At this point, everybody knows that the secret to short vacancies is knowing your target demographic. There are remarkable contrasts among generations on account of the differences of the eras as well. To be successful in drawing and retaining long-term renters in Chicago, it is significant to become acquainted with 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. Individuals in this generation regularly want to rent since they are trying to save their money for different purposes or they are trying to improve their accounts to purchase their own homes. At the same time, Gen X renters are more likely to stay in a rental home for longer periods.
To capitalize on this tendency, there are a few methodologies that property owners in Chicago can practice to attract Gen X renters to single-family rental homes and urge them to stay for an extended period. For instance, Gen X individuals were some of the ones that were hit the hardest when the Great Recession occurred. Many individuals in this generation experienced the loss of their homes, jobs, and high credit scores. Property owners who are okay with looking past a credit score and consider references from employers, friends, and former landlords are more likely to attract Gen X renters.
A few strategies property owners can practice to draw in and retain Gen X renters incorporate giving them a bit of room as their life circumstance change and advertising in the right areas too. While some Gen X renters will eventually buy their very own homes later on, still, a great number will continue renting for a considerable length of time from a property owner who is willing to update their rental homes consistently and are happy to take the necessary steps to make sure the tenants are satisfied thereby reassuring them to stay longer.
To attract Gen X renters, it’s essential to showcase in the right areas. Despite the fact that Gen Xers are regularly used to hunting down available rental homes via social media and sites like Zillow, they will likewise check for listings on property management websites, community bulletin boards, and classified ad sites like Craigslist. While Gen X renters are typically more willing as compared to the younger folks to exploit more traditional modes of communication – by calling a property manager as opposed to looking through their site, for instance – they are also comfortable with and will benefit from a range of marketing platforms.
By utilizing the right strategies, Gen X tenants can be within reach for any property owner. At Real Property Management Chicago Edge, we help owners market to quality renters who are looking for 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 773-904-7700 today!
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