Understanding what renters want can be challenging, especially in today’s ever-changing rental market. One day, everyone wants an open floor plan and upscale amenities. And the next, it’s all about vintage charm and a homey, small-town feel. To truly stand out, landlords must keep a pulse on these shifting preferences and identify what features consistently appeal to prospective tenants.
Researchers at Apartments.com polled 20,000 renters at the beginning of this year to discover the latest tenant preferences. This blog will explore their findings and reveal what’s in and what’s out for today’s renters. Here’s a preview of what we’ll cover:
- Why renters are moving
- Where renters are moving to
- What renters look for in a rental property
- How renters are searching for properties
- How Apartments.com can help you attract renters
Why Are Renters Moving?
Before discussing what renters want, let’s rewind and find out why they’re moving in the first place. Of the 20,000 survey participants, 44% said they were moving for personal reasons, including relationship/family changes, a new career/educational opportunity, or a desire to relocate to a different city or state.
Behind personal life changes, 27% of respondents cited affordability as their reason for moving. You’ll see this a lot when renewal season comes along. If a landlord raises rent, whether that be because of changing market conditions or property improvements, current tenants might start searching for more budget-friendly options. To avoid losing tenants, it’s crucial to price your rental property competitively. Utilize rent comparison reports and market insights to establish a fair market value that aligns with renters’ budgets.
‘Dissatisfaction with their current residence’ was the third-most common reason for moving, garnering 26% of votes. And why are renters dissatisfied, you ask? Over half of renters who expressed dissatisfaction reported needing more space, while others cited location and safety concerns as top concerns. As a landlord, addressing these specific needs is essential to maintaining tenant satisfaction. Ignoring them could result in losing quality, long-term renters and facing the ongoing challenge of filling vacancies.
Where Are They Going?
So, we know why renters are moving, but where exactly are they going? Are they making cross-country moves? Or are they just checking out a new neighborhood in their current city?
Our survey showed that most renters (41%, to be exact) are staying in the same city but moving to a new neighborhood. This is especially common in big metropolitan areas like New York City, where each neighborhood has its own distinct vibe and culture. For example, a city newcomer might spend their first year in Chelsea and then venture to the Upper East Side for their next lease. This transient behavior is to be expected in dense metros where there are endless options for living situations.
The remainder of our survey results showed that 16% of renters are moving to another property in the same neighborhood, 16% are moving to a different city in the same metropolitan area, 14% are moving to a different state, and 13% are moving to a different city and metro area in the same state. This data highlights the mobility of modern renters, which may alter expectations about lease renewals. Though tenants might enjoy living in your rental, they may still choose to move and explore other neighborhoods, cities, or even states. In this case, be prepared for tenant turnover and have a solid plan in place for marketing and finding new tenants.
What Do Renters Look for in a Rental Property?
Now, let’s answer the question you’re dying to know: What do renters look for in a rental property? Knowing the answer to this question can help you attract and retain tenants. From our survey results, here are some key factors that tenants consider when looking for a rental property:
Affordable rent and price transparency
Of our survey participants, 84% named price as their top rental consideration. This comes as no surprise, as affordability is consistently a top concern for prospective renters. If a property is outside their budget and there’s no chance of negotiation, a tenant will have no choice but to move on to other options.
Surveyed renters also acknowledged price transparency. Of those who listed price as their top concern, 85% said they prefer to see an all-in price with fees included on a listing. This eliminates any confusion or misunderstandings about costs and details all financial obligations for tenants, including application fees, security deposits, etc.
Location
Location is next on the list, with 63% of renters naming it a top consideration. While some might value seclusion and remoteness, most renters prioritize proximity and convenience. This means being walking/driving distance from grocery stores, work facilities, parks, and public transportation.
If your rental offers a central location, make sure to advertise it in your listing. Include specifics such as distance from the nearest transit stop, commute times to popular destinations, and area walkability. Doing so will help attract tenants who prioritize location and convenience.
Safety and security
More than half of the renters surveyed identified safety as a top priority, encompassing both the security of the property and its surrounding area. Properties located in neighborhoods with high crime rates or lacking proper safety measures often struggle to attract tenants.
If local crime rates are a concern, take proactive steps to enhance the security of your property. Emphasize safety features in your listing, such as surveillance cameras, secured entrances, or proximity to police stations and neighborhood watch programs. Highlighting these measures can help reassure potential renters, increase their sense of security, and boost interest in your property.
Essential amenities
In fourth place are essential amenities, which received votes from 26% of polled renters. Though respondents might have different definitions of “essential,” most consider features like in-unit laundry, air conditioning, and dishwashers a must-have. After that, you’ll find many renters who search for parking facilities, outdoor spaces, on-site fitness centers, and other perks like pet amenities or smart home appliances.
If your property doesn’t have all these features, that’s okay! It’s hard to check every box on a renter’s wish list. Instead of stressing over what you don’t have, focus on highlighting your property’s unique selling points. Or, if you really want to go the extra mile, consider investing in some property upgrades to attract more renters and increase your rental income.
How Are Tenants Finding Rental Properties?
We’ve covered the where, why, and what of renting, but what about the how? How are tenants finding rental properties? What online tools are they using? What are the best platforms for maximum exposure?
Our survey showed that 73% of renters use a rental search app or website to discover listings. While other methods like word of mouth, neighborhood drive-throughs, or social media received some recognition, online platforms were by far the preferred method.
Along with rental search apps or websites, 37% of renters said they use a search engine to find listings, and 36% said websites for specific residential communities. That said, it’s safe to say that going digital is the best approach, especially when listing on a rental website like Apartments.com.
Attract and Maintain Quality Renters on Apartments.com
Now that you know what renters are looking for, it’s your job to help them find you. But luckily, that job is easy when you list on Apartments.com. Showcase your property to millions and increase leads with our state-of-the-art listing tools. Whether your unit is pet-friendly, utilities-included, or in a prime location, our platform lets you highlight all key selling points to maximize renter appeal.
In addition to our listing platform, explore our other Rental Tools for your other property management needs. Whether you need assistance with expense tracking or screening tenants, Apartments.com is a one-stop shop for all your rental business needs.
*Disclaimer: Data in this piece was collected by CoStar Group in January 2025. Any mention of renter preferences refers exclusively to survey data collected by CoStar Group.
FAQs
What are renters looking for in a home?
Renters typically look for affordability, safety, convenience, and essential amenities. Proximity to work, schools, and public transit often plays a significant role in decision-making.
What do renters value most?
Though preferences vary from renter to renter, most value fair pricing, safe and secure neighborhoods, accessible amenities, and responsive property management.
How do you attract tenants in a tough market?
Competitive pricing, flexible lease terms, and highlighting unique features of the property can help attract tenants. Offering move-in incentives or upgrades can also make a big difference.
