Take note, property management professionals: There’s a growing trend among renters who are increasingly amenity-driven, especially if those amenities make residences feel like true homes, according to a report released by Village Green, one of the nation’s largest apartment property management firms.
Village Green’s National Renters Index includes data from 1,000 renters of residential properties located in Atlanta, Chicago, Dallas, Detroit, Minneapolis, Phoenix, Philadelphia, and other metro areas. An overwhelming 68 percent of respondents said they’re swayed by high-end and technology-driven amenities. Forty-eight percent of millennial respondents said they’re interest in paying more for “high-end property amenities”—specifically, if a property is outfitted with smart-home technologies (45 percent) and high-end facility amenities such as concierge services or a coffee bar (49 percent).
“The feedback from this National Renters Index serves as a call to us all that we need to be listening to our current and prospective renters about the amenities and experiences sought from their next rental experience,” says Diane Batayeh, CEO of Village Green. “To maximize resident satisfaction, we need to ensure renters carry the belief that they are getting a special experience and living in an environment filled with sought-after amenities and the feel of home.”
Other findings in the survey included:
- Approximately 62 percent of respondents among all age groups said they’d be more interested in a community that provides a “homey” look and feel, followed by 60 percent who would be more interested in a community that fits their lifestyle, and 52 percent who would like the ability to issue a maintenance request online.
- About 52 percent of renters are interested in high-end property amenities, such as upgraded kitchens, bathrooms, and hardwood flooring.
- About 6 in 10 renters read reviews about a rental property, and nearly 1 in 5 renters write reviews about rental communities they have visited or rented.
- Location is still key. Location, rent, and community environment are the top three reasons that drive satisfaction.
- High-quality photos appear to be the first thing millennials care about when visiting a rental community website. Also, both Generation Xers and baby boomers ranked a virtual tour as a top website feature that is important to them.
|Village Green National Renters Index infographic.|
Source: “National Renters Index,” August 2017, Village Green