Needs vs. Expectations: What Today’s Renters Want – MHN
In partnership with Kingsley Associates, NMHC unveiled the results of its Renter Preferences Report, shedding light on the factors that are most important to today’s multifamily residents.
At National Multifamily Housing Council’s 2018 OpTech Conference & Exposition in Orlando, the company unveiled the results of its Renter Preferences Report, in partnership with Kingsley Associates. RE Tech Advisors’ Associate Manager Andrew White, moderated the panel that included Fairfield Residential’s Senior Financial Analyst Christine Wachsman, Greystar’s Senior Managing Director Steve Boyack, The Bozzuto Group’s Vice President of Innovation and Product Development Khushbu Sikaria, and NMHC’s Vice President of Industry Communications Sarah Yaussi.
The panelists discussed key takeaways from the data, which included subjects such as parking, short-term rentals, fitness centers, telecommuting spaces, technology and sustainability.
KEY TAKEAWAYS
Of the total respondents of the survey, 94 percent said they still owned a car and 39 percent had two or more. Although there is a rise in the amount of renters looking to live near and use public transportation, 71 percent noted that they wouldn’t move into a community that didn’t offer parking. In addition, 88 percent said they were interested in secure resident parking, putting a higher emphasis on both convenience and safety.
The report also looked at how demographics impacted the outlook of short-term rental options, which has been a growing trend within the multifamily industry. When taking a look at the amount of renters interested in the ability to earn extra income by listing an apartment on a short-term rental site, versus those that would not rent in a building with this option, the data shows a clear pattern when it comes to generational differences. According to the report, more than 40 percent of renters from the age of 25 to 34 were interested in extra income, with less than 10 percent objecting to the idea of living somewhere with this option. However, on the opposite end, less than 25 percent of renters ages 55 to 65-plus were interested in the extra income, whereas more than 30 percent were opposed to living in a community that offered this opportunity.
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MHN – Multifamily News
IvyLee Rosario
November 15, 2018