It’s no secret that the key to short vacancies is knowing your target demographic. There are distinct differences between generations of renters due to the differences between the eras themselves. To effectively attract and retain long-term renters in Eaton, it is necessary to learn 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. People in this generation usually rent because they are working on saving their funds or raise 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 a more extended duration.
To benefit most on these popular trends, there are many approaches that property owners in Eaton can apply to bring in more Gen X renters to single-family rental homes and encourage them to remain long-term. For instance, Gen X individuals were some of the hardest hit during the Great Recession. Many underwent the loss of their homes, jobs, and high credit scores. Property owners willing to look beyond a credit score and consider references from employers, friends, and former landlords are more likely to attract Gen X renters.
Other procedures property owners can apply to pull and retain Gen X renters cover supporting them as their living conditions change and promoting in the right places. While some Gen X residents do end up buying their own home, many will return renting for years from a property owner who is prepared to upgrade their rental home habitually and are prompt to provide to a tenant’s comfort and encourage them to stay longer.
To attract Gen X renters, advertising and promoting in the right places is crucial. Even though Gen Xers are usually okay with the idea of scouring social media and sites like Zillow to check for available rental homes, they will also look for listings on property management websites, community bulletin boards, and classified ad sites like Craigslist. Although Gen X renters are oftentimes more compliant than younger folks to use more established modes of communication – by calling a property manager instead of searching their website, for example – they are also satisfied with and will benefit from a range of marketing platforms.
By applying the correct strategies, Gen X tenants can be within reach for any property owner. At Real Property Management of the Rockies, 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 970-658-0410 today!
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