Renters’ Top Priority? Finding an Affordable Property

October 12, 2018

Whether you own investment properties yourself, or you’re assisting investor clients who own rentals, the latest survey published by RentPath provides a window into what potential tenants are searching for. The common theme that prevailed through the survey was the desire to find a rental within the tenant’s budget.

Renter priorities

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Of the 3,750 renters who responded to the online survey between 2017 and 2018, the two most significant factors they said they were looking for in a rental were price and location. Most people said the reason for their move was to save money (37 percent) or to be closer to work (32 percent), according to an analysis on RentPath’s Apartment Guide blog. Finding a place that fits their budget was also the most cited factor renters took into account in their search (44 percent), followed by location (29 percent). Price and location were also two factors renters said they were least willing to compromise on. And when conducting their search, 74 percent of renters said they most often take note of a unit’s price.

The emotions associated with moving were nearly split between excited (46 percent) and stressed (44 percent), and understandably so. About half of renters said they were concerned they wouldn’t find anything in their price range. Nearly three-quarters of respondents said they’re moving to a place they feel a familiarity with.

In terms of lifestyle needs, 19 percent said they were seeking a pet-friendly rental, 18 percent were looking for something accessible for seniors or someone with disabilities, and 13 percent said they want something family appropriate. The most often cited “top of mind desire” among survey respondents was to have a washer/dryer in unit, followed by amenities like a gym and swimming pool. Survey respondents said they were most willing to compromise on size or square footage.

But even after signing on the dotted line of a lease, renters have some remorse. In fact, 31 percent wished they had toured more properties. Most people toured an average of three to four properties before submitting an application, and 40 percent submitted an application within the same day of touring.

Thirty percent of renters also said they wish they knew more about the neighbors before moving in, 29 percent said they wished the property would have been inspected more thoroughly, and 27 percent said they would have liked to have known more about the property management.

Source: 
Here’s What Renters Say is Really Most Important to Them,” Oct. 9, 2018. Apartment Guide Blog