your property over the competition.
Differentiation is as much about identifying your target audience as it is about having a unique marketing message. Here at Threshold, we work with many different residential industry clients and as a result, we end up creating marketing collateral for many different audiences.
When crafting a marketing strategy for senior living communities, we must consider both the potential resident and their child who is often the final decision maker. The same holds true for student housing, though the audiences are obviously vastly different. It’s vitally important in that industry to create messaging that speaks to Generation Z students, but to not do so in such a manner that we alienate the parents who are actually paying the student’s rent.
Multifamily housing presents a different challenge altogether. In that case, the potential resident is also the decision maker, but that person could be anywhere between 22 and 70 years old. Marketing to millennials is just as important as marketing to empty-nesters, and we often have to accomplish both using the same messaging, design and marketing collateral. Advancements in apartment digital marketing tools have helped target specific audiences, but market research and understanding the client’s property is still just as important.
Differentiation doesn’t happen just because your property has the biggest pool in the market or the lowest rent. Differentiation happens when your property is properly positioned—through strategic messaging and design — to fill a gap in the market. Threshold has positioned over 3,300 properties during our combined 242 years of residential experience. Here are a few examples of positioning the client’s property as filling a gap in the market:
- The no-frills, affordable apartment that still offers a hint of luxury.
- The place to gather for a diverse community of young professionals
- The rustic living space in an urban environment
- The senior living community that helps residents maintain an active lifestyle
- The student housing community closest to campus
- The student housing community that doesn’t feel like student housing
As you can see, positioning can be as simple as a location or as complex as a lifestyle promise. Of course, each of these positioning statements requires many hours of research and competitive analysis. In the end, by identifying the target audience and comparing the client’s property to the competition, we’re able to find the differentiation opportunity. It then becomes a matter of crafting the messaging, digital campaigns and residential marketing collateral that best speaks to the primary differences between your property the one down the road.
by threshold | Feb 1, 2017 | All, Marketing
A recent survey of 2,352 marketers revealed that content marketing and big data are expected to be the two biggest marketing trends in 2017. We say trends, but these two residential marketing tools are going to be around for a long time. The truth is, property managers can no longer expect to drive digital traffic or foot traffic with advertising alone. The market is so saturated and the competition is so fierce, brands need to provide something of value before they can expect to receive any customers. That’s where content marketing comes into play.
Effective content marketing is both highly valuable and remarkably difficult to get right. The Content Marketing Institute defines content marketing as, “creating and distributing valuable, relevant and consistent content.” The problem is that the definition of “valuable” changes depending on your property’s target audience, as does the definition of, “relevant.” At Threshold, we combine audience insights from our digital team with copywriting services to create effective content marketing strategies for our clients. Understanding the pool of potential residents is the first step toward developing creative marketing ideas for apartments.
Big data will steer marketing decisions in 2017 in many ways. Modern data measuring tools haven given marketers the ability to accurately measure the success of marketing campaigns, reveal and analyze target audience demographics and target potential customers by filtering through dozens of audience identifiers.
Marketing automation is another digital marketing tool that will drive leases in 2017. Marketing automation can take on many different forms. At Threshold, we developed HOLA (Handy Online Leasing Ambassador) to nurture our clients’ leads from the first point of contact through the signing of the lease. HOLA and other automated marketing tools are much more valuable than simple e-blasts because they’re dynamic. Prospects are funneled into different channels depending on their level of interest and follow-up. Automated marketing systems are especially popular in the residential industry for a number of reasons. For starters, automated systems like HOLA free up the leasing staff to focus on in-person leads and community tours. Secondly, marketing automation can be used to build and maintain digital relationships with current residents, increasing the likelihood they’ll renew.
Geo-specific mobile marketing is another way to increase leads and draw residents away from your competition. Everyone carries a GPS in their pocket these days, which makes marketing to millennials a whole lot easier. Savvy residential marketers are now able to use smart phone location functionality to target prospects within a certain geographical location. We take advantage of this in a couple ways here at Threshold. First, we use geo-targeted advertisements to display a client’s mobile ads to prospects who happen to be near that client’s property. The other method is to target residents who currently lease from the competition. Geofencing allows us to define areas as small as a single building (like the other luxury apartment building down the block) in which to display mobile advertisements. Hey, it’s a competitive world out there.
If your properties don’t have the latest apartment digital marketing tools, contact Threshold today and let’s get your property on the path towards 100% occupancy.
