What Are Renters Looking For In Their Rental Apartments In 2020?
With the continuing population growth and the increasing difficulties involved in homeownership, there is more of a demand for rental units. According to Globest.com, there is a growing preference for renting.
According to the research, it is expected to be an additional 1 million families each year, demanding rental units of some kind. Multifamily housing providers need to keep ahead of the game and know what the trends are. What are renters looking for? They have to stay ahead of the competition by holding onto the renters they have and by attracting more to the rental units they manage.
People are more demanding and expect a lot from rentals today. They are, perhaps savvier, and more in tune with the rules of the game. Hence, they are more interested in playing at Blackjack Real Money than slots, and other less exciting games.
The best way to find out what is essential to renters is to ask them. NMHC and Kingsley Associates did this. They reported the results at a conference which took place in 2019. They surveyed more than a quarter of a million renters in the United States to learn which features were most valuable to them when considering a rental unit. What could they not do without and which trends would impact their choices about where and what to rent in the coming year.
Below we look at the most critical factors that were found to be essential for renters when looking for apartments.
Renting at a reasonable price is still a significant consideration for those needing to rent. At the same time, however, people now expect certain features and amenities that cause the price to go up. Looking for lower rental costs is the main reason given by people for wanting to move to a different apartment.
This figure is around 47%, according to John Burns Real Estate Consulting. They report that “As rental tariffs continue to high nationwide, rental affordability has become a big worry and the need for affordable rental options has never been greater.
Our Burns Intrinsic Apartment Rent Index, which measures apartment rent valuation based on the long- term media proportion of rents to incomes, suggests that about half of the major markets in the country are overvalued by more than 5% and many by 10%.”
Right now, it may be better for property providers to place more emphasis on affordability rather than the services and amenities offered.
Those in rental properties want and expect quality management, not only in terms of their rental unit but at the community level also. From the survey, dissatisfaction with the standard of management, at the community level, was a significant factor for people, 31%, for wishing to relocate.
Investing in good quality management which provides a positive experience for renters is very cost-effective and helps to keep and attract renters. Communicate with renters and listen to their needs, via surveys and reviews. Around 72% of those in the survey said they did check listings online when searching for their home and read the reviews. These reviews determined whether they would visit the community and, 85% said these reviews ultimately influenced whether they would rent there or not.
It is crucial to respond to negative reviews on the site. A sympathetic and well-written response can help to reduce the negative impact these reviews can have for your reputation. You don’t want to put off potential renters and, therefore, you should aim to keep your star-rating above 3.5.
Amenities that will make a renter’s daily life more comfortable are the ones to make sure to add and especially those that are not too expensive to install. For instance, garbage disposal was an essential feature for 92%, and some 56% said they would not consider renting a place without it. The fact that this is a reasonably inexpensive plumbing addition makes it very worthwhile to install.
A unit which has a washer and dryer is high up on the list of priorities for renters. 91% said they consider this an important feature and many, 55%, said they would not rent a place that didn’t have it. 90% of renters listed a dishwasher as being something they would want, and 63% said this was a deal-breaker.
The microwave was also something people were interested in having, 86%. And 47% said they wouldn’t rent a place without it. A microwave is not an expensive item and, therefore, definitely a worthwhile addition to make and is an excellent gift to welcome new residents.
Another highly valued service or amenity is a USB port. Also, renters are interested in having TV wall mounts, and these are relatively inexpensive to install and will add to the value of your unit.
Today one of the first things people ask is their good cell reception, and this is probably number one on their list of requirements. 91% said that this was very important and at least 44% said they wouldn’t rent a place if the cell service weren’t right. Many people went as far as to check the cell service themselves with their phones while visiting these communities.
Good internet access is also a must today and is high on the list of priorities for those seeking to rent. 92% said that high-speed internet was essential to them, and many would not consider renting without it. Nowadays, so many people working from their homes so naturally, high-speed internet is crucial.
However, many more people, today now use online streaming for their home entertainment so good internet has become ever more critical. It seems that 64% of renters presently get their home entertainment via live streaming.
According to the research by Pitney Bowes Parcel Volume Index, there has been an increase in the number of parcels delivered worldwide. It is likely due to the rise in e-commerce and is sure to only grow in 2020 and beyond. Safe delivery of packages has become an essential requirement for residents. 84% of renters said that it was important to them to have “secure, self-service 24/7 package-access”. Of this group, 76% favoured lockers for the pickup while only 10% preferred a pickup room.
Residents consider being able to have comfortable and immediate mobile access to management at their communities a priority. 81% said it was a priority for them to be able to “access their resident portal from a mobile device”. 64% closed their present contract online, and 58% said they would be delighted to pay rent via a ‘resident portal, the mobile app’.
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