When marketing a rental unit, it’s smart to ensure the property is appealing to the greatest number of potential renters. That means people who represent multiple generations.
But, how? The good news is that catering to one niche doesn’t have to mean turning off other demographics. In theory, renters across every generation will likely be attracted to the same aspects of a rental.
The best way to boost the appeal of your rental units is by finding the commonalities most of your prospective tenants share. The data speaks volumes. The 2020 “Renter Preferences Report” from the National Multifamily Housing Council is the largest-ever collection of apartment resident insights, featuring input from nearly 373,000 renters living in 5,336 communities across the U.S. This data can be useful to developers, architects and designers looking to build a new community or renovate an existing community, but also for property managers and leasing agents trying to make their properties more attractive.
Here are some trends per the organization’s press release:
Added perks: The survey found that when it comes to apartment features, renters were most interested in central air conditioning (95 percent), soundproof walls (94 percent) and garbage disposals (92 percent). About three-fourths of renters also indicated central air conditioning was simply a necessity for them. In fact, respondents said they were willing to pay a premium of $40.98 per month for central air, $37.94 more per month for soundproof walls, and $27.09 more per month for a garbage disposal.
Short-term rentals: Nationally, nearly 60 percent of respondents said having short-term rentals would either positively impact their perception of a community or have no effect at all. On the other hand, 16 percent said they wouldn’t rent in a community that had such a provision.
Pet amenities: More than one-third of respondents were pet owners, with the lion’s share being dog owners. This group said they expected to pay about $30 more per feature per month for perks like a community dog park, pet-washing station or on-site pet services.
While this data represents opinions from a national sample, know that preferences can change according to geography. When in doubt, you might consider conducting an exit survey to better understand what your residents want. One lesson here? You can use the findings to help better cater to your target audience. In a renter’s market, it’s important to stand out or you risk blending in. Still want help differentiating your property? Let PMI Advisory Group lead the way!
