As Gen Z starts to make up a significant portion of the rental market, it’s clear that they’re not necessarily looking for the same things as their predecessors. With many preferring the relative peace of the suburbs rather than the hustle and bustle of inner-city living, single-family homes are becoming a popular choice among young renters.
But how can a Gen Z renter find their ideal house in a market that’s slowly catching onto their needs? In this guide, we’ll offer 10 top tips to help Gen Z house renters find their dream pad.
According to the most recent U.S. Census data, the number of Millennial renters has peaked and Gen Z renters are taking over as the fastest-growing cohort of renters. And it’s only natural that, as more and more Millennials are settling down, creating families and switching to homeownership, Gen Z renters are finishing their studies, joining the job market and moving away from their childhood homes and into their first rentals.
1. Study the Lease Agreement
Before signing on the dotted line, it’s essential to read through the lease agreement thoroughly. Renters who skim over the agreement can find themselves agreeing to terms and clauses that may eventually work against them.
The agreement will generally list the rights and responsibilities of both the tenant and the landlord. It’ll also detail any clauses to be aware of. By studying it, Gen Z renters can be sure they’re not signing up for anything they disagree with. Plus, if they do come across something they’re not sure about, they’ll be able to discuss it with the landlord or property manager.
2. Don’t Be Afraid To Negotiate
As younger renters, Gen Z may not realize that they’re able to negotiate the terms of the lease. However, doing so can lead to a higher level of security and more benefits. Tenants who can demonstrate strengths such as a stable job history or financial security will always be more appealing to landlords.
In demonstrating these strengths, Gen Z renters can sometimes negotiate better terms, such as being able to decorate, reducing the rent or security deposit slightly, or extending the lease term. It never hurts to ask, but balance is key. No matter how great a tenant seems, if they’re asking for unrealistic terms, it can be a red flag for landlords.
3. Consider a House Share
Often, the best single-family houses to rent come at a cost that’s unrealistic for a single renter. For renters looking for their perfect home, it’s well worth considering a house share. This is easier for those in relationships, but singles can also bag a great house if they’re willing to share, either with friends, family, or a new roommate.
By sharing, the rent and utility bills will be split, slashing costs drastically and opening up a whole array of options, from larger homes to those with all the mod-cons, and houses in the most desirable locations. But beyond the financial advantages, sharing a home can be a fantastic social experience.
With the right roommates, a house share can lead to forging lifelong friendships. It’s important to spend time seeking roommates that fit the bill though. Look for those with similar interests, lifestyle habits, and budgets to ensure everything goes smoothly.
4. Make Sure It’s Spacious Enough
Everyone has different needs, and when it comes to renting a house, it’s important to ensure they’re being met. For example, an increase in remote working among Gen Z renters has seen a surge in demand for rental houses that offer space for a home office.
When choosing a potential rental home, it’s important for renters to make sure it meets their needs in terms of space. Beyond home offices, this may mean space for kids, outdoor space for relaxing and entertaining, and ample storage space or a place to enjoy hobbies.
5. Location Matters
The perfect house can fall short of the renter’s expectations if the location doesn’t make sense. As such, Gen Z renters are advised to consider the location of the house as well. A good location means something different for everyone. But in general, it should provide all the amenities the tenant needs.
As an example, this could mean it’s a highly walkable area with great public transportation options for non-drivers, or a place that’s easy to commute from with plenty of parking for those that do drive. Good infrastructure is also important, with easy access to stores, schools, and entertainment venues always being a plus. However, it’s also wise to accept that most single-family houses to rent will be in the suburbs, and won’t offer all the amenities of inner-city living might.
Sometimes, the most popular neighborhoods aren’t necessarily the best choice. While desirable, they’re usually more expensive too. Seeking a rental house even just a few blocks away could reveal hidden gems at a far more attractive price point. As such, Gen Z renters are advised to spend a bit of time researching locations rather than focussing only on the ideal home.
6. Seek Out Landlords With Their Finger on the Pulse
The real estate market can be slow to adapt to change at times, with some landlords and property management companies stuck firmly in their ways. However, a landlord who prioritizes reaching Gen Z renters by utilizing modern listing methods, who has a strong social media presence, and who offers online payment options, is well worth seeking out.
They’re more likely to have moved with the times, not just when it comes to listing their property, but also with regards to offering what Gen Z renters are looking for in a home. This may include reliable, high-speed internet access, smart appliances, and modern amenities.
If possible, it’s always worth reading reviews for property management companies and landlords.
7. Look for Energy-Efficient Smart Homes
Energy efficiency is more important than ever and homes that offer smart-tech and eco-friendly appliances can be great for the environment while reducing utility bills.
Look out for the following:
- Water-saving faucets and shower heads,
- Smart thermostats,
- LED lightbulbs,
- Solar panels,
- Energy-efficient fridges, washing machines, etc.,
- Energy-saving windows and doors.
While not every home will offer every type of energy-saving tech, it’s worth keeping an eye open for those that offer more than others. Other desirable features may include smart locks and wireless security systems.
8. Furnished or Unfurnished?
There are arguments for both furnished and unfurnished homes. Choosing the best for Gen Z comes down to several factors:
Keep in mind:
- Price: Unfurnished are typically cheaper to rent, but tenants will need to invest in furnishings. Once they have them though, they can be taken to future homes or sold.
- Convenience: Furnished homes offer a turnkey solution that is ready to go from the moment the lease begins. Unfurnished homes require extra work.
- Style: With many furnished rentals, tenants are pretty much stuck with what they’re given. An unfurnished rental allows creative freedom.
Tenants need to figure out what matters most to them. For those on a budget, creating DIY furniture can help furnish an empty home, while thrift stores and upcycling can be a great way to stretch the pennies. Bear in mind that furnished homes can be personalized too. Blankets, cushions, and throws can transform a boring seating arrangement, while small decorative items can bring life to other parts of the home.
9. Be Prepared to Compromise
Finding a rental house that ticks all the right boxes is a dream come true. However, in reality, it’s unlikely that a single home will offer absolutely everything the renter is looking for. Therefore, it’s important for Gen Z renters to be somewhat flexible.
Writing out a list of wants and needs is a great way to ensure all the essentials are covered while ticking off as many extras as possible. The needs are things that can’t be budged on, such as a particular amount of bedrooms or a certain proximity to work. Meanwhile, wants are those little bonuses that would be great to have but aren’t essential.
10. Take Out Renter’s Insurance
Finding a great house to rent is just the start. Life can take unexpected turns every now and then, and it’s worth being prepared. After all, a perfect house suddenly loses its appeal if there’s a fire and the tenant’s belongings aren’t covered.
With renter’s insurance, tenants gain peace of mind, knowing that should things go wrong, they’re covered for the loss of their belongings. It’s fairly affordable and easy to take out, and with additional policies, tenants can enjoy liability coverage too.
Finding a great rental house to call home usually requires a good amount of research and planning. Most importantly, Gen Z renters need to ensure they have the finances for the house they’ve got their heart set on. A well-planned budget is essential, and combined with the tips above, can see renters finding their perfect home in no time.
Image credit: Dean Drobot, SeventyFour / Shutterstock.com
