52 percent of millennials and Generation Z are delaying homeownership and intend to live in an apartment this year. A new survey of adults ranging from 18 to 29 years old by Swift Prepaid Solutions, a global leader in prepaid corporate incentives and disbursements, indicates that as apartment properties face inventory growth that outpaces demand, they should embrace added-value incentives to draw and retain millennials and Generation Z.
The Swift Prepaid Solutions survey reveals:
- 83 percent of millennials and Generation Z will be more loyal when surprised with savings offers.
- Prepaid cards are the ideal medium to provide rewards and refunds, preferred twice as much over checks or PayPal.
- 71 percent make purchases on their phones, meaning apartment properties need targeted incentives designed for mobile use.
- An additional 82 percent will spend their earned rewards on special offers delivered with the reward, creating opportunities for properties to drive resigning deals.
- 65 percent of millennial and Generation Z renters will likely refer a friend and will do so for a reward loaded on their card, even after they’ve moved out.
Swift’s findings indicate there is a significant opportunity to subsidize move-in incentives, spot awards and resigning bonuses. A branded prepaid card awarded at move-in or other time serves as a reminder of the value earned from living at the property and provides a positive opportunity to transform refund deposits into referrals.
“Based on our recent findings, we are seeing an opportunity for multifamily housing to not only attract and retain millennial and Generation Z tenants but also delight them during and long after their residency,” said Swift’s vice president of sales, Joe Kooima. “Prepaid cards and mobile disbursements provide an ideal medium to do so, allowing companies to instantly provide the added value these generations are demanding.”
Swift Prepaid Solutions will attend the 2019 NMHC Apartment Strategies Outlook Conference in San Diego from January 28-29 to share additional findings and insights around its recent study with the multifamily industry.
See the full press release at MarketWatch.