5 Things Today’s Renters Are Thinking About
As a property manager, it’s important to not only know about the legalities of renting an apartment to someone but also what he or she wishes or expects. With millions of dollars invested each year into studying the housing market and researching renters, there are plenty of statistics and facts to consider. With that said, here are five things today’s renters are thinking about.
Young adults want to own a home in the future, but most don’t expect it to happen until they’re in their 40s. While 28 percent of Gen-Xers hope to own a home within the next five years, a whopping 61 percent of Millennials feel the same. Although Millennials hope to be homeowners soon, they’re likeliest to be “renters by choice.”
If you manage a property with these amenities and characteristics, you’re more likely to get a second glance from residents hoping to upgrade to another unit.
- Extra parking, as only 5 percent of residents don’t own at least one car
- Coffee shop or mini-grocery store on the property
- Access to hiking trails and a state-of- the-art fitness center
- More privacy, including soundproofing between units
Most renters don’t own pets. In fact, there’s a large group of renters who prefer living in a community that doesn’t allow pets on the property.
Research suggests that renters are willing to pay more to live in an apartment that has green features and enhances their daily lives. The research reveals that:
- Renters look for low-flow toilets as one of the eco-friendly features
- 20 percent of renters expect to purchase an electric car in the future
- The biggest must-haves include energy-efficiency appliances and walkability
Speaking of walkability and staying fit, renters want more from their communities than just a fitness center with a treadmill. To attract renters, property managers must offer a full fitness center with a pool, group or private classes and running paths. Allowing 24-hour access is also essential to keeping residents happy.