Move over, Boomers and Millennials – there’s a new generation that’s grabbing everyone’s attention.
Gen Z, the generation born between 1997 and 2012, is quickly coming of age. In the same way that their predecessors, the Millennials born between 1981 and 1996, completely redesigned the industry, Gen Z is spearheading the business world — CRE included.
To start planning for future trends and to appeal to tomorrow’s market consumer, everyone wants to know what Gen Z wants. Nest Pick’s recent study on Gen Z’s top cities around the world gave some highly-anticipated data for CRE’s multifamily sector.
The research was conducted based on NestPick’s definition and contextualization of Gen Z, viewing the group as ‘digital natives who value security, diversity, and autonomy, and aim to achieve it through pragmatism and determination.’ The metrics employed rated the cities on technological innovation, safety, education, professional opportunities, wellness, affordability, and cultural diversity.
Looking to strategize your next multifamily investment? Make sure you’re paying attention to what Gen Z has to say. Here are Gen Z’s favorite cities to live in:
London was named the most desired place to live by Gen Z-ers. The most notable stats were that this city ranked 97.69 in government digitalization, a 78.95 in 5G connectivity, a 95.28 in environmental action, and a 100 in social entrepreneurship.
Coming in at number two on the list, Stockholm scores went through the roof with a 100 in digital banking, environmental action, and the right to protest. According to these ratings, Gen Z views Stockholm as a hub for advocacy and financial technologies.
Los Angeles, USA
For Gen Z, Los Angeles is a city where tech, entertainment, and opportunity come together. L.A. scored a 94.13 in government digitalism, a 96.78 in education, and a 95.3 in concerts.
Toronto made fourth place on Gen Z’s list of top places to live. This Canadian hotspot scored a 90.78 in wireless connectivity and 5G integration, a 95.05 in healthcare accessibility, and a 98.05 in protest rights.
What’s more, Toronto was rated 91.48 in social entrepreneurship, demonstrating that Gen Z appreciates this city’s digital integrations, health and wellness infrastructures, and activism.
New York, USA
None other than the Big Apple itself was ranked the fifth most desirable location for Gen Z. This city ranked 94.13 in government digitization, a 96.97 in entertainment, and a 98.12 in coworking spaces. According to these results, Gen Z views NYC as a major destination for professional growth, fun, and tech-centrism.
Apply These Insights in CRE Investments
Contemporary investments should be made with these stats in mind. Knowing where Gen-Z wants to live, and why they like it there, can be a huge advantage in boosting the long term desirability of your asset. This is specifically strong for multifamily since they make up the top target demographic for both student housing and multifamily.
Don’t ignore Gen Z in your next investment strategy.