Generation Z is the group born between 1995-2012, making up approximately 25.9 percent of the current population. The spending power of Gen Z is close to a high of $200 billion annually with parental assistance. With the oldest of Gen Z on the verge of adulthood, consumer-facing markets are adjusting their current methods and ideologies to meet the needs of the future.
Real estate is one of several industries that understand the importance of staying ahead of the curve. Property managers and real estate developers are evolving to cater key amenities that attract and retain Gen Z. These residents will expect an apartment that allows them to experience quick and easy commutes, being a part of a community, and the use of fast and efficient technology. Using Argo Real Estate communities as a case study, here is a look at some of the amenities Generation Z are looking for.
One of the top amenities Gen Z looks for is fast and reliable transportation. Some buildings will offer additional forms of transportation to residents that live further away from the subway; a shuttle service may be provided from the building to the subway station and back during busy commuter hours. Our community One Brooklyn Bridge Park in New York is one property that has proven this amenity to be helpful. It provides a shuttle to the Clark (2, 3) subway stop, a walk that would normally be 15 minutes. The shuttle is perfect for residents in the outer boroughs to shorten any commute, but is most beneficial during the freezing winter months.
Space is often at a premium in New York City apartments, which sometimes makes it difficult to entertain. A few new Brooklyn developments have included on property entertainment spaces for residents. This amenity satisfies Gen Z’s need for fun and socialization, and being a part of a physical community. BKLYN Air, a 432 foot-high luxury building in downtown Brooklyn, boasts a 50-foot outdoor pool with 40-story high viewpoints of the city. BKLYN Air also has a sky deck and sky lounge, with 360 views of Brooklyn and Manhattan, talk about impressing your guests. Gen Z is looking for a great space to entertain guests, an amenity that very few buildings currently provide.
Long gone are the days of a computer lab or business center. Technologically advanced apartments are one of the most important factors for Gen Z. Buildings are providing high-speed Internet and more importantly technology syncing – connecting anything from the TV, lighting, shades all to your smart phone for easy use. 225 North 9th Street, a stunning condominium in Williamsburg, has Verizon FiOS Internet and iPod connections to surround sound speakers. 225 North 9thStreet also has Wi-Fi throughout the common spaces for technology literally at their fingertips.
Gen Z will be the largest generation to date, creating a legacy of behaviors unlike their predecessors. To keep up with the ever-changing demands in tenant attraction and retention, the industry will have to continue to progress and find ways to keep the attention of Gen Z and those who follow. Technology, transportation, and community building are just the start, and while Gen Z’s youngest member is only three, leaders across all industries are preparing for the next generation.