WASHINGTON, DC—Online intelligence is increasingly important to apartment renters, who are looking for more than just listings on the Web, according to the latest National Multifamily Housing Council/Kingsley Renter Preferences Report. Seventy-nine percent of respondents said they weighed input from online opinion sites in making their renting decisions, including 72% who said feedback from such sites prevented them from visiting a particular apartment community.
An even larger majority (82%) said they expect to see property managers respond to online reviews, including negative ones. The survey collected responses from 272,743 residents at 4,795 communities nationwide.
Increasingly, renters—especially younger ones—are looking to monetize their apartments. Forty-nine percent of respondents 25 and under said they're interested in the opportunity to generate additional income through short-term rentals, such as Airbnb. That compares to 15% of renters ages 65 and over who'd give their units over to this purpose. In addition, 32% of renters age 65 and over said they wouldn't rent in a community that offered short-term rentals.
What renters of all ages seek after, though, is amenities of all stripes. More than 90% of survey respondents said they wouldn't lease a unit lease without air conditioning, and 63% wouldn't consider leasing an apartment that didn't have high-speed Internet access. Washer/dryers and dishwashers are must-haves for 77% and 86%, respectively, of renters.
At the community level, 78% of respondents insist on reliable cell reception, and 71% won't rent without secure resident parking. Package storage is now a burgeoning trend in terms of tenant demand: 57% of those surveyed are “highly interested” or “interested” in package lockers, and 47% receive at least three packages per month.
“It will take millions of new apartments in order to meet the growing demand for rental housing,” said John Falco, principal with Kingsley Associates. “As developers work to meet these demands, understanding the needs and wants of apartment renters across the US—from basic apartment and community features like flooring, countertops, pet areas and architectural features to premium amenities such as smart thermostats, soundproof walls and walk-in closets—is paramount.”
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
