This has been a transformative year for multifamily properties and renters. More of the leasing process is becoming automated and the way people tour continues to evolve. This year, what renters use their apartments for has changed a lot. A 1-bedroom apartment is no longer just where a renter sleeps and relaxes after work. It’s their home, classroom, office, gym, vacation destination, and a place to do hobbies or crafts.
Listening to your renter’s individual preferences and tailoring the leasing journey to meet their expectations will help you stand out from your competition. But how do you find out what renters really want?
This year, PERQ’s Multifamily software collected over 6 million consumer responses from renters across the country. Get your copy of our latest Field Guide for over 100 pages of national and regional trends we saw including the most popular alternative tour types, floor plans, top desired features, and more.
Here’s a sneak peak of what the national data shows us.
When asked how to describe their ideal apartment, nearly half of renters wanted something that is comfortable yet economical with simple and budget friendly coming in at second place. Renters typically are not looking for apartments that are high end and luxurious. This doesn’t mean that renters aren’t also looking for modern appliances, in fact modern appliances are one of the top three most important features that renters are looking for.
In addition to how renters described their ideal apartment, we asked if budget or square footage was more important and how many bedrooms they wanted. 72% of renters chose budget and 45% chose 1-bedroom. When building or renovating a property, it’s important to keep in mind that renters want something affordable and don’t necessarily prioritize needing a whole lot of space.
The neighborhood a property is located in also plays a role in a renter’s decision. Social activities, shopping, and outdoor activities rank as the top three activities renters enjoy the most. These can all be incorporated in resident events. Partnering up with local businesses is also a great way to promote the neighborhood and create unique events that a resident could only experience in your community.
An Inside Look into What Renters Want
The Unit
Amber Fugedi
Amber is a seasoned marketing professional with over 8 years of experience, currently leading digital marketing strategy at PERQ. She specializes in crafting impactful digital campaigns with a focus on demand generation, content marketing, and PPC. Amber is passionate about connecting with fellow marketing friends to collaborate and share insights. Outside of work, she stays active through her love for fitness, fostering dogs, and competing in fantasy football leagues. Amber lives in Connecticut with her dog and frequently gets to enjoy New Haven pizza.
Amber Fugedi
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