Beyond Location and Price: Key Factors Modern Renters Prioritize
In the competitive world of multifamily real estate, understanding what renters prioritize can significantly impact your success as a property owner or manager. While location and price remain perennial favorites, there are several other factors that modern renters consider crucial. Here’s a breakdown of what today’s renters find important:
1. Location
This should come as no surprise. Where you live can say a lot about what is important to someone. Especially in Chicago that is comprised of 77 neighborhoods the differences between neighborhoods are significant and some cases its block to block. Proximity to public transportation, schools, workplaces, grocery stores, and entertainment venues are key considerations.
2. Affordability and Value
This has become a bit more sensitive subject since the price of rent has gone up at a pretty good pace. Renters will have their checklists in mind, but then try to match those needs to where it is most affordable. A sort of blend between lifestyle desires and fiscal prudence. It is important that landlords recognize this and price units appropriately to the current market.
3. Amenities and Features
The #1 amenity these days is by far in-unit laundry. No longer are the days that renters are ok with going to a basement for laundry. Some will even send out their laundry to a service to avoid it. If you as an owner can get laundry in the unit this is one of the biggest drivers for rent increases. Here are some other features renter’s desire.
- Outdoor Space
- Central Air Conditioning
- Area for Remote Work
- Fitness centers
- High-End Appliances
- Parking
- Secure Access
4. Safety and Security
Safety and security will always be something renters desire. Now with tech there are more options to achieve. If there is no doorman, secure access systems like ButterflyMX that have video and audio capability all handled through mobile phones. In addition, with the amount of packages delivered from online purchasing it is good to have solutions to handling deliveries and avoiding stolen items.
5. Maintenance and Management
No one is happy when things break down and cause inconveniences. It does happen and there is no way to avoid it. The important thing is responsiveness and clear communication. Everyone just wants to be heard and it goes a long way when it comes to renter retention.
6. Sustainability and Green Living
Energy efficiency and green initiatives are important to many these days. Older buildings have limitations to this initiative, but simple measures can help maintain the completive edge. Efficient lighting, recycling, green spaces, and water conversation can attract renters.
7. Technology Integration
Technology is everywhere and will become expected by renters. Tech savvy renters want keyless entry, smart thermostats, USB outlets, high tech entry systems, etc. Basically, if you can do something from a phone people want it.
Understanding and catering to these key factors can help property owners and managers attract and retain high-quality tenants. By focusing on what renters want, you can create a more appealing, competitive, and profitable property portfolio. Keeping up with trends and continuously improving the renter experience will ensure long-term success in the multifamily real estate market.