What Renters Want in an Apartment
What is it renters look for when searching for a new apartment? What makes them more inclined to sign a lease with one landlord/company over any other? A recent survey conducted in major U.S. cities, from Atlanta to Chicago, Minneapolis and several others, recently shined some light on what renters consider important to them when choosing a lease.
Ranked from most important to least important, here are some of the things renters take into consideration when looking for their next apartment.
The Most Important Factor: Rent Prices
Rent continues to be the most important factor that renters consider when choosing an apartment. 85% of people surveyed cited it as their number one consideration when signing a lease, with millennials also rating it as their top concern.
You’ve often heard it repeated multiple times, but location still remains one of the most important factors for renters. Al full 81% of people said that this factor was important to them, with a few even ranking it higher than rent prices.
Not surprisingly, almost one third (28%) of respondents said that amenities that unit amenities such patio/balconies, etc. are influential in their decision to sign a lease.
Extra Facility Features
More than one fifth (21%) of those surveyed want additional apartment features in their building. Some of the most notable features included gyms, pools, business centers and common lounge areas.
Online Access to Building Management
The time when calling for maintenance and paying rent in person is on its way out. 18% of renters who took the survey said that having access to an online portal where they perform actions like paying rent and submitting maintenance requests is important in their decision to sign a lease. If you have not set up an online portal, it may benefit your business in the future.
Cable and Wifi Access
Most people, especially in the Millennial generation can’t live without access to reliable Wifi. More and more apartment seekers are looking for Wifi and cable services that are bundled in with the rent that they pay. 17% of those surveyed said that this was very important to them, and 20% said that they check to see if this is the case before deciding on signing a lease.
Community Size and Involvement
What’s a multifamily home without the community aspect? The amount of people who live in the building was important to 16% of respondents. Even more important to respondents is community involvement, with 49% of those surveys ranking that as an important factor.
Service Amenities and Friendly Onsite Staff
It’s the small details that matter. 15% of survey respondents said that service amenities (such as doormen, etc.) are important to them. Another 9% of respondents said that having onsite staff who are helpful and friendly is important to them.