It’s an undeniable fact that the answer for short vacancies is recognizing your target demographic. There are glaring disparities among generations because of the differences between the eras themselves. To successfully entice and retain long-term renters in Arkadelphia, it’s fundamental to know these distinctions.
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 rent most of the time since they are trying to set aside money or enhance their funds so that they can purchase a home. At the same time, Gen X renters are more likely to remain in a rental home for lengthier periods.
To profit on this pattern, there are a few methods that property owners in Arkadelphia can apply to welcome Gen X renters to single-family rental homes and encourage them to remain for an extended time. For example, Gen X individuals were some of the hardest hit during the Great Recession. Many suffered the loss of their homes, jobs, and high credit scores. Property owners willing to look past a credit score and consider references from employers, friends, and former landlords are more likely to draw Gen X renters.
Other approaches property owners can develop to attract and retain Gen X renters include supporting them as their life situations alter and advertising in the right places. While some Gen X residents do end up purchasing their own home, many will continue renting for a significant period from a property owner who is prepared to update their rental home on a consistent basis and are keen to contribute to a tenant’s well-being and urge them to stay longer.
To attract Gen X renters, it’s vital to promote in the right places. Granting Gen Xers are known to be content in probing for available rental homes on social media and sites like Zillow, they will likewise hunt for listings on property management websites, community bulletin boards, and classified ad sites like Craigslist. Although Gen X renters are often more enthusiastic than younger folks to exercise more old-school modes of communication – by calling a property manager instead of hunting their website, for example – they are also satisfied with and will benefit from a variety of marketing platforms.
By applying the right strategies, Gen X tenants can be within reach for any property owner. At Real Property Management Hometown, 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 501-701-4702 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.
