Generation Z, born 1997 and 2012, accounts for 30.5% of all renters, which has increased 3.5% year-over-year. In fact, adults under 35 (including younger millennials) represent over 50% of the rental population.

With continued economic uncertainty, developers and landlords have shifted priorities and are staying cautious with their investment decisions and making efforts with upgrading properties. 35% of landlords expect to spend more than $20,000 on property upgrades this year, and among large portfolios, nearly two-thirds of landlords expect to spend even more on upgrades.

So where should properties focus? While Gen Z has been known to be tied to their cell phones and devices, they are choosing to unplug more at home and seek authentic living experiences, according to anthropologist and business strategist Marcie Merriman. They're creating deliberate spaces for deeper connections and community. This means multifamily properties need to think beyond square footage and "upgraded" countertops to what actually makes a place feel like home and more connected to those around them.

While some renters seek local business nearby or more natural lighting, obviously not all communities have the right mix of businesses or physical structures to meet these preferences. This isn't about rejecting technology; Gen Z renters still expect technology to seamlessly work in the background, including fast internet, reliable cellular, easy rent payment and maintenance requests, and reliable technology on the property. Properties are implementing always-on connectivity so they don't have to manage, engage or worry about it; it just works.

Additionally, trust is a baseline requirement, and this desire is behind the authenticity Gen Z residents say they crave. In Merriman's research, authenticity is constantly the most important attribute they strive for in themselves and seek in others—with 90% of 18-to-24-year-olds prioritizing it globally above all else.

Taking these shifts into consideration, there are three key areas that can help uplevel the connected experience:

Living Made Easy

If trust and value are at the top of the requirements list, then properties need to find ways to work with their residents to add more value. One option is offering managed Wi-Fi, instead of each unit sourcing their own service. They don't want to have to wait for the cable or internet provider to show up and set up service. Those days are over. According to research from RETTC, with managed Wi-Fi, renters can save up to 50% on their Wi-Fi services. There's more value with less signal disruption, more security and more reliable infrastructure for the property.

Cost Efficiency

With cost of living at a high and utilities continuing to skyrocket, upgrading energy and utility management offerings is a great way to offer savings to residents. Properties can save roughly 30% annually by adopting smarter energy strategies (Parks Associates).

Elevated Safety

Gen Z renters also want technology to address other key factors like safety and security. Parks Associates recent research showed that NPS scores increased as more security features were added across the property.