Village Green released the results of its First Annual National Renters Index, a nationwide survey of resident opinions on the rental market. According to the results, renters are becoming more selective with their wants and are taking a growing interest in amenities. The top three criteria residents use to evaluate a property were price at 85 percent, location at 81 percent and then community environment at 49 percent.
When searching for the perfect home, 59 percent of renters search online before visiting, with 65 percent using renting websites. Another 58 percent read reviews on the communities before making the decision of whether to live there.
THE AMENITIES HUNT
Amenities are a growing trend in the rental market, with options such as fitness centers, dog parks, on-site salons and business centers—these apartments end up providing much more than just a place to sleep for the resident. According to the survey, 62 percent said that having a ‘homey’ look and feel is most important, followed by 60 percent saying it fits their lifestyle. Rounding out the top four at 52 percent equally were the importance of being able to issue a maintenance request online and offering high-end property amenities.
Although renters are searching for better community offerings, there is a generational gap when it comes to what is most important. According to the Renters Index, 48 percent of Millennials are willing to pay a higher rent in order to get high-end amenities, whereas only 28 percent of Baby Boomers are willing to do the same. In contrast, 68 percent of Gen-Xers and 69 percent of Baby Boomers look for clear and thorough information on the provided amenities, while 69 percent of Millennials care most about high quality photos of the spaces.
“The feedback from this National Renters Index serves as a call to us all that we need to be listening to our current and prospective renters about the amenities and experiences sought from their next rental experience,” said Diane Batayeh, CEO of Village Green. “To maximize resident satisfaction, we need to insure Renters carry the belief that they are getting a special experience and living in an environment filled with sought after amenities and the feel of home.”
Image courtesy of LinkedIn