Industry Surveys Reveal Renter Preferences for 2024

Renter surveys such as the 2024 Grace Hill | NMHC Renter Preferences Survey and RentCafe.com’s Rental Listing Preference Survey give marketing professionals and multifamily property managers and operators important directions. How they search and where they perform these searches, what they look for within their search, the surveys indicate renters’ current needs and wishes, reflective of their lifestyles.

So, what are the main renter preferences in 2024?

Digital marketing… digital everything

First things first. These days, the best marketing strategy is a digital marketing strategy. In other words, renters are mostly looking online for their next home.

According to NMHC’s research, of the surveyed renters, 79 percent said they visited a property’s website, 75 percent said they visited an ILS, 71 percent referenced a property’s ratings and reviews and 42 percent checked out a property’s social media profiles. In addition, RentCafe.com’s survey shows that the platform appears to be a valuable tool as it allows renters to compare properties to narrow their searches.

This digital dominance means that property operators should have their marketing reps prioritize website design and optimization and continue to share their listings on the traditional ILS platforms. In addition, implementing and encouraging a ratings and reviews section on their websites and social media platforms is increasingly necessary. With the provision that happy residents are encouraged to leave positive reviews because typically people are more likely to leave feedback when they are upset by something rather than satisfied.

Prospective renters will stop and research those units that have listings with floor plans, unit availability and real-time pricing, as well as photos and videos of units and amenities. RentCafe.com’s apartment listings survey found that interior apartment photos were the most influential among renters looking for a new home (73 percent of the 10,110 survey respondents). In addition, nearly half (45 percent) considered the virtual tour of an individual floor plan “very important” and 42 percent regarded a virtual tour of the community amenities as “important.”

Communication with prospective and current renters also tilts heavily toward digital interaction, with most of the respondents preferring email for interactions ranging from setting up property tours to scheduling non-emergency maintenance requests.

Rental essentials

The NMHC’s survey also shows that renters’ most sought-after features these days are in-unit washer/dryer (93 percent) and air conditioning (93 percent). The work-from-home trend has proven its staying nature, with 52 percent of respondents stating that they still work remotely. As such, high-speed internet was required by 90 percent of survey respondents, but only 66 percent of them said they were satisfied with their community’s quality of internet service.

Soundproof walls (88 percent) and noise-reducing windowpanes (83 percent) were next in line. Biometric access to the unit ranked fifth and smart security alarm systems 11.

Although we’ve been living in the mobile technology era for more than two decades, we are all too familiar with those “dead spots” in cellphone reception, that’s why 86 percent of respondents said having a reliable reception is highly important, while 39 percent said they would not rent without it.

Additionally, the surveys showed what renters are willing to pay extra for, such as on-site childcare, on-site pet services and floor-to-ceiling windows. Video doorbells in the unit (65 percent), keyless smart locks (67 percent) and smart thermostats (72 percent) were also among the amenities renters are willing to pay a monthly premium for.

New and old-fashioned features

With debit and credit cards and digital wallets close at hand these days, the cash is really no longer king. Hence, the ability to pay with these methods without incurring additional fees was another popular request, with 34 percent of NMCH survey respondents dubbing it “essential.”

Living in a rental doesn’t make a unit less of a home, so respecting community rules is something 66 percent of respondents found very important. A good finding for the overall multifamily industry is that 85 percent of respondents stated they enjoy living in their communities. More so, more than half of respondents reported they feel included and accepted in their communities, with staff that demonstrates respect and kindness.