Who, What & Why On Gen Y

Who, What & Why On Gen Y
By: Nicholas A. Dunlap, CPM

Generation Y has officially become the newest courted renter. Described as individuals born between the years of 1982 and 2000, there are 78 million Gen Y’ers in the world and roughly 25% of the US population is comprised of the demographic. Of course, Gen X, or those born between the years 1961 and 1981 far outnumber the Gen Y population, but the numbers and data available on Gen Y has everyone from marketers to managers screaming with glee. Easy to predict and easy to reach, this upwardly mobile, tech savvy group is fond of the uber hip and urban locale. Multifamily owners stand to greatly benefit from this new wave of renters.

Over 90% of Generation Y owns PCs and use them on routine basis. As such, they are looking for quick responses and quicker solutions. Therefore, utilizing tenant portals and other online methods of correspondence with up to the minute availability and real time pricing and specials is key. At our firm, we utilize Twitter, Wordpad and creative Craigslist Ad campaigns to consistently appeal to, attract and retain these residents. Through utilizing these advertising tactics, we are showing not only that we care for and understand the unique needs of Gen Y, but that we are ready to provide this elevated level of service and accommodation to everyone who walks through the doors of one of our leasing offices.

Within the past 3 weeks, 60% of the applications we have received and processed here at DPG have been from Gen Y’ers. Of our total applications received, we know that 30% have come from Craigslist, 50% have come from Drive Bys and 20% from Resident Referrals. From these numbers, we know that 100% of the Craigslist applicants have been Gen Y’ers. Perhaps online marketing to this demographic is so effective because they prefer online time over television and are more inclined to be in front of a computer, online and browsing the internet. In any case, we will continue to focus our efforts where we see the greatest results and greatest return on investment. The way I see it, it’s pretty hard to top cost free, effective advertising.