Condo corporations will soon need to prepare for the next generation of condo dwellers.
Generation Z will begin working in about five years. The oldest of this group is now 15 years old. Soon after they will begin families as well as buy and rent condos.
Condo corporations that hope to attract this generation to their properties will need to prepare for them.
This is a social media-savvy generation of multitaskers. Unlike previous generations, they don’t compartmentalize their professional and personal lives. Generation Z lacks the personal interaction skills of previous generations because so little of their time is spent on face-to-face communication.
Condo living is suited to this coming generation that is expected to place a greater premium on having a more balanced, simpler and more orderly life. Amenities and reduced responsibilities are likely to be more important to this demographic.
Appealing to Generation Z will require condo corporation changes.
The way condo corporations communicate with residents may need to change. Given their preference for social media and lack of personal interaction, Generation Z is less likely to respond to print communications or even electronic communications that are deemed too long. Condo corporations will need to be more effective communicators. It will be more important for them to master the skills of preparing the short, clear and concise communications that are increasingly important. They will need to be more effective at using social media and internal electronic communication technologies.
There is likely to be a premium placed on amenities that support social interaction. As traditional workplace opportunities decline, Generation Z is more likely to have flexible schedules that provide for more time at home. This home environment is going to take on greater importance as the place where social interaction is likely to occur. Condo corporations that offer a range of activities to facilitate social interaction are likely to become more important to Generation Z.
Given their lack of face-to-face communication skill, greater reliance on social media and desire for simplicity, it may be harder to obtain Generation Z participation in condo governance. Greater effort will likely be necessary to obtain their participation on condo committees and condo management.