Renters’ Favored Amenities Revealed
Some 90,000 renters were polled on their preferences for a new Greystar survey.
Walk-in closets, large windows, fresh air ventilation and high-efficiency appliances are among top amenities valued by renters nationwide. These are among findings of Greystar’s 2024 Design Survey Report, a thoroughgoing study of renters’ most prized amenities. Based on responses from more than 90,000 participants, the report’s insights reveal the preferences of renters both nationally and regionally.
“My chief takeaway is that renters’ preferences are evolving and dynamic, and they are varied through the country from region to region,” Quinn Eddins, managing director of research and analytics services for Greystar, told Multi-Housing News. “So, it is valuable for owners and investors in multifamily assets to understand where the interests of U.S. renters are moving, and how they vary from market to market, and how your particular market may be different from the nation as a whole.”
While renters nationally feel walk-in closets and natural light-providing windows are non-negotiables, these preferences are particularly notable in markets like Dallas and Miami where more than half of renters called them a must. Decisions of renters in the Pacific Northwest are driven by sustainability. For renters in the South, outdoor amenities are keenly valued. And for those in the Midwest, it’s the availability of coworking spaces that makes the difference.
Fresh air ventilation spiked the interest of 86 percent of respondents while 17 percent were unwilling to rent an apartment that lacked the feature, according to the report. Interest for this feature peaked in Seattle, San Francisco and San Jose, reflecting those markets’ focus on sustainability.
“Sustainability attributes are notably popular, accounting for 4 of the top 10 preferred attributes,” Eddins said. “Secondly, technology and security are also popular, with all of these preferences appearing within the top 50 percent of interests.”
Trends by region
In Northeast markets like New York City and Boston, controlled community access and keyless smart locks are urban renters’ leading priorities. Storage solutions like modular closets are particularly popular in New York City, where four in five renters show interest. Must haves among neighborhood attributes include walkability and proximity to supermarkets.
In Midwestern markets such as Chicago and the Twin Cities, renters covet side-by-side washers/dryers with built-in storage near bedrooms. Also popular are indoor coworking spaces with private, reservable offices, reflecting needs of cold-climate renters.
In Atlanta, Charlotte, Dallas and other Southern markets, renters avidly seek green spaces, barbecue grills, community pools, reserved parking and covered garages. Dallas residents are particularly sold on the need for walk-in closets.
In Pacific Northwest markets like Seattle and Portland, apartment residents have especially strong preferences for energy-efficient lighting, eco-friendly pest control and abundant light. Mountain West renters are recreation focused, treasuring fitness centers and nearby green spaces. They also enjoy high-efficiency appliances and premium air filters.
California renters cherish private outdoor spaces like patios or balconies, generous-sized windows and pools. Miami, Tampa, Phoenix and other Sunbelt markets deem pools to be a non-negotiable as well as shaded green spaces and covered parking.
Some surprise findings
Did anything surprise Eddins and his team? A couple things, actually. The first: the case for furnished apartments.
““While they are not appealing to most renters, with only one percent saying they would not rent an apartment that wasn’t furnished, those who do have a preference for furnished apartments would pay an average premium of $105 per month to live in a furnished apartment as opposed to an unfurnished apartment,” he said.
The fact that fresh air ventilation and premium air filters ranked as highly as they did came as another surprise to Eddins, but only initially.
“Those are particularly popular in tech-focused markets like Seattle, San Francisco and San Jose,” he said. “There’s an elevated consciousness around health and wellness topics in those markets, and you layer on the tech focus and smart home technology in those markets and there’s a pre-existing tendency or interest in those attributes. Then layer on the pandemic and the wildfires in California, and those experiences have really driven a consciousness about both air quality issues and apartment features designed to help improve air quality.”
A future focus
The amenity with the greatest increase in interest over the past several years has been EV charging stations, the study shows.
“That’s tracked with the increased prominence of EVs on American roads,” Eddins added. “And by all accounts that’s a trend that is going to continue to grow as EVs make up a greater percentage of vehicles on American roads.”
Eddins anticipates that this trend is only going to continue upwards, at least for the next two years.
The 2024 Greystar report unveils expanded revelations about the importance of sustainability and smart home technologies for modern renters. For investors, developers, managers and owners moving forward, 2025 is also going to be a year focused around creative spaces and wellness areas.
