Over the next few weeks we are going to break down some marketing techniques used to attract renters of the different generations. In particular we will focus on Baby Boomers, Gen X, Gen Y, and the up and coming Re-Generation.
With the advances in Internet marketing and search engines, it is becoming more and more important to be targeted with your marketing. While most apartments seem to have a wide variety of people living in them, one can usually identify the prominent demographic of a property in a matter of minutes.
Everybody in the multifamily industry should frequently ask themselves, what Generation lives at my property? Take a minute and look at your resident files. It will take less than half an hour of your time and it will give you some great
insight into your target market.
However, before we can understand how to market your apartment to each generation, we must define the generations.
According to Wikipedia, The Baby Boomers constitute anyone born post WWII- 1961. While opinions seem to differ on the exact cut off date, a good rule of thumb is to consider anyone born before the mid 60's a Boomer.
The Baby Boomers were followed by Generation X. The cutoff date for Gen X is usually considered around 1981. This Generation is defined by its "Survivor" and "Individuality" mentality.
Anyone born on or after the mid-late 80's is Gen Y. Generation Y is very tech savvy and wants information to be readily available.
The next generation is only about 10 years away from needing apartments.
While this up and coming generation does not seem to have an official title, I have heard them referred to as Re-Generation or Gen Z. This is the most fascinating of the generations because they have grown up in the "Go Green" era, thus leading them to be coined Re-Generation.
In the next week we will take a look at some marketing strategies for each Generation. Tomorrow we tackle the Boomers.
Enjoy!
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