If you think all renters are the same, we’ve got news for you. According to recently released data from the Zillow Group Consumer Housing Trends Report 2017, today's rental market is closely tied to younger and more diverse generations.

Millennials (ages 23-37) represent half of all households who moved to a rental home within the past year, and Generation X (ages 38-52) accounts for another 20 percent. Together these two groups share significant commonalities that shape today’s rental market. At the same time, their differences are something to be aware of in how you communicate with them.

There’s also a new generation on the horizon: Generation Z. The adults of this cohort — born starting in 1995 (ages 18-22) and just entering the housing market — represent 14 percent of those who moved to a rental home in the past year, and they will have an increasing impact on the housing market in the coming years. For the purposes of this presentation, we grouped these older members of Generation Z in with millennials. Together, that cohort represents 64 percent of recent renters — meaning, you need to understand what this majority of renters are searching for in a rental.

Mary Kaye O’Brien, director of customer insights at Zillow Group, recently hosted a webinar to discuss research around how these two generations of renters differ and what you can do to better reach them. Catch some of the highlights below.

What they’re looking for

A significant number of millennials (55 percent) and Generation X (49 percent) consider buying when looking for a new place to live, so you’ll compete with for-sale houses to catch this group’s attention.

Generation X rents single-family detached houses more than any other group of renters (41 percent), while more millennial renters (52 percent) select apartments in buildings with fewer than 50 units, duplexes, triplexes or condos than any other group. If your rental falls in one of these categories, play it up in your listing to attract these renters.

Generation X looks for other amenities to make these houses a home for their growing families. Generation X households are the most likely to have children under age 18 (49 percent), and 29 percent of them require their home to be in their preferred school district. Additionally, over a third of this group (34 percent) has a pet, so make sure to advertise that your property is pet-friendly.

The neighborhood itself is also very important to Generation X, with a whopping 71 percent requiring that their home be in a safe neighborhood. Mention these neighborhood features in your listing, and reinforce them to these renters when they arrive for an on-site tour.

Millennials, on the other hand, require proximity to work (36 percent). Rentals near commerce centers or even close to transit are good targets for this group, so be sure to list the nearest attractions and transit stops in your listing.

While they’re looking

An overwhelming majority of all renters (83 percent) search online for their next rental. Millennials are the most likely to use online resources (89 percent), followed by Generation X (79 percent). Of the renters looking specifically for single-family homes, 82 percent look online.

To make your online listing stand out, include plenty of great pictures of the rental and its surroundings, highlighting your neighborhood’s best features — then expound on these highlights in your description. Take the time to review your listing one more time before posting it to be sure it’s perfect.

Millennials are most likely to transact online, with 55 percent submitting at least one rental application online and 18 percent signing a lease electronically. If you don’t offer a way to apply, sign the lease or pay rent online, consider adding these features to your online offerings.

Millennials and Generation X want to know about you, the landlord, and hear from you. Reviews of the home (45 percent) and landlord (42 percent) are important to many renters, but millennial renters — more than any other generation — find reviews important for deciding if a rental home is the right fit. Be transparent about your reviews, and offer a way for past and existing renters to submit them.

Most renters in Generation X (76 percent) expect to hear back from a landlord within a day or less, and 35 percent will move on to their next option if they don’t. They’ve likely done this before and know how fast rentals can go. Plus, 72 percent are moving from another rental, which can shorten their search timeline considerably.

Optimize your listing to reach these renters

To differentiate your listing for these two groups, look for commonalities to highlight in your written listing. For example, include that the neighborhood is safe and near transit. When you meet potential renters on-site, that’s the time to target information that will be of interest to them, based on their demographic.

When you’re communicating with these renters in person, it’s important to convey your understanding of their concerns and desires. For Generation X, this means their desire for a home for their family — not just a place to lay their head. For millennials, understand that they might be searching with a roommate, and be patient with their concerns about the costs associated with your rental. They’re often strapped for cash and trying to keep their monthly expenses manageable. For both generations, be sure to respond to their queries as soon as possible. They’ll move on if you take more than 24 hours — and sometimes even less.

Listen to the webinar to hear the full analysis of these important renter groups and learn how to cater your rental listings to their wants and needs.