The rental landscape is shifting in interesting ways, as revealed by the latest survey from Apartments.com. This comprehensive study, which surveyed 30,000 renters from across the US, indicates a significant increase in the number of renters planning to move. A striking 48% of respondents stated they intend to relocate within the next six months, a notable rise from the 40-43% range observed over the past two years. This surge is a beacon of hope for property owners and operators who have faced challenges in a market where supply has outpaced demand. Chris Hood, senior director of marketing told GlobeSt.com, "to see that 48% of renters told us they plan to move within the next six months was super encouraging."
The increased willingness to move is being influenced by several factors. While the survey did not specifically ask for reasons, it is inferred that the return to in-person work for many individuals is prompting a reevaluation of living arrangements. Renters are seeking locations that balance proximity to their workplaces with lifestyle preferences, leading to a surge in demand for new housing options.
The survey, conducted three times a year, has representation from every state, providing a robust cross-section of the rental market. This most recent survey found that, despite economic fluctuations, price remains the foremost concern for renters. "Budget is always the number one thing on people's minds," Hood said, emphasizing that this concern is a constant, regardless of the economic climate.
Interestingly, the survey also revealed a growing trend among renters: nearly 37% are now willing to rent properties sight unseen. This shift reflects the enhanced quality of online listings, which now feature detailed virtual tours, photos, and videos. "The listings now are just so robust…you really do see what it's like to live there," Hood explained. This evolution in digital content allows renters to gather the information they need to make informed decisions without visiting properties in person.
The importance of property management company names also emerged as a key finding. Of 10 renters, nine expressed that the name of the property management company matters to them, and seven out of 10 renters who are planning to move prefer to stay with the same management company. "We found that nine out of ten renters said the name matters," Hood shared, highlighting a previously underestimated level of brand loyalty in the rental market. This insight suggests that property managers can leverage their brand reputation to attract and retain renters.
As the survey delved into renter preferences for property tours, it became clear that flexibility is paramount. Over 90% of renters indicated a desire for multiple touring options, including in-person tours with or without an agent, as well as self-guided tours. "We really have to set things up for what's most convenient for the renters," Hood emphasized, noting that accommodating diverse preferences is essential for enhancing the leasing experience.
The study underscores the necessity for property managers to provide comprehensive and accessible information to renters. With the average search duration on platforms like Apartments.com now under 30 days, compared to 40-45 days a few years ago, the emphasis is on streamlining the process and enhancing the renter experience. "If the renter gets what they need and they have an efficient experience, then it makes your leasing team's job so much easier," Hood concluded.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
