An Inside Look into What Renters Want
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.
When it comes to businesses residents want close by, grocery, dining and fitness all come out on top. Prospects want to be able to imagine what life at your property will be like. Mentioning the businesses that are close by on tours or your website is a great way to help create that image for them especially if they are touring virtually or will be signing a lease without visiting the property in person.
PERQ’s latest edition of the Multifamily Field Guide goes into more detail about what residents want when it comes to amenities, specific appliances, pets, and more. The Field Guide breaks it down nationally and regionally so multifamily properties can have the insight on what renters want in their specific area. Along with data about what renters look for there is also data about the state of touring in the multifamily world.