Updated December 23, 2021
If you’re like most landlords, you want to find the best renters possible for your Jacksonville rental property. But how do you go about finding them? And once you’ve found them, how do you convince them to choose your property over all the others out there?
As an expert Jacksonville property management company, we know that identifying your ideal renter is essential when marketing rental properties. It’s an important first step that is often overlooked when developing a marketing strategy. Once you have your target market, you will have a better idea of your potential residents’ needs, wants, and struggles, and you will know how to best cater to them! There are steps you can take to find the best renters and that includes a proactive rental marketing strategy.
Marketing to renter groups like baby boomers and millennials can lead you to long-term quality tenants! What about Gen X and Gen Z?
Here are some tips on marketing your rental property effectively to reach your ideal renter.
How to Market Your Rentals to Gen Z, Millenials, Gen X, and Boomers
When it comes to marketing your rental property, it’s essential to target your advertising to the right group of people. This will help you attract your “ideal tenant.” For example, suppose you are looking for tenants for a single-family home in a quiet neighborhood near a great elementary school. In that case, you are probably looking for people in their late 20s to early 40s who are most interested in things like a good school district and safe streets. Your target market will shape how and where you advertise your rental unit.
On the younger end of the spectrum, you have Gen Z, Millennials, and Gen-Xers who range from college age to adults in their mid-50s. However, as a professional property management company, we’ve noticed that all of these generations currently in the market for rental properties use technology to search listings. Hence, it’s crucial to advertise your rental online on the platforms your target audience is searching for and make your listings stand out. In addition, all of these generations prefer technology in their homes and are willing to pay rent online, so if you don’t already, make sure that online rent payments are an option for your renters.
Let’s break these generational tendencies down a little farther.
Gen Z renters are currently in their early to mid-20s, making them college-age or recent graduates. They will have less experience with renting. While they are in college or at the beginning of their careers, don’t discount them as viable tenants. Thanks to the Great Recession, they are much more likely to be frugal and seek stability in their housing.
If your Jacksonville rental property appeals to younger people, you are more likely to find a tenant interested in a longer-term rental. As this generation tends to be social, houses in lively communities or apartment buildings are ideal. Living near a transit hub can be appealing, as they are often on the go to school or work.
This group also tends to be passionate about environmentally-conscious amenities and features, so if you have these features, play them up! Some of the items you might consider adding to your rental property or, if you already have them, highlight them in your advertising efforts:
- Energy-efficient appliances
- A rainwater catching system
- Solar panels
- Veggie garden
- Any smart technology such as a thermostat regulator or a doorbell camera
As many Gen Z-ers are gig and hospitality service workers, they often operate outside regular business hours. This makes tech-driven self-service amenities (like smart package lockers, keyless locks on gyms and pools, and other on-site features) important.
Millennials are a large, diverse group of people in their late 20s to early 40s. They make up a significant portion of the population and are always looking for new opportunities. Many of them are fluent in technology and likely to use it to find rental properties (though they remember a time before the internet).
Millennials are more likely to move frequently, often because they are looking for the perfect job in the right location. They are also more likely to rent throughout their 30s and into their early 40s. This may be because housing is not very affordable or because they just need more flexibility.
They are also often looking for pet-friendly apartments, as a higher percentage of them are pet owners. If your rental properties are not pet-friendly, it could be a boost to your return on investment to think about allowing pets.
Some advantages of having a pet-friendly rental property are:
- A larger pool of potential renters, since 85 million American households have at least one furry family member
- More money per month since you can charge a pet deposit and a monthly pet fee
- Most pet owners are more responsible
- Pet owners are more likely to renew their lease because it is tough to find a pet-friendly rental property
Check with a Jacksonville property manager to see if allowing pets might be a benefit for your rental properties. Once you decide if allowing pets is right for you and your rental property, property management companies can also help you structure your lease agreement to adequately explain the responsibilities of pet owners on the property.
As Gen Xers move into their early 40s to mid-50s, they become some of the most enthusiastic technology users. They are typically more prosperous and have higher incomes of $100k+ per year, making them a desirable group of renters. With 50 million members of Generation X in the United States, they are a demographic you don’t want to forget about.
Those looking to rent generally prefer single-family detached homes, as they need as much space as possible to fit their current lifestyle. Some Gen Xers are even looking to have their millennial children or boomer parents live with them, so space and square footage are vital considerations when renting your Jacksonville investment property.
Baby Boomers are people who were born between 1945 and 1964. Boomers (and occasionally folks from older generations) are renting more frequently these days. As they downsize from their single-family homes when their kids move out, they are generally in the market to buy or rent apartments, condos, or townhomes.
Baby boomers tend to look for excellent properties that don’t require much maintenance. Make sure to highlight the property management services features that you or your maintenance staff take care of so Baby Boomers will know how much easier their lives will be in your rental property. Here are a few ideas:
- Switching out light bulbs
- Changing smoke detector batteries
- Replacing furnace and air conditioning filters
- Cleaning the dryer vent or chimney
- Taking care of gutters and downspouts
- Carpet cleaning, window washing & more
They prefer to be within walking distance of cafes, shopping, grocery stores, and public transit, among other amenities. That said, many of them are willing to live in quieter suburbs, away from large cities.
Like Gen Xers, they tend to have a more stable financial situation, and those interested in renting are more likely to be looking for a luxury rental. Appeal to boomer renters by emphasizing the luxury of not having to deal with property maintenance, as well as the convenience of nearby amenities. Boomers like being near travel hubs or highways, making visiting family and friends in other areas more convenient.
As Baby Boomers get older, they are more concerned about health and healthcare.
If you have a property near work-out facilities, senior activity centers, and high-quality medical centers, make sure to let this generation know about it in your listing.
Work with a Property Manager to Enhance Your Marketing Efforts
As a rental property owner, it’s essential to know your target renter to effectively market your Jacksonville rental property. By understanding the wants and needs of each generation, you can create a rental property marketing strategy that appeals directly to those individuals. Working with a professional property manager will help ensure that your marketing efforts reach the right people and result in more leases signed. Let us help you find the perfect renters for your investment property.
Spectrum Realty Services understands the Jacksonville market and how your rentals serve tenants best. Not only can we help rental property owners develop and implement a marketing strategy, but we can also work with you to find and screen tenants, professional maintain the property, collect rent, and so much more of the daily tasks. Let us help you identify the best tenants and maximize your income. Contact us today for a free consultation!