Multifamily Renter Trends Coming into 2022
Every year, PERQ releases the Multifamily Field Guide. The Multifamily Field Guide is a report filled with renter insights from national trends to going even further and breaking down the data by region. In last year’s edition, renters’ lifestyles had changed a lot due to the pandemic. Work and learning went remote either partially or permanently. This change has continued into 2021 and as 2022 begins.
A rental unit is not just a home anymore; it’s an office, a gym, or a classroom. That’s a lot to expect from a 1-bedroom unit but with guidelines going back and forth, as time goes on, multifamily properties need to see this change in lifestyle as more permanent.
With lead generation and nurture tools, property management companies can tailor and personalize follow-up, the tour, and other aspects of the leasing journey to an individual prospect’s needs. However, it’s important to know what trends are showing up in renter behavior so properties can be prepared. As time goes on, these needs and behaviors change.
Here’s a sneak peak at what some of the data shows.
When it comes to the unit there are a few changes from last year. Notably, when describing their ideal rental, 46% of renters said “simple and budget friendly.” In years past, “comfortable yet economical” was typically how the majority of renters described their ideal apartment. While this is a slight change it does correlate with the fact that over 70% of renters find budget to be more important than square footage.
With budget friendly being more important to renters than ever, focusing on luxuries, high-end features shouldn’t be a priority coming into 2022. One thing that has maintained constant is the need for 1-bedroom, 1-bathroom units. Over 40% of renters are looking for a 1-bedroom and nearly 60% of renters are looking for a 1-bathroom.
The Field Guide has data on more than just the specifics of the unit, move-in timeframes, etc. There also is valuable data on what renters are looking for in the community. A constant need that has shown up in every edition is renters wanting grocery stores and dining options available near them.
Why is this important to know? Listing on the property website or mentioning during the tour where the nearest grocery stores are and talking about the different dining options helps paint a fuller picture of life in this community. Leasing specialists aren’t just selling the units to prospects, they need to sell the whole community too.
PERQ’s Multifamily Field Guide goes into detail about what renters are looking for when it comes to pets, appliances, features, etc. The Field Guide goes further by breaking down the data by region so property management companies can get a fuller picture that is accurate to their geographical location.