The divide between homeowners and renters is continuously growing.

Renters are spending more of their income on housing each month as it becomes an increasingly popular living option, especially among young people in urban areas.

Meanwhile, homeowners are taking advantage of current interest rates to keep monthly payments low.

It is essential for garden companies to understand the differences between homeowners and renters. These two groups have different lifestyles that affect how and where they spend their money. You need to target marketing techniques to the different groups.

So, what are some of the most important differences between these two demographics?

Read more to learn about how you can adjust your market strategy accordingly.

A New Generation of Homeowners

Homeowners generally have higher incomes than renters, which means they are willing to spend more. Garden companies should take advantage of this and market higher quality products to this target audience.

Keep in mind that homeowners often have more space than renters. They might have space for a variety of indoor plants, as well as copious backyard space for outdoor gardening, décor and entertainment purposes.

Yuccies are a key demographic of the homeowner market. These young urban creatives are the new taste makers and trendsetters. They’re interested in creating their own unique experiences. Validation of their intellect, taste and lifestyle greatly outweighs cost. Garden brands looking to market to this key demographic should highlight products that create experiences and allow Yuccies to show off their talent.

Renters Seek Customization

Renters are often younger than homeowners and typically have a lower income. Millennials make up a large segment of the renter population. They value cost efficiency and convenience. It may be harder to market to these renters because they are more budget conscious, but it is not impossible.

Millennials are seeking individualization and customization, so be sure to offer unique products when marketing to this group. Millennials are often extremely loyal to the brands they love, making them an audience that cannot be ignored. 

As well as lower incomes, renters also have significantly less space than homeowners. For garden and design retailers, think small and think vertical.

Costa Farms utilizes this marketing strategy when appealing to millennial renters. The company offers a wide variety of houseplants to provide greenery and décor for the renter who may be low on space, sunlight and time. These houseplants come in all shapes and sizes. The Plant Finder tool on Costa Farm’s website offers renters the chance to find the perfect plant based on their preferences.

As the divide between homeowners and renters continues to grow, it is becomingly increasingly important for retailers to be aware of the differences between these two target audiences.

Garden companies who cater to these needs will ultimately be more successful.

Download our 2016 Garden Trends Report to learn more about how you can make your marketing strategy more successful!