A new survey reveals what multifamily renters value most when searching for a new home.
According to the findings of simplydbs, 91.7% of respondents are concerned about rising rents in their city, and as a result, rent pricing remains the top priority for 73.9% of renters. However, 39% said they would pay more for a unit in a zero-carbon building, which shows a growing interest in sustainability.
Unit size ranked second at 60.6% of respondents, ahead of location at 52.5%, followed by the reputation of the building (52.1%) and the suite layout (48.8%).
Renters also increasingly want more privacy, with 83% preferring to have a private balcony over a shared luxury space. Of those, 42% would accept a smaller balcony with opening floor-to-ceiling windows, while 41% still favor larger traditional balconies, even if it reduces interior space.
But amenities are less of a factor for renters – 62% would choose a larger apartment with fewer amenities over a smaller, amenity-rich one.
While expanding unit size isn't always feasible, tech upgrades can improve tenant satisfaction quickly and easily. According to the survey, the top three app features renters want are the ability to track maintenance requests, receive property announcements, and schedule automatic payments.
PayProp combines all these features (and more) into a single self-service tenant portal, and allows property managers to operate more efficiently on the backend.
Renters today want affordability, space, and convenience. With the right balance (and technology), it’s possible to meet these needs while still making a profit.
More amenities headlines
Study finds link between heat-related deaths & rental units – PayProp blog
Rental of the Week: $4,275 for a two-bedroom with a bowling alley and pet spa – Toronto Life
Luxury real estate: It’s all about the amazing amenities – The Globe and Mail
