What are the top concerns for apartment renters when deciding whether to sign a lease?
A new survey recently administered by national apartment management firm Village Green found that three factors—rent, location and community environment—make up the top drivers of apartment leasing decisions among renters of every age and across geographic markets.
Approximately 70 percent of survey respondents said they research properties online, either before or after making an on-site visit. Sixty-five percent do so through the apartment listing website, 60 percent look at the website of the apartment community itself, 26 percent visit independent online review sites such as Yelp and 17 percent look at social media platforms. Six percent indicated they do their research elsewhere on the web.
When it comes to researching apartments through apartment building/community websites, respondents place high importance on clear and thorough explanation of amenities (68 percent), high quality photos (60 percent) and online rental listings (46 percent).
The survey included 1,000 respondents, all of them apartment renters. A significant number of respondents (roughly 700) are located in the metro areas of Atlanta, Chicago, Dallas, Detroit, Minneapolis, Phoenix and Philadelphia. Thirty-two percent of the respondents are millennials, 28 percent are members of generation X, 33 percent are baby boomers and 7 percent belong in other age groups. Sixty-one percent of respondents identify themselves as either single, separated, divorced or widowed. Thirty-nine percent are married or living in a domestic partnership.
Following is a breakdown of the top 10 factors in apartment renters’ decision to sign a lease for a new unit.