The United States has approximately 14.5 million renters between 30 and 44 years old, according to the National Multifamily Housing Council (NMHC).1 People in this age range heavily impact the American economy and housing market. However, this generation thinks differently than groups from the past. Property owners and managers can attract the largest group of qualified candidates by offering the amenities they prize. If you’re acquiring or redesigning a multifamily property, use research trends and track evolving societal demands to drive optimal net operating income.
Renters prefer anything that makes life easier through technology. During the last few years, technology upgrades that improve energy, efficiency, and security have become accessible to a wide range of users. Property managers and renters alike can benefit from making upgrades in these areas:
- Offer app-based home security systems. Property managers generally aren’t responsible for replacing stolen items. Improving the security of your entire property can make renters feel more secure, particularly in urban settings. 61% of renters said they’re more likely to rent a facility with keyless entry, and 55% said they would pay more for electronic locks.2
- Provide a high-definition common room. 47% of residents requested a media room with smartphone-ready entertainment systems.2
- Use outdoor areas for entertainment. 55% of residents said if they had access to a weather-sealed exterior area with a high-definition screen, they would use it at least once a month.2
- Create an app. Make it easier on your staff and please residents by offering a resident portal on your website and designing a corresponding app. Make it easy to pay rent and utilities, see what’s going on in the community and submit maintenance requests.
More than a quarter of renters said they receive at least one package per month, and 27% say they’ve had problems with receiving mail.2 Residents prefer to rent somewhere that offers package lockers that stay accessible around the clock. 31% of residents say they would pay more to live in a community that made getting packages easier, with many saying they would pay between $5 and $10 extra per month.1
Special delivery options also attracted residents. They prioritized in-unit delivery by facility staff and requested perishable items be placed in the refrigerator.
Parking Lot Preferences
Renters hate to struggle with finding a parking space. 60% of renters said they would pay more every month for a reserved parking spot. Most said they would pay $25 extra, but some indicated they were willing to pay as much as $75 more.1
Premium Amenities and Upgrades
Set your facility apart from the rest with amenity options renters can’t find anywhere else:
- Corian, granite or quartz countertops
- Large closets
- A track or walking trail
- USB charger duplex receptacles
- State-of-the-art fitness center
Flexibility continues to be a major factor in appealing to renters. When choosing an apartment, 64% say they would rather be close to work than close to friends and family. In large metropolitan areas, they are more likely to rent somewhere that’s close to public transportation.2 Apartment complexes can attract this demographic by offering a shuttle service to public transportation if the facility does not have close access.
With many renters willing to pay more for perks, upgrades often pay for themselves. Offer forward-thinking amenities to provide a better experience for your residents and net you greater income and renter retention.
- National Multifamily Housing Council (NMHC) Research, 2017
- Wakefield Research Survey, 2016