Forty-one percent of renters are looking to move within six months, according to a recent survey of over 37,000 renters. Who are these renters, and what are they looking for? We’ll dive into the data and explore what this means for your leasing strategy this year.
Younger renters the most likely to move the soonest
Of all renters, those between 18 and 24 have the tightest timelines. Thirty percent of this age group is planning to move within three months of the survey, which was conducted by Apartments.com in May of this year.
Renters between 25 and 54 typically have a less urgent schedule, with only a quarter looking to move within three months. This percent drops further among older age groups. Only 22 percent of renters between 55 and 64 are looking to move in this timeframe, and just 18 percent of those 65 and up plan to do so.
Rent costs and need for space driving renters’ decisions
Why are renters looking to move? The main driver is the need for affordable rent, indicated by 30 percent of respondents. Renters ages 65 and up were the group most likely to express a need for affordable rent, with 37 percent of these renters selecting affordable rent as a reason for their upcoming move.
The need for more space was also a top motivator for moving, with nearly a quarter of respondents looking to expand their living space.
Self-directed touring ranks first
Renters today are looking for flexibility and options when it comes to touring a property. Self-guided in-person tours topped the list, with nearly half of all respondents describing themselves as “very interested” in exploring a property this way. This reflects a broader shift among renters toward a self-directed, autonomous search process. And it’s not just in-person tours. Self-guided virtual tours also stood out as an attractive option for renters, with well over a quarter of renters expressing strong interest.
But don’t get rid of your guided tours just yet. Nearly 40 percent of renters were “very interested” in the traditional approach of touring with a leasing person in person, and nearly one in five renters expressed a strong interest in a virtual tour with an agent.
Offering multiple options for touring — in person, virtual, with an agent, and without — is an effective way to meet the needs of a broad base of prospective renters.
Renters are moving out of their neighborhoods
The days of renters staying close to home are over. Of today’s renters, only 11 percent are looking to stay in their current neighborhood, with the rest open to moving to a new city, metropolitan area, or even state. And many renters looking to move haven’t made up their minds yet — over one in five aren’t sure how far or close they’re willing to move.
Among active searches on the Apartments.com website, 42 percent are for properties in a different market.
With these facts in mind, it’s worth ensuring your marketing strategy effectively targets renters beyond your local area.
Looking for more insights?
Stay tuned for more Apartments.com findings about renter preferences and behavior. We’ll dive further into our recent research on renters in upcoming webinars and articles.
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