Who are today’s renters, and what do they want? The latest renter survey from Apartments.com highlights renters’ top preferences and motivations, with five key takeaways for your community. This survey was conducted in November 2023 with 20,000 participants.
Renters on the move
Looking ahead to the new year, 43 percent of renters are planning to move by spring. What’s driving these renters to relocate?
The top three motivating factors are price, safety, and location.
Concerned about inflation and their family’s financial situation, renters are looking for affordable rents. Well over 80 percent of renters said that inflation has had an effect on them, and nearly the same percent said they’re expecting inflation to continue to take a toll on them in the next six months.
Location, location, location: As the old real estate adage suggests, location is key. Nearly a third of renters are looking to live close to work or school, one in 10 want a home near family or friends, and one in five are interested in proximity to local points of interest.
Safety is another important factor, with half of renters ranking safety and security in their top three considerations. This broad category can include renters’ need for low neighborhood crime ratings, smart locks for entry, a gated community, or 24/7 doorman presence.
Amenities that matter
Some amenities are nice to have, while others are essential. When renters were asked to identify their necessities, five amenities came out top, highlighting renters’ need for convenience, function, and comfort.
A whopping 75 percent of respondents said they couldn’t live without an in-unit washer and dryer. This key amenity has also topped the list in past renter surveys.
Air conditioning follows closely behind at 69 percent.
Other notable amenities include a dishwasher (46 percent), a balcony or private outdoor space (45 percent), and pet-friendly policies or features (41 percent).
Interestingly, a greater percentage of renters — 41 percent — consider pet-friendly policies and features to be essential than the 27 percent who currently live with a pet, suggesting that renters may be looking to adopt a pet in the future or are hoping to welcome the furry companions of friends and family members. This highlights the importance of pet-friendly communities even to non-pet owners.
Most renters rely on listings sites
When looking for their next home, how do renters start their search? Most — 65 percent — use multiple search tools, but internet listing sites and apps come out top, with a whopping 72 percent of respondents indicating that they would rely on this option.
Next up were community sites, with a little over half of respondents, followed by search engines at 45 percent.
The virtual nature of renters’ search now includes the decision-making process. One in three renters said they were likely to sign a lease without physically touring the property, highlighting the continuing importance of virtual tours, even as the height of the COVID-19 pandemic fades into the rearview mirror.
Touring options and reviews remain essential
Once renters have narrowed down their options, how do they want to learn more about their future apartment or community?
Almost 90 percent of renters are interested in more than one touring option, such as in person with an agent, remotely with an agent, and self-guided in person.
Ratings and reviews are also indispensable to renters. Nearly all renters — a whopping 98 percent — said that ratings and reviews are important to their decision-making process.
The search shortens to 29 days
From beginning the search to signing a lease, the average renter spends 29 days looking for an apartment. This number is down from 46 days in 2021 and 32 days in 2022.
What’s behind this contraction? Much of the decision-making process happens before a renter even steps foot in the apartment community. Through online research, renters narrow down their search before even reaching out to the property. Two-thirds of Apartments.com renters submit only one lead during their search, according to website data.
And renters aren’t just acting quickly — they also expect the same from the properties they’re researching. An overwhelming 85 percent of renters in the survey said they expect an apartment community to respond within 24 hours.
Want more insights?
Join Apartments.com’s Chris Hood for an on-demand webinar diving into the latest data. In just seven minutes, Chris breaks down the key takeaways from the survey and analyzes the trends in renter behavior. You’ll gain practical tips on what your community can do today to meet the needs of current renters.
Watch now:
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