Everybody acknowledges the fact that the key to filling in vacancies is understanding your target demographic. There are significant differences between generations of renters because of the variations between the eras themselves. To successfully draw in and retain long-term renters in Farmers Branch, it is essential to recognize and understand these differences.
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. Individuals in this generation usually rent because they are working on saving money or growing their finances so that they can purchase a home. At the same time, Gen X renters are more likely to stay in a rental home for more extended periods.
To take advantage of on this tendency, there are more than a few approaches that property owners in Farmers Branch can utilize to entice Gen X renters to single-family rental homes and encourage them to remain long-term. For example, Gen X individuals were some of the hardest hit during the Great Recession. Many battled with the loss of their homes, jobs, and high credit scores. Property owners eager to look past a credit score and consider references from employers, friends, and former landlords are more likely to attract Gen X renters.
Other approaches property owners can do to draw and retain Gen X renters include supporting them as their life situations turn and promoting in the right places. While some Gen X residents do end up purchasing their own home, many will continue renting for years from a property owner who is ready to upgrade their rental home regularly and are willing to commit to a tenant’s satisfaction and encourage them to stay longer.
To attract Gen X renters, it’s necessary to advertise in the right places. Although Gen Xers are usually content 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 often more prepared than younger folks to use 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 applying the right strategies, Gen X tenants can be within reach for any property owner. At Real Property Management Legend, we help owners reach out to quality renters who are yearning for a long-term commitment. We are experts at understanding a tenant’s well-being and can assist property owners in drafting a plan to make sure their tenants happy and continue with their leases for many years to come. To learn more, contact us or by phone at 214-235-2427 today!
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
