It’s, well, embarrassing. 

After turning age 28, young people having fun are not content to still be living at home with mom and pops. That finding comes from the June 2019 survey conducted by TD Ameritrade of 1,027 Generation Z (born between 1995 – 2015), 1,026 Millennials (born between 1980 – 1994), plus 1,001 parents. 

Student loan indebtedness is the dominant reason twenty-somethings move back home instead of moving on, the study noted. Approximately 1/3rd of all Millennials and Gen Z population live with the ‘rents.

Millennials are less likely to own a home than baby boomers and Gen Xers, according to the 2018 Urban Institute report on Millennial Homeownership. One in 3 Millennials spent over 30% of their monthly income on rent according to the 2019 State of The American Renter: Millennial Living posted on zumper.com. On average the rent the 10,000 respondents pay is $900/month.

Seventy-four percent of renters are Millennials, according to Pew Research Center. They are more cautious about carrying credit given that they watched their parents live through the credit crisis of 2007-2009. They seek USB-equipped residences, keyless entry and WiFi plus they demand the property be eco friendly. Paperless operations, Energy Star appliances, LED lighting and self-regulating thermostats. 

Rentpath.com reports that Gen Z is seeking student housing now and will soon be candidates to rent conventional apartments. 

Reluctant to use traditional social media like Facebook, Gen Z individuals prefer Snapchat because messages can be set to disappear vs. remain posted on the Internet for perpetuity. This generation responds to influencers (recognizable individuals, sometimes celebrities) who are paid to post opinions on social media. They spend 26 hours a week on their mobile phones. Considering that’s 4 whole 8-hour days, it’s necessary to post mobile-friendly advertisements for housing for rent. Also Gen Z is known for its sixth sense when it comes to insincere online advertising. If they see only positive reviews and no negatives, this group senses the reviews are false.

A good property manager is responsible for knowing the variables between different renting audiences. That awareness can make the difference between a building that’s full or one that’s seeking to fill vacancies.