Whether you’re a multi-family property owner or thinking about becoming one, it’s imperative you understand what renters are currently looking for in a rental property. While it’s fairly safe to assume most want safety, community, and good management, there are additional line items that could make or break the decision for a prospective tenant.
According to the latest survey from Apartments.com, it is apparent that more and more Americans are choosing to rent. Their reasons why and what they are looking for are as follows:
- Tenant’s choices of where to rent are most heavily influenced by three factors: employment relocation, cost savings, and apartment size.
- When going through the search process, tenants are turning more and more to the opinions of trusted sources.
- More than 35% of current renters are previous homeowners who have decided to rent primarily because of affordability and flexibility. Other reasons include:
- Cannot afford home ownership expenses = 14.2%
- Employment relocation = 13.3%
- Foreclosure or divorce = 11.2%
- When asked about move intentions in 2013, tenants report their decisions are based on: family/family situation (16%) and education/graduation (11.3%)
- Tenants are using a number of methods to locate their next rental property. More than half rely on website searches while 31.5% rely on word of mouth from trusted sources.
- And, if you’re wondering about living arrangements, here’s what you can expect from the average renter:
- 49.6% live with husband, wife, significant other, and/or kids
- 40.3% live alone
- 10.1% live with roommate(s)