This story was originally published in Multifamily Executive.
With more Americans renting property as opposed to owning, apartment search website Apartment Guide administered online surveys to apartment renters to find insights into what they rank as most important when looking for a new place to live.
The data, from roughly 4,000 renters in three surveys, was collected by RentPath between 2017 and 2018 and drew the following conclusions.
1. Renters are excited to look for a new place
Overall, most renters are excited to find a new apartment, but stressful and overwhelming feelings also come with the territory. The survey results say 46% of lookers are excited, 44% are stressed, 40% are optimistic, and 35% are overwhelmed.
2. Price and location top the most important factors in the rental search
While searching for a new rental property, most people say they're moving to save money (37%) or be closer to work (32%). As a result, price and location are ranked as the two most significant factors for renters to consider. Forty-four percent want a place that stays in budget and 29% have a desired location in mind.
Other lifestyle needs, such as pet friendliness (19%), accessibility for people with disabilities (18%), and family-appropriate housing (13%), also made the top-five list of important features.
3. People also consider the neighborhood, utilities, square footage, and amenities
Price tops the list, again, of what renters take note the most of during their search, but many care about the neighborhood (52%), street address (46%), utilities (39%), square footage (33%), community name (33%), and a specific amenity (31%) as well.
When asked about their “top of mind desire,” respondents most answered a washer/dryer in unit, followed by a gym and swimming pool as the next most commonly mentioned amenities.
4. Renters are most willing to compromise on size and housing type
Roughly 67% of renters feel they have to sacrifice some of their wants to fit their budget, but they aren’t willing to compromise on location and price. However, they will settle on size/square footage (29%) or housing type (26%).
5. Before signing a lease, renters wish they had toured more properties
Four items stood out the most when renters were asked what they wish they had done before they signed the lease on their new property. Number one was they wished they had toured more properties (31%), followed by knew more about neighbors (30%), inspected the property more thoroughly (29%), and knew more about property management (27%).
This story was originally published in Multifamily Executive.
