High-speed Internet wasn’t a high priority for apartment residents in the past. Nowadays, it’s not only a demand – it’s an expectation.
The preferences of renters will evolve as technology evolves.
At the cusp of that ever-changing concept is the increasing demand for a package solution. According to the 2017 NMHC/Kingsley Renter Preferences Report, 57 percent of those renters surveyed were very interested or highly interested in package lockers. And 47 percent indicated they receive at least three packages per month, which coincides with the interest in package solutions.
The rising expectations correspond with the skyrocketing trend of ecommerce. One can reasonably project that more than 80 percent of renters will desire a package solution within the next few years. Questions about packages weren’t even included in the 2015 version of the bi-annual renter survey. Since then, we have monopolizing e-commerce giants validating the need for the product and entering the multifamily industry.
Apartment renters are a clever bunch. They notice when a community cannot keep pace with the rising influx of packages. If you don’t believe it, just take a look at community reviews on Yelp, Google or Apartment Ratings.
While package preferences are definitely worth monitoring, here are a few other notable findings from the renter survey, which is the largest ever of apartment residents. More than 272,000 respondents took part.
Other must-have community amenities
Reliable cellphone reception, naturally, is an expectation for renters. Of those polled, 92 percent are interested and 78 percent of those interested won’t least without it. Secure resident parking (88 percent interest) and secure amenity access (84) also rate highly.
Must-have apartment features
We mentioned that high-speed Internet wasn’t always an expectation for renters. Now, 93 percent are interested and 63 percent will not lease without it. That is surpassed only by air conditioning with regard to apartment features, of which 94 percent are interested and 92 won’t rent without.
Renting is a lifestyle, not a necessity for many
People rent for a variety of reasons. Perhaps they just moved to town, are saving for a down payment on a home or are between homes. But the top reported reason, which is a key characteristic of the millennial demographic, is the desire for convenience and flexibility. Twenty-three percent of those polled rated this the primary reason why they rent.
Reviews, short-term rentals gaining popularity
Four out of five renters indicated that reviews influenced their decision, which is a concept that is continuing to evolve. Another growing trend is the desire to generate income through short-term rentals, utilizing home-share services such as Airbnb. This is particularly true among younger renters. Of those aged 25 or younger, 49 percent reported interest in short-term rentals (only 32 percent of those aged 65 or higher were interested).
Preferences of renters will continue to reconfigure, particularly with the onslaught of smart-home technology. The challenge for apartment operators is to keep pace with their demands.