A group of multifamily experts recently took a comprehensive look at what features matter most for prospective renters when searching for a new home. As part of the Apartments.com Apartmentology webinar, panelists reviewed answers from the Kingsley Reports Renter Preferences Survey from renters across the country to determine the most recent trends and preferences on housing priorities.
The expert panelists included Margette Hepfner, chief operating officer of residential management at Lincoln Property Co.; Sarah Yaussi, vice president of business strategy at the National Multifamily Housing Council; Katie Jeffirs, senior survey team manager at Grace Hill; and Jagan Arumugham, senior director and head of analytics and data science at CoStar Group.
The pandemic has no doubt played a role in many recent changes in preferences, but there’s a growing array of options to meet individual needs. From the survey, based on consumers’ most recent search, 57% wanted a traditional apartment, 23% wanted a townhouse, and 19% wanted a single-family rental. Housing supply is a critical issue and is expected to remain that way for the foreseeable future; however, single-family rental development is looking to help fill that need.
Research shows that if people move, the two reasons are price and more space. In the age of live-work-play at home, renters are looking for flexibility. Nearly two-thirds said flex space was either important or extremely important in their search. Advertising on Apartments.com is advantageous in this regard, as creating a Listing of the Future ensures that unit-level details, such as flex spaces, are highlighted and easy for renters to find.
When considering smart-home technology, renters’ interest is tied to its ability to add convenience or to drive savings. Survey results found that the most popular smart feature is the thermostat; 70% said they are interested or wouldn’t rent without it.
When it comes to connectivity, 86% said reliable cell service was the most important thing they considered when making their decision to rent. In addition, 90% said they wouldn’t rent if cell service and Wi-Fi connections weren’t reliable. Yaussi added, “There is no doubt that there’s greater reliance on connectivity, and that will only increase. This is a priority area for operators.”
Another big change brought on by the pandemic concerns are packages and deliveries. The frequency of online shopping and perishable grocery deliveries has skyrocketed, warranting a change in package pickup preferences. Self-service pickup solutions such as package lockers or a package room are the preferred options.
Living with a pet is an important renter preference, as one-third of all renters indicated they have a pet. According to Apartments.com, it receives twice as many searches for dog-friendly spaces than for cats. Having pet-friendly outdoor spaces is crucial, Hepfner said, but it’s also important to provide some type of outdoor space for all residents.
With fitness centers, 70% said they wouldn’t rent without one, although only about 40% actually use them. “Bike storage and kitchens are also important,” Hepfner added. “It’s important to ask the renters what they want.”
To learn even more about the latest renter trends, watch the full Apartmentology webinar on Apartments.com.