Each year we conduct our What Students Seek survey to keep updated with student trends, getting into the mind set of the student market. Trends change pretty quick. This year we’ve delved a bit deeper into the characteristics of the new generation of students so that we can understand them better, this will also be handy for you!
Say hello to Gen Z!!
Who are Gen Z?
Born from 1996 onwards, they are the new wave of students. Raised in the digital age, where easy access to internet and various other gadgets and applications is at their fingertips. They are fast-paced lot and want everything now!
It’s important to understand just who they are, especially if you’re trying to attract them to live in one of your properties
Here’s what we know…
- Self-discovery is a major theme of student life
- Gen Z will be the most “activist” generation yet
- Staying in is the new going out
- They buy from ethical, credible and transparent brands
- They care about the environment
- Being business owners is a primary career goal
- Relationships are important to them and they like to keep building them
- They’re not afraid to express their opinion and they want to stand out
- They’re well researched and cynical, they will spot a fake in a second (honesty is key)
- They want things now and do not like to wait
Social Life
Is Netflix and Chill on the line up for Gen Z? Well, did you know that Gen Zers prefer to stay in and binge watch series than go out clubbing? Neither did we until now. In fact, a huge 82% binge watch monthly, although normally via a tablet than on TV with the majority of students saying they don’t watch TV at all.
This means there’s less need to worry over ruined carpets and walls due to endless parties and students being sick everywhere after a heavy night out!
So how much do students spend on their social life?
As you can see, students don’t spend a great deal on their social life and seem more cautious with their spending habits, last year ‘social life’ was one of the biggest expenses for students. This shows that trends are changing. When looking closer at the city’s that students tend to go out most Birmingham, Leeds and Newcastle came out on top, whereas Durham, York and Southampton spend the least.
35% Spend £10-20 per week
29% Spend £20-40 per week)
64% spend anything up to £20 per week (mainly second and third years).
We asked some key questions in our survey including what is important to students when choosing their accommodation and these are the findings below…
Money, money, money, money.
Do you receive Funds off your parents?
54% receive money off their parents to support studies, with the majority receiving up to £200 per month. This is a lot higher than our 2017 report, where only 32% of students were funded by their parents.
Do you have a part time job?
One in two students have a part time job to help fund their living costs and social life.
Broadband
As Gen Zers are tech savvy and spend hours on their devices each day, poor broadband will not cut it.
They live in a fast-paced world and expect the same from their internet.
When looking for properties to Let to students, researching the broadband speeds is essential for ensuring your properties allows fast internet to meet your tenants needs.
Our report shows that students have already had issues with their internet…
61% of students have already experienced some issues, with the most common being poor connection.
83% mentioned slow speeds
77% highlighted complete drop outs in broadband
Choosing a house….
We’ve crunched the numbers to reveal these top 3 most important factors to Gen Z when choosing accommodation;
- Price
- Location
- Space
It’s clear from the report that more than half of students rent a private house or flat, and when asked why they chose living in a house over halls, the most popular answer was because of the lower rent.
When comparing to results from 2 years ago, proximity to university was the highest necessity when looking for accommodation, with price not even being a top 5 consideration.
House Sharing
In 2017 our report highlighted that students prefer to live with 3-5 housemates and it seems to be a similar case this year.
The study shows that a house with at least 5 bedrooms were most popular among students, with 51% of students, particularly second and third years choosing a house of this size.
How happy are you in your shared house?
Among those sharing a house, 76% are happy with their housemates.
Although a slightly different result with second and third years, with 71% being less happy with their housemates, compared to other years.
What stands out the most, but probably isn’t a huge surprise, is the percentage of happy students decreases when the number of people living in the accommodation increases.
Two’s company, three’s a crowd…
From previous surveys, we observed that keeping the bills low and paying them can sometimes affect the relationship between housemates. In 2017, 9% of survey participants reported they have been left to pay a bill when other housemates have not. This year, one in four students said they have already argued over bills, and one in two have discussed over the heating
What would you change about your accommodation?
Landlords take note, when students were asked what they’d change about their accommodation, space, price and location stood out the most.
The relationship with both housemates and landlord is also important to them, after all Gen Z like to build relationships.
Transport
It’s commonly perceived that students take over parking spaces particularly in residential areas where undergraduates tend to live.
However, our report suggests that this is a misconception as most students tend to walk, showing it to be the most popular mode of transport and driving not even being a top 3.
Walk: 74%, Travel by bus: 31% Cycle: 18%
Let’s Talk Bills Inclusive
It’s no secret that including bills in your rent makes your properties more attractive!
More students are looking for bills inclusive rents largely due to the ease of not having to deal with different suppliers themselves. 74% of students said that having bills included in their rent is very important when searching for a property.
In 2015, 61% of students said bills inclusive was very important when looking for a house, meaning the need for bills inclusive has risen by 13% in 3 years.
How many bills are typically included?
As we know, bills inclusive is a popular requirement amongst students, we wanted to know how many students currently bills have included in their rents and what the most popular utilities are.
29% have all bills included
71% have four bills included
From those who have all or some bills included, the most common bills are
Electricity 80%
Water 79%
Gas 74%
Broadband 70%
Would you recommend Bills Inclusive?
From those without Bills inclusive, 69% would recommend having bills included in the rent, and 47% believe having bills inclusive is worth paying a small premium. In contrast, 98% of those with bills inclusive would recommend it, while 76% support the payment of a small premium.
Therefore, if you don’t already offer this then you should start thinking about it considering it’s an important factor for your tenants.
The new generation of students can spot a fake a mile off! So be honest and authentic with your new tenants. Building a relationship is key to a successful venture together throughout their stay. And if you want to stay ahead of the crowd, have you thought about how is best to communicate with them?