New apartment tenant survey highlights the importance of comfort, convenience, connectivity and customer service.
To understand the preferences and thought processes of the more than 100 million renters in this country, apartment owners and operators must do more than walk a mile in their shoes. In such a high-stakes, highly competitive real estate sector, multifamily stakeholders must take a “cradle-to-grave” look at the renter journey, analyzing the lifeblood of their industry from apartment search and touring to renewal and move-out.
The National Multifamily Housing Council (NMHC) recently took a deep dive into residential demand with a renter preferences survey of more than 172,000 participants. Sarah Yaussi, NMHC’s vice president of business strategy, spotlighted the following key trends shaping the renter landscape.
Lifestyle Renting Remains Strong
Lifestyle residents, those in the high mid-range income category that typically are attracted to apartment properties of high-quality finishes and beautiful common area facilities creating a more social community environment, should remain a key rental demand segment. Yaussi cites the following survey stats: 30% of renters said they have either owned a home or currently own a home, 17% don’t have any interest in purchasing a home, while 67% said they eventually would like to own a home when the time is right. Also, 60% of renters pointed to maintenance-free living as the biggest plus.
The Digital Difference
With more competition among apartment offerings and less time for prospective tenants to tour in person, communities better be sharp with their website and digital features, such as interactive virtual tours. The fact that 60% of renters were seriously considering between three and seven communities during their last search puts greater emphasis on standing out with the ‘first impression’ of quality property and amenity photos while staying on top of ratings and reviews, on which nearly 75% of survey respondents checked during their last apartment search.
People Power
Price, product and location get most of the attention during the lease decision process, but apartment owners and operators can’t forget the service side of things. The survey found that customer service and staff interaction is a very important factor for 44% of respondents, while 36% view it as absolutely essential. “As much as we are curating the tools and product, we need to be curating the people who can tip the scale for leasing decisions,” Yaussi told Multifamily Executive.
C’ing Greater Value
For apartment owners and operators to get all As, they should focus on the three Cs. While comfort and convenience are residential values as old as time, they, combined with connectivity, have new manifestations in modern multifamily living. Always ranking high among renters are air conditioning and soundproof walls; in-unit washers and dryers, package rooms and controlled access; and high-speed Internet, an amenity even more important in the work-from-home era. Renter preferences that showed substantial jumps in the 2024 survey include electric vehicle charging stations and car wash areas / services.
“The renter survey finding that 85% of folks enjoy living where they are is good news, but it should further underscore the importance of getting the prospective renters to your community in the first place,” said Amy Norton, Infinitee’s Director Strategy & Accounts. “That’s where creative branding and marketing come into play. As an award-winning and vastly experienced real estate marketer, we can help you consistently attract quality tenants.”