It’s no secret that the solution to short vacancies is identifying your target demographic. There are apparent discrepancies among generations of renters due to the distinctions between the eras themselves. To ultimately entice and retain long-term renters in Washington DC, is essential to recognize 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 frequently rent because they are striving to save money or increase their finances so that they can purchase a home. At the same time, Gen X renters are more inclined to stay in a rental home for a more extended duration.
To benefit on this trend, there are several procedures that property owners in Washington DC can apply to invite Gen X renters to single-family rental homes and inspire them to stay long-term. For instance, Gen X individuals were those who were hit the hardest when the Great Recession happened. Many endured the loss of their homes, jobs, and high credit scores. Property owners ready to look past a credit score and consider references from employers, friends, and former landlords are more prone to draw Gen X renters.
Additional procedures property owners can adapt to bring and retain Gen X renters cover supporting them as their life situations shift and promoting in appropriate areas. While some Gen X residents do end up purchasing their own home, many will proceed to rent for years from a property owner who is ready to enhance their rental home regularly and are prepared to provide to a tenant’s well-being and encourage them to stay longer.
To attract Gen X renters, it’s crucial to market in all the right locations. Even though Gen Xers are usually okay with the idea of looking for rental homes on social media and websites such as Zillow, on top that, they frequently browse for listings on property management websites, community bulletin boards, and classified ad sites like Craigslist. While Gen X renters are often more willing than younger folks to use more old-style methods of communication – by calling a property manager instead of searching their website, for example – they are also content with and will benefit from a range of marketing platforms.
By using the right strategies, Gen X tenants can be within reach for any property owner. At Real Property Management Washington DC, 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 202-813-9993 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.