The specifics of promoting rental housing: a generational approach

Abstract

In the field of marketing research, the theory of generations is becoming increasingly popular lately, and a particular emphasis is being placed on examining the promising directions of its practical application. This article studies the possibility of using a generational approach to promoting rental housing. The object of the study is the preferences of tenants belonging to different generations, and the subject is the factors influencing the promotion of rental housing. Using the river sampling technique, the paper reveals the preferences of representatives from different generations in the domestic residential real estate rental market. Drawing on the correlation and regression analysis, the authors identify the main factors influencing consumer behavior in the market considered, as well as the specifics of promoting rental housing for representatives of generations who are currently the main target audience. The findings allow us to achieve a comprehensive understanding of the emerging demand in the real estate rental market in Russia and might have important implications in building marketing campaigns aimed at promoting rental housing based on the generational approach to consumer segmentation.

References

Analytical review. (2021, February). The most popular characteristics of housing in 2020. Financial Institute for Development in the housing sector “DOM.RF”. https://дом.рф/upload/iblock/765/76500cce2e25af9caeea6c6db6b6dfeb.pdf

Baltas G., & Doyle Р. (2001). Random utility models in marketing research: A survey. Journal of Business Research, 51, 115–125.

Berg, J., & van den, Berer, M. (2011). How Cool Brands Stay Hot: Branding to Generation Y. Kogan Page, London.

Central Real Estate Information Agency (CIAN). (2022, April 6). Renting an apartment is three times more profitable than a mortgage. https://www.cian.ru/stati-arenda-kvartiry-v-triraza-vygodnee-ipoteki-324556/

DiClerico, D. (2016, January, 29). The Real State of Real Estate. Consumer Reports. Retrieved July, 19, 2022, from https://www.consumerreports.org/personal-fi nance/the-realstate-of-real-estate/

Elshiewy O., Guhl, D., Boztug, Y. (2017). Multinomial Logit Models in Marketing – From Fundamentals to State-of-the-Art. Marketing ZFP, 39, 32–49. https://www.doi.org/10.15358/0344-1369-2017-3-32

Federal State Statistics Service. (2019). “Housing in Russia”. Statistical collection. https://rosstat.gov.ru/folder/210/document/13234

Glotov, M.B. (2004). Generation as a category of sociology. Sociological research, 10, 42–48.

Gudkova, T. V. (2019). The Digitalization of the Company, a Key Element of the American Economy. USA and Canada: economics, politics, culture, 1, 63–75. https://www.doi.org/10.31857/S032120680003606-0

Gurova, I. M., & Evdokimova, S. S. (2016). Theory of Generations as a Tool for the Analysis, Formation and Development of Labor Potential. MIR (Modernization. Innovations. Development), 3 (7), 150–159. https://www.doi.org/10.18184/2079-4665.2016.7.3.150.159

Howe, N., & Strauss, W. (1991). Generations: The History of America’s Future, 1584 to 2069. New York: WilliamMorrow & Company.

Ivoylova, I. (2019, October 14). Scientists have named the main fears of generation Z. Rossiyskaya Gazeta. https://rg.ru/2019/10/14/uchenye-nazvali-glavnye-strahi-pokoleniia-z.html

Lapidus, L. V., Gostilovich, A. O., & Omarova, S. A. (2020). Features of Digital Technologies Penetration into Generation Z Life: Values, Behavioral Patterns and Consumer Habits of the Internet Generation. Public administration. Electronic bulletin, 83, 271–293.

Losev, A. F., & Asmus, V. F. (eds.). (2007). Platon. Essays in 4 vols. The Publishing House of Oleg Abyshko.

Mannheim, К. (1927/28, republished 1952). The Problem of Generations. https://marcuse.faculty.history.ucsb.edu/classes/201/articles/27MannheimGenerations.pdf

Ministry ofConstruction andHousing andCommunal Services of the Russian Federation. (2017, December 21). The strategy for the development of the housing sector of the Russian Federation for the period up to 2025. https://minstroyrf.gov.ru/docs/15909/

Ovchinnikova, Y. (2021). World trends. The purchase of housing is becoming less affordable. New lifestyle — rent. Review of the real estate agency “Savills”. Retrieved July, 20, 2022, from https://intermark.ru/stati-obzory-nedvizhimosti/stati-obzory-nedvizhimosti/mneniyaehkspertov/mirovye...

Ozhiganova, E. M. (2015). The theory generations by N. Howe and V. Strauss Howe Generational Theory. Opportunities of Practical Application. Business education in the knowledge economy, 1, 94–97.

Ostanin, A. (2018, April 17–20). The new generations are already with us. How the generational change affects the real estate market. Sochi All-Russian Housing Congress. https://www.sochicongress.ru/upload/iblock/178/Останин.pdf

Rent. (2022). Space for growth. Financial Institute for Development in the housing sector “DOM.RF”. https://дом.рф/lease/ (Date of request: 20.07.2022).

Results of the VTSIOM and DOM.RF survey. (2020, December). The attitude of young people to housing. Financial Institute for Development in the housing sector “DOM.RF”. https://дом.рф/upload/iblock/70f/70f4cc52dc2299fda39b7fa463608582.pdf.

SberPress. (2020, November 18). Generation Z is already setting new consumption patterns. SberCIB research. https://press.sber.ru/publications/issledovanie-sbercib-pokolenie-zuzhe-zadaiot-novye-modeli-potrebl...

Sergeeva, D. (2015, January 28). How the rental market works in Europe https://www.gdeetotdom.ru/articles/2035298-2015-01-28-kak-rabotaet-ryinok-arendyi-v-evrope/

Shamis, E., & Nikonov, E. (2016). The theory of generations: the extraordinary X. Synergy University: Business School.

Shirokova, N. (2018, March 9). Generation Z, the digital world and the ninja of business practice. Mann, Ivanov and Ferber. https://biz.mann-ivanov-ferber.ru/2018/03/09/pokolenie-z-fi dzhital-mir-i-nindzya-delovoj-praktiki/

Shloma, S. (2017, October 19). How generations Y and Z are changing the housing market in Russia. RBC Real Estate. https://realty.rbc.ru/news/59e750f59a79476b789dcc73

Shneiderman, I. M. (2017). Development of a Civilized Rental Market. Scientific works of the Free Economic Society of Russia, 5, 555–562.

The Law of the RSFSR “On Property in the RSFSR” from 24.12.1990 N 443-1 (ed. from 24.06.1992, with changes. from 01.07.1994).

The Russian School of Generational Theory. (2021). The RuGenerations project. Retrieved July, 19, 2022, from https://rugenerations.su.

Velesevich, S. (2019, July 9). Generation Y and Z: what kind of housing is needed for modern youth. RBC Real Estate. https://realty.rbc.ru/news/5d2441b29a7947e116262897

Vorontsova, Y. A. (2016). Theory of generation theoretical background. Scientific notes of OSU. Series: Humanities and Social Sciences, 3 (72), 268–273.