We’ve pulled together some highlights from NMHC’s national survey and additional tenant prefernece data to help operators understand what renter want in 2023 and beyond. Considerations like location might not be as important anymore. Does the property offer touring alternatives? How important is technology to renters today?
The National Multifamily Housing Council recently released survey findings from over 221,000 renters, living in 4,564 communities nationwide. The survey covers a wide range of topics from resident demographics and leasing decision factors.
Desire to Work from Home
As we all know, the pandemic has changed things, possibly for a very long time. Renters are willing to reposition themselves to accommodate the desire to work remotely. In fact, 25% said that it influenced their decision to move. This means that many renters can consider living farther away from the office. Today, 27% of renters work from home every day, and another 23% of renters work from home at least one day a week. Additionally, a Gallup survey found that 5 in 10 people are working hybrid or remote, while only 2 in 10 are entirely on-site. And this is expected to grow.
Why are renters moving? The survey shows that 49% are looking for lower rents, 29% want better amenities, and 28% say they want more living space.
Option to Tour a Property Alone
Another pandemic inspired change has taken hold and has been steadily increasing in popularity. This year the survey found that 39% of prospective renters chose to take a touchless self-guided tour as they searched for a new home. When ask how they would prefer to tour their next apartment community, 26% of renters said they would prefer the self-tour option, without a representative present. This statistic has increase 10% since 2016.
This touchless tour option has not only been beneficial for apartment seekers, but it has provided much needed improvements in efficiency for property management teams. As teams are running leaner, operators a turning to smart technology. Devices like smart locks and building controlled access allow prospective tenants to tour the entire property and unit with ease. Many properties use this technology to extend touring hours in the early morning and after work hours. It’s a win-win. Leasing teams can meet the prospect after the tour to answer questions and close the lease.
Willingness to Pay Extra
An additional sense of security can go a long way. It may not trump price, but it will influence a final decision for prospective renters. The NMHC survey states that 71% of tenants are interested in controlled building and amenity access with 20% citing it as a necessity when considering where to rent. Renters are also interested in controlled parking. 28% say it is a necessity and they will pay an additional $36 to their monthly rent.
In terms of the actual rental unit, 59% of responders say they are interested in smart locks on their apartment front door. Forget physical keys. The modern renter wants to control everything from their phone and use access codes. Smart access gives them the ability to send temporary codes to home cleaning services like spruce, or to mom when she comes into town. Owners benefit by eliminating the overhead of key management.
Apartment tech is Important
An additional piece of survey data says 62% of younger renters say apartment technology is extremely important to them when searching for a new home ButterflyMX survey.
Everything from apps, like Moved, that streamlines the moving process for residents and leasing staff to smart apartment locker systems with automated package notifications, technology is making life easier. The request for tech that allows you to control your home from anywhere is more popular than ever. Smart thermostats are filling the need for better energy management and efficiency.
Lifestyle Amenities Matter
27% of renters say the biggest benefit of renting is because of the lifestyle amenities offered. Apartments that offer a connected community experience like, controlled guest access, community wi-fi, and shard workspace are in demand.
Summary of Apartment Renter Preferences for 2023:
- Work from home
- Better amenities
- More living space to accomodate home office
- Lower rent
- Touchless self-guided tour option
- Built-in smart apartment technology
- Controlled building access
- Smart Locks
- Controlled parking
- Renew contracts and pay rent online
- Availability of property reviews
- Digital property updates
Read More on Everything Smart Home, Controlled Building Access, and IoT
Multifamily leaders talk operational efficiency from many perspectives – maintenance, easier access to units, and service of residents. Mark-Taylor Residential is the leading developer, owner, and investment manager of Arizona's premier rental communities. Over the...
Multifamily leader, Linda Coburn, provides an iApartments review and talks about smart home technology installed at NexMetro's revolutionary single family homes communities.How has iApartments helped NexMetro position themselves in the market? "As competitive as the...
Enhancing resident lifestyles Smart home technology has the potential to significantly enhance lifestyles in a number of ways: Convenience: Smart home technology allows you to automate routine tasks such as turning off lights, adjusting the thermostat, and even...
Smart-home living experience continues to gain momentum in communities Technology solutions, like iApartments smart apartment platform, offers owners a turnkey approach when retrofitting or developing new construction. The technology includes access control for...
Innovation and automation continue to flurish in the apartment industry Companies are developing and upgrading their offerings in smart-home technology, software-driven parking management, access management, and electric-vehicle charging stations. “Proper technology...
What you need to offer self-guided apartment tours: (1.) Technology platform (2.) Browser-based application (3.) Smart locks (4.) Building Access Control (5.) CRM Integration.Why you should offer self-guided tours As an owner or manager of an apartment community,...
5 Tips to make your self-guided tours a success Offering self-guided tours at an apartment community can be a great way to provide prospective renters with flexibility and convenience, especially during times when in-person tours may not be possible or desirable....
Innovative ways Multifamily is rethinking operations, maintenance, and leasing: Artificial intelligence helps better serve residents and free up staff Adoption of a centralized approach to specific daily operations Invest in smart tech to reduce energy costs...
Smart home essentials for apartments Coming up with the right balance of smart home essentials ultimately depends on the needs and preferences of the residents and the goals of the property owners and managers. However, there are some general considerations that can...
A Keyless Way to Secure Your Apartment Unlock that door and definitely throw away the key fobs. Apartment residents and property maintenance teams love smart locks. This keyless system allows property personnel to quickly access resident units to maintain them....
Greystar sees importance of controlled building access Greystar has both recognized the necessity of offering competent smart-home technology and has discovered an interesting option in a growing field of emerging providers, said Andrew Livingstone, its Executive...
Access and smart home technology are now an “absolute must have” not a “nice to have.” Greystar's 2bayshore property has been transformed into a smart apartment community. The pandemic created a large shift in how we operate. It moved us forward a decade and changed...