Generation Rent and the changing expectations of tenants

With a resident-first product philosophy, Dot’s goal is to deliver homes that are significantly better than the soulless white boxes being offered by traditional landlords who have become increasingly disconnected from their customers.

We are elevating the standard of rental accommodation through design. Our homes are not ostentatious or elite; they’re cool, unique and beautiful. To ensure our customer service levels meet the same standards as our physical product, we needed a professional, personal and unobtrusive approach to resident on-boarding and management.

We have been working with Goodlord since January. The team there understand that renting a property has been over-complicated and time-consuming for too long. In response they have created an efficient, tech-driven solution that simplifies the application process to meet changing customer expectations, and improves the moving experience for Dot residents.

Renting is no longer just a step on the path to home ownership for many millennials. Instead, it’s now a lifestyle choice for a generation who would rather invest in experiences than property. But as renting evolves, so too do renters’ expectations.

Goodlord is the first digital system to pull together the whole tenancy setup process.

Millennials, now aged between 22-37, are digital natives, who have grown up in an on-demand environment where they can get whatever they want, whenever they want. They expect a slick, seamless experience from every single service they interact with – whether that’s Deliveroo or their property manager. Their expectations are getting higher all the time, too, with 66% percent of 18–34-year-olds said they have higher expectations for customer service than they had a year ago… and they are 43% more likely to “call out” a brand on social media for a negative experience than older generations.

Millennials value convenience so highly that 63% of them are willing to pay a premium for it. This is evidenced by the subscription fees they’ll pay for on-demand streaming services such as Spotify or Netflix; their willingness to accept the “surge” pricing Uber charges during peak periods; or by paying an extra couple of quid for next-day delivery from ASOS.

Increasingly, these expectations are informing where millennials are choosing to live, too. It’s no longer enough for many of them to simply rent a flat and wave goodbye to their property manager until it’s time to renew their contract. They’re looking for an all-encompassing experience – one that starts with an application process that’s as seamless as ordering a takeaway, that makes moving in a breeze, and offers an on-going level of service that goes above and beyond, from 24/7 communication to organising events that help foster a sense of community with their neighbours.

A host of digital and on-demand services have already begun to emerge that reflect these changing expectations. TaskRabbit, which lets customers hire help for small jobs around the home, helps millennials assemble flat-pack furniture, while companies like Feather offers a furniture-subscription service that makes ordering a plush velvet couch for their living room as easy as ordering an Uber. Developers and property managers, with their in-depth knowledge of renting, are well-placed to edge out the on-demand upstarts in their sector by providing services to their residents that mean they never have to go anywhere else.


Guest post by:
Andrea Warmington
Content Manager
Goodlord

goodlord.co

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