Renter Preferences: Do You Know What Your Renters Want?
Over the last few years, the pandemic has affected all of our lives in countless ways. The way we live our lives, and what is important to us has forever changed.
As such, businesses are re-evaluating everything. From the way they source goods and materials to the way in which those goods and services are delivered to the end consumer.
In our business which of course is the business of providing rental housing, it is critical we evaluate how the pandemic has affected our customers and how this impact has changed what is important to them and what they desire in the home they want.
One of the first major changes that we made as result of the pandemic was in pet ownership. According to a survey conducted by Statista a significant increase in pet ownership occurred since May of 2020.
14 percent of respondents in the United States reported acquiring a new pet. This is an increase of four percent compared to December 2020, when 10 percent of respondents reported getting a new pet.
For rental property owners, this change requires a re-evaluation of your pet policy, pet amenities and how you manage this significant increase in pet ownership.
Renter Preference Study – The World Has Changed!
In addition to pet ownership, the pandemic drove a high level of movement, mostly due to working from home.
The 2022 renter preferences survey report shows that renters have been on the move over the past 18 months and clearly seek more space in their living arrangements.
And, more telling is that a quarter of respondents who moved reported that their moves were due to a shift to remote work during the pandemic, according to the 2022 Renter Preferences Survey Report from National Multifamily Housing Council and Grace Hill.
Renter Preferences Survey Report Hot Trends and Key Findings
In case you haven’t had a chance to check it out, Rental Housing Journal published a recent renter preference study that we thought we add value to this months report. Not surprisingly, the pandemic drove some of the changes in preferences.
- Demand for more space
Lockdowns seemingly led to a strong desire for additional space; twenty-eight percent of renters who said they intend to move to a different rental community when their lease expires cited “additional living space” as a reason, up from just 19 percent two years ago.
- Washers and dryers, air conditioning, soundproof walls and high-speed internet
Now, more than ever, home is proving to be a sanctuary, and renters have a great desire — and are willing to pay a premium in additional monthly rent — for certain amenities. Reported must-haves include: washer/dryer in-unit (92 percent of renters interested, $54.73 monthly premium), air conditioning (91 percent, $54.73) , soundproof walls (90 percent, $46.21), high-speed internet access (89 percent, $47.93) , and walk-in closet (88 percent, $43.46).
- Package delivery increase
The share of renters who received two or fewer packages per month dropped from 45 percent in 2019 to just 24 percent this round, while the share who received three or more packages per month increased from 55 percent to 76 percent over the two-year period.
Renters want choices
While traditional apartment homes garnered a majority of responses (57 percent), townhomes and single-family rentals were also in the mix at 23 percent and 19 percent of responses, respectively.
Pet Friendly Amenities
Roughly one-third of renter respondents indicated they lived with a pet or service animal.
Dogs are proving to be a renter’s best friend, with 70 percent of pet owners indicating their fur babies were dogs.
The preference is driving interest in—and premiums for—four-legged friendly amenities like community dog parks, pet washing stations and on-site pet services like doggy daycare and grooming.
Moreover, survey results show that pet breed restrictions may be falling out of favor with renters, with 77 percent of respondents indicating that pet breed restrictions would either have no effect on their leasing decisions or would make them less likely to rent a property with restrictions in place.
Noise-related issues continue to be a problem
Noise remains a leading environmental pollutant at rental communities, detracting from renters’ wellbeing and living experience.
As a result, renter interest in sound mitigating tech in windows and walls remains sky high. In fact, soundproof walls are the third most popular home feature after air conditioning and an in-unit washer/dryer, with 90 percent of respondents indicating they were interested or wouldn’t rent without them.
To read the entire survey, click here.
If you are tired of the hassles of managing your rental property, the best strategy for property owners is to employ a reputable property management company such as Real Property Management Solutions to handle all day-to-day management responsibilities. This way, you can concentrate on the big picture while we take care of the minutiae. Contact us online to learn more about our quality property management services.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
