It’s common knowledge by now that if you want short vacancies in your rental home, you must know who your target demographic is. There are notable differences among generations of renters because of the variations of the eras too. To be victorious in getting their attention and retaining long-term renters in Hollywood, it’s crucial to get to know what these differences are.
The generation that comprises nearly 1 out of 3 renter households is Generation X. Generation X, or “Gen X,” is the demographic following the “Baby Boomer” generation. Currently, in their late 30s, 40s, and 50s, Gen X renters are often characterized as active, entrepreneurial, and focused on achieving a work-life balance. People that belong in this generation commonly prefer to rent because they are trying to reserve their money for other purposes or try to improve their finances so that they can acquire their own homes. At the same time, Gen X renters are to be expected to remain in a rental home for more extended periods.
To benefit from this inclination, there are several approaches that property owners in Hollywood can practice to draw in Gen X renters to single-family rental homes and encourage them to stay for an extended time. For example, Gen X individuals were some of the ones that were hit the hardest when the Great Recession happened. A lot of people who belong to this generation went through the loss of their homes, jobs, and high credit scores. Property owners who are eager to look beyond a credit score and consider references from employers, friends, and former landlords are more apt to appeal the Gen X renters.
Some strategies property owners can practice to attract and retain Gen X renters include accepting them even as their life circumstances change as well as advertising in the right places. Though some Gen X residents will eventually buy their own home in the future, still, a good number will continue renting for years from a property owner who is eager to upgrade their rental home on a consistent basis and are willing to do whatever it takes to appease a tenant, therefore, encouraging them to stay longer.
To attract Gen X renters, it’s vital to market in the right places. Although Gen Xers are typically used to searching for available rental homes on social media and sites like Zillow, they will also check for listings on property management websites, community bulletin boards, and classified ad sites like Craigslist. While Gen X renters are usually more keen than younger folks to take advantage of more traditional modes of communication – by calling a property manager instead of searching their website, for example – they are also comfortable with and will benefit from a range of marketing platforms.
By employing the right strategies, Gen X tenants can be within reach for any property owner. At Real Property Management Asset Solutions, we help owners market to quality renters who are seeking a long-term commitment. We are experts at tenant satisfaction and can help property owners plan ahead to keep their tenants happy and to renew their leases for many years to come. To learn more, contact us or by phone at 954-889-5627 today!
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