Survey of 2,000 renters finds nearly 70% are
bullish on the state of renting today, and highlights shifting
preferences, technologies and amenities, and how they differ across
age demographics
RealPage, a leading global provider of software and data
analytics to the real estate industry, released today its findings
from a national survey of multifamily renters in America during the
company’s annual RealWorld 2023 customer conference in Las
Vegas.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20230808636787/en/
In partnership with The Center for Generational Kinetics, a
global research firm, RealPage asked 2,000 American renters about
their beliefs and perceptions of renting, their expectations for
continuing to rent, their opinions on the most important search,
decision and rental experience drivers, their technology
requirements, and more.
The study found that two-thirds (66%) of multifamily renters are
satisfied with their current housing situation, preferring the
financial freedom afforded by being able to rent more cheaply than
buy in the areas where they want to live, as well as the
flexibility for remote work and trying new locations. Gen Z renters
(51% in particular), feel that renting is a better option than
buying.
Key trends and resident preferences were centered around
seamless and instant gratification. Highlighted in the survey
included: the use of online and social media tools like artificial
intelligence to search for rentals, online portals and/or apps for
interacting with property management, electronic and mobile payment
options, convenience and safety features such as package lockers,
rideshare stops, pet amenities, and smart home technologies like
smart cameras and door locks.
“The research tells us that most apartment renters are happy
being apartment renters,” said Jay Parsons, Chief Economist for
RealPage. “Older renters say they’re renting because it frees them
up from home maintenance and other responsibilities. Younger
renters are renting because it gives them more flexibility. And
renters of all ages tell us that apartments provide an entry into
preferred neighborhoods where they couldn’t afford to buy.”
The Survey
The survey of 2,000 American multifamily renters across America,
spanning Gen Z (ages 18-26), Younger Millennials (ages 27-35),
Older Millennials (ages 36-43), and Gen X (ages 44-55) provided
insights into the state of the rental market. The methodology
consisted of 25 questions. The annual household income of
respondents ranged from <$20k to >$200k, with a median of
$65k, equally surveying male and female renters in the Northeast
(18%), Midwest (20%), West (25%), and South (38%).
“What the results clearly show is that renting is hot today, but
that there is nuance across age demographics in terms of benefits,
discovery tools, the overall experience, and amenities, including
technology,” said Jason Dorsey from The Center of Generational
Kinetics. “The survey also identified shifting priorities with the
advent of remote work and an increasing desire for community
interaction, quality of life, and financial freedom.”
The Results
State of Multifamily Renting
Each generation sees different advantages to renting today, and
their perceptions on renting a multifamily home differ greatly by
age:
- Nearly three-fourths (73%) of renters say they are renting in
an area where they couldn’t afford to buy – showing that apartments
help diversify preferred neighborhoods.
- 66% of renters are satisfied with their current overall renting
situation, with younger renters showing the highest satisfaction
rates.
- Gen X renters say the primary advantages to renting are freedom
from home maintenance and property taxes; Gen Z renters prefer more
flexibility and less responsibility than owning a home.
- 44% of American renters think renting is a smarter financial
move than buying a house, with Gen Z renters leading the
demographics at 51%.
- 48% of American renters say renting their home gives them
financial freedom.
- Respondents’ top reason for renting their current apartment is
because it’s a monthly payment they can afford.
- 87% of American renters think paying their rent on time should
improve their credit score.
Search, Decision and Resident Experience Drivers
The ways that renters expect to search for their next rental
property and the factors that drive their rental decisions also
differ vastly across age groups. While Gen X renters have adapted
to using technology to find their next rental, Gen Z renters tend
to focus on community and use more social channels to determine
where they will rent next.
Renters from different generations tend to focus on different
topics when researching potential rental properties:
- Gen X renters are more likely to research the crime history of
a neighborhood while Gen Z renters are more likely to dive into the
lease agreement terms and pet policies.
- For all generations of renters, a quiet environment and parking
or a garage option are by far the most important amenities when
deciding on a new rental property.
Resident experience drivers also differ greatly by gender:
- Safety, comparable monthly rates, and good online ratings and
reviews are the most important characteristics for renters when
deciding on a new rental property.
- Safety, good online ratings and reviews, allows pets, and
updated interiors are significantly more important to women
compared to men.
Technology Drivers
Gen Z renters are not only willing to pay more for a home with
smart technology, but they also expect these amenities to be
included:
- Younger generations (especially Younger Millennials) expect all
technologies to be included at a new rental property significantly
more than older generations.
- Over half (51%) of renters are likely to pay for electric
doorbells and cameras at their current rental property - the
highest of any technology tested.
- 56% of Gen Z renters would be willing to pay higher rent for
green and sustainable initiatives such as smart water and composted
waste.
- 79% of American renters think they should be able to get
everything they need from their property manager via direct
message, text, or chat.
Renewal Drivers
The factors that influence whether a renter will renew their
lease vary by age group:
- Renters say they are more likely to renew their lease if
property managers update their unit (such as installing new carpet
or appliances), provide quick and quality repairs, offer flexible
lease terms (other than a 12-month lease) and provide online
renewal lease signing.
- Problems with neighbors (such as noise) or property managers
(such as slow response to maintenance requests) are significant
factors in decisions not to renew a lease.
- Older renters are more likely to renew to “avoid the hassle and
cost of moving,” whereas younger renters would be more influenced
by upgraded amenities and new technology.
Jay Parsons and Jason Dorsey are speaking among other luminaries
at RealPage’s annual customer conference, RealWorld. The three-day
event delivers a powerful blend of industry-leading innovation,
thought-provoking content, and opportunities for multifamily
professionals to leverage proven best practices for optimizing
RealPage solutions. Attendees of RealWorld will hear from thought
leaders such as RealPage’s Chief Executive Officer and President
Dana Jones, followed by Cassandra Worthy, Creator of Change
Enthusiasm. They are joined by over 1,400 attendees with a combined
5 million rental property units under management or ownership.
About RealPage
RealPage provides a technology platform that enables real estate
owners and managers to change how people experience and use rental
space. Clients use the platform to gain transparency into asset
performance, leverage data insights and monetize space to create
incremental yields. Founded in 1998 and headquartered in
Richardson, Texas, RealPage currently serves over 20 million units
and serves customers in the conventional, affordable, student, and
senior housing segments. For more information, visit
https://www.RealPage.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20230808636787/en/
Jennifer Bowcock on behalf of RealPage Communications
media@realpage.com 408-768-8221
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