In the downturn, foreclosed homeowners moved to rent; now, Americans with debt and idle incomes are living in rentals, too. According to the Pew Research Center, renters have soared to 43.3 million in the last 10 years.
What are renters seeking today? According to recently released research out of the National Multifamily Housing Council (NMHC), apartment dwellers have essentials: air conditioning—the No. 1 preference—a dishwasher (No. 2) and a washing machine and dryer (No. 3). Renters are also in the market for high-speed internet access and soundproofing.
Additionally, community features are high on their list:
- Cell Reception
- Fitness Center
- Package Storage
- Secure Parking
An Airbnb-like option is sought-after, as well, the research shows. Forty-nine percent of under-25 respondents to the NMHC are eager to earn from an Airbnb or other rental for the short term.
Advertising these amenities is key. Seventy-nine percent of respondents to the NMHC are influenced by online ratings and reviews; in fact, 72 percent did not look at an apartment because of its reviews. Eighty-two percent, also, expect the landlord or management to respond to reviews.