While developing your multifamily marketing strategy, it’s easy to focus your time on the all-powerful millennial market or look toward the shift that is happening with baby boomer renters. However, this means you’re missing out on a key renting demographic: Generation X.
Generally defined as those born between the late ‘60s and the early ‘80s, Gen X increasingly finds itself taking up a large chunk of the 19 million current renters who used to be homeowners, according to a report from the Urban Institute. Shut out of the housing market, or refugees from the dot-com bust, many Gen Xers have become long-term renters, making them a key demographic to consider for your community’s success.
So what do the members of this dark horse generation want in a rental community, and what’s the most effective way to reach them?
While millennials might be focusing their social media interests on newer media channels such as Snapchat, Instagram or Pinterest, Generation X tends to lean towards more “old school” channels such as Facebook, Twitter and LinkedIn according to Multifamily Executive. Make sure your marketing strategy incorporates these channels as part of your social media outreach.
Though stuck in the middle between boomers and millennials, Generation X is extremely tech savvy. High-speed internet, smart home features and high-end appliances ring their collective bells. This is a generation that’s familiar with renting and may be looking to move to a home with better amenities. Make sure your listings include details about these features to reach this demographic.
Though they’re renting, Generation X is also a demographic that is likely to have children and/or “fur babies.” If you want to get Gen X to sign on the dotted line, highlight pet- and child-friendly options nearby, such as bark parks and playgrounds.
Generation X women share the responsibility when it comes to bringing home the bacon, according to Melinda Marshall, director of publications for the Center for Talent Innovation, a nonprofit think tank. In a survey of nearly 3,000 college-educated, white-collar workers, nearly a fifth of Generation X men earn less than their wives, compared with only 14% of boomer men. Consider targeting Gen X women directly when planning your next marketing campaign.
Though millennials are often viewed as the generation that will be first to recycle or spend their cash on causes they believe in, Generation X is just as concerned for their community. In your marketing materials or listings—or when conducting your next tour—be sure to point out green spaces, energy-saving features and your community’s recycling program.