What’s the biggest shift in renters’ search process today? Timing. When looking to move, nearly half of renters — 48 percent — plan to settle into their next rental residence within six months. That’s according to a new Q2 survey from Apartments.com. The survey included 30,000 current and prospective renters, covering all 50 states and the District of Columbia.
The survey also revealed renters’ top motivators, dealbreakers, and resources when searching for their next apartment home. Here’s a look at the top takeaways.
The rental search gains urgency
Nearly half of renters expect their move to happen within six months. That’s the highest rate Apartments.com has seen in the past two years.
That’s not the only sign that renters are searching more quickly today.
The rental search process takes 27 days on average, according to user behavior on Apartments.com. That’s down from 46 days in 2021.
Not only are renters searching more quickly, but they’re also more decisive in the process:
- Most renters (68 percent) said they expect to seriously consider only two or three properties.
- And seven in 10 renters on Apartments.com ultimately submit only one lead, according to the latest user data.
With more information at their fingertips, renters are forming a clear picture about their options, sooner in the search process.
37% of renters likely to rent sight unseen
How willing are renters to sign a lease without seeing the property in person? Over a third of survey respondents — 37 percent — described themselves as likely to do so.
What’s behind this trend? Renters are doing most of their apartment research online. They expect to see detailed information about individual units to help inform their search:
- 99% consider apartment-specific information to be important
- 82% want to see photos of the exact unit
- 73% want to see a floor plan of the exact unit
It’s not just that renters want to gather detailed information of apartments online. For some renters, unable to physically visit properties in person, online information is the only way they can evaluate their options.
As one survey respondent explained: “I was looking for a place in Illinois virtually from California, so it was extremely important to have all of this information before signing a lease.”
Even though in-person touring options remain the most popular options for renters, the appeal of virtual alternatives is growing, with over half of renters interested in taking a virtual tour.
Renters expressed interest in both guided and self-service virtual tours. 3D tours, such as those provided by Matterport, interested 64 percent of renters, while 58 percent of renters expressed an interest in taking a remote tour with a leasing agent, such as tour conducted through a video call.
Online tools guide renters in their search
Which resources do renters rely on when searching for their next home? Online tools topped the chart, with internet listing services (rental search app or website) taking the #1 spot with nearly three in four renters. Community websites came next, with 53 percent of renters. And in third place, 46 percent of renters reported using a search engine.
Social media, a new option in the survey, was selected by 26 percent of respondents.
And some old-fashioned strategies — like talking to people, walking or driving around the neighborhood, or using a broker or agent — were selected by 13 to 37 percent of respondents.
Price and safety are top of mind
When renters choose an apartment, which considerations are most important to them? Price ranked #1. Seventy-eight percent of survey respondents selected cost considerations as one of their top three factors.
Safety considerations were also important. Nearly half of renters — 49 percent — selected safety and security as one of their top three considerations.
Location also matters. Just over a quarter of renters — 27 percent — want to live close to work or school, while 10 percent rank proximity to family or friends as a top consideration. And nearly one in five, or 19 percent, want to be close to local parks, stores, or other points of interest.
Other considerations included:
- Amenities: 26%
- Number of bedrooms: 23%
- Size (square footage): 23%
- Number of bathrooms: 8%
In-unit laundry remains a requirement for most renters
Which amenities are nice-to-haves, and which ones are essential? There are some amenities renters tell us they can’t live without. And year after year, one such amenity has topped the charts: an in-unit washer and dryer. With 76 percent of respondents in the latest survey, this priority has remained consistent.
Air conditioning came in a close second, with 70 percent of renters marking it as non-negotiable.
Check out the full list:
- Dishwasher: 47%
- Off-street parking or garage: 47%
- Balcony, patio, or private outdoor space: 45%
- Pet-friendly policy or features: 41%
- Fitness center: 19%
- Pool: 16%
- Smart lock for entry: 13%
- Smart home appliances: 11%
- Sports court: 3%
- Electric vehicle charging station: 3%
Renters want to hear back within 2 days
After submitting a lead, nearly nine in 10 renters expect to receive a response before the end of the following day. In fact, 87 percent reported that they expected to hear back within this timeframe, if not sooner.
Despite these expectations, 40 percent of renters don’t hear back within this timeframe, according to the latest renter satisfaction survey from Apartments.com.
And renters are interested in communicating with properties through multiple channels. The Q2 survey revealed their top preferences:
- Email: 65%
- In person: 64%
- By phone: 55%
- Texting with a leasing agent: 34%
- Chat or instant messaging with a leasing agent: 29%
While more than half of renters prefer email, in-person, and phone communication, roughly a third of renters want to text or chat with a leasing agent.
Renters care about pets
Nearly a third of renters — 28 percent — report that they currently live with a pet. Dogs are the most popular type of pet, owned by 58 percent of pet owners. Cats come in second, with 52 percent of pet owners. Other types of pets, such as lizards, turtles, frogs, fish, rabbits, hamsters, and birds, make up only 1 to 3 percent of pet owners.
Interestingly, it’s not just pet owners who want to live in a pet-friendly community. A whopping 41 percent of renters — a far greater share than those who report living with a pet — said that they consider it essential that their community offer a pet-friendly policy or pet-friendly features.
This suggests that renters without a pet may want the opportunity to adopt one in the future — or just want the flexibility to invite their pet-loving friends and family over to visit.
Video: Explore the renter search
Meet the renter of 2024. Learn who’s looking to move, what renters want to know about your communities, and how the apartment search process has changed. Watch the on-demand webinar now:
Looking for more renter insights?
Stay tuned for more details from the latest renter survey. In the meantime, don’t forget to check out these great resources:
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