Renters Are Mostly Happy With Their Situations, Especially Gen Z

Renters are mostly happy with their apartments and satisfied with being able to afford their monthly rent, even if it’s in areas of town where they could not afford to buy, according to a new RealPage survey of renters.

Most prefer the financial freedom that renting gives them compared to owning a home, especially so among Gen Z, with more than half the group (51%) finding renting a better option than buying.

The survey, in partnership with global research firm The Center for Generational Kinetics, asked 2,000 American renters about their beliefs and perceptions of renting, their expectations for continuing to rent, their opinions on the most important search, decision, and rental experience drivers, their technology requirements, and more.

“The research tells us that most apartment renters are happy being apartment renters,” Jay Parsons, Chief Economist for RealPage said in a release this week.

“Older renters say they’re renting because it frees them up from home maintenance and other responsibilities. Younger renters are renting because it gives them more flexibility. And renters of all ages tell us that apartments provide an entry into preferred neighborhoods where they couldn’t afford to buy.”

The survey spanned Gen Z (ages 18-26), Younger Millennials (ages 27-35), Older Millennials (ages 36-43), and Gen X (ages 44-55), and consisted of 25 questions. The annual household income of respondents ranged from <$20k to >$200k, with a median of $65k, equally surveying male and female renters in the Northeast (18%), Midwest (20%), West (25%), and South (38%).

Nearly three-fourths (73%) of renters say they are renting where they couldn’t afford to buy – showing that apartments help diversify preferred neighborhoods, RealPage said.

Respondents’ top reason for renting their current apartment is because it’s a monthly payment they can afford.

Other results showed that Gen X renters “tend to focus on community and use more social channels to determine where they will rent next” and they are more likely to research the crime history of a neighborhood.

Gen Z renters are more in tune with lease agreement terms – things such as pet policies.

A top “tech” desire renters are willing to pay for is electric doorbells and cameras at their current residence.

Most (79%) think they “should be able to get everything they need from their property manager” via direct message, text, or chat.