There has been a steady decline in homeownership, with 36% of American households currently renting rather than owning their home. The reasons for this induce issues of affordability, better financial flexibility, and the chance to live in a better neighborhood or have better amenities than in an area within their purchasing power budget.
With over a third of Americans choosing to rent over buying, what is it that they want from this relationship as we start 2024? Let’s take a look at a recent renter survey and some statistics that will give us a better understanding of what renters really want in their rental spaces in the coming year.
Yield Pro, a multi-housing news and strategy magazine published a recent survey that gives us a peek into the minds of renters in New England across the nation. “The National Multifamily Housing Council and Grace Hill Renter Preferences Survey for 2024 reveals renters’ evolving priorities and sentiments around rental housing and how much they are willing to pay for them.”
The survey, conducted every two years, recently released data in November 2023 that sheds light on the evolving priorities of renters. Input from 172,703 renters living in 4,220 rental communities nationwide, with data available from 77 markets helps us see three emerging trends.
Overall, the survey pulled out three areas that renters are most interested in when considering a rental unit, home or property – neighbors respecting the rules of the property, feeling welcomed in the community, and amenities to enhance the residential experience.
Renters Want Neighbors Who Follow The Rules
No one wants to live in a community where there is a continuously barking dog, heavy footsteps in a unit above, or unruly parties at all hours of the night. The same goes for living in a community where neighbors don’t follow the rules of the property such as putting their trash out in a timely manner or parking where they are assigned.
Renters in 2024 are looking for a renting experience where the rules are required so that all live harmoniously. That means that property managers should be cognizant of neighbors who are consistently breaking the rules of the community and deal with them in a respectful manner that allows everyone to enjoy the community.
Renters Want To Feel Welcomed
Renters want to feel like they are welcomed in their community which means property managers need to encourage and cultivate a sense of community through activities, community events and a welcoming environment.
Renters Want Access To Amenities & Services
Depending on the age, gender and interests of renters in your community, they may want certain amenities where possible. From fitness areas to common areas in which to entertain, and from tennis courts to a private garage for autos. The list of amenities is as varied as the cities in our nation. Some renters are thrilled with in-unit laundry while others want more expansive amenities such as a pool area to enjoy during the summer months.
Property managers should keep these trends in mind as keeping loyal renters is much easier than finding a new renter. For the full results of the National Multifamily Housing Council and Grace Hill Renter Preferences Survey please visit their site and start considering what your renters want in 2024.