2024 Renter Preferences Report: Actionable Insights to Excel in a Competitive Market
As the rental market expands, understanding what renters want has become increasingly important. The 2024 Renter Preferences Report offers valuable insights into today’s renters, providing property owners and managers with the tools needed to exceed expectations. With the U.S. Census Bureau projecting nearly 1 million new apartment units by 2025, it’s crucial to stay ahead by improving retention and occupancy rates.
The report surveyed over 2,000 U.S. renters, revealing key data that can help property managers maintain full occupancy and outshine the competition. Here’s a glimpse of the major findings.
Satisfaction With Property Management While most renters expressed satisfaction with their property management, there is still room for improvement. Resident satisfaction plays a critical role in retention, especially with an influx of new rental units. The report shows that 35% of renters plan to move in the next year, but satisfied renters are 30% less likely to relocate.
Satisfied renters are also 5.5 times more likely to recommend their property managers to friends or family, highlighting the importance of positive word-of-mouth for attracting new tenants.
Satisfaction With Communication and Maintenance Communication is a major factor influencing overall satisfaction with property management. Renters who are happy with communication are 25% less likely to plan a move and four times more likely to recommend their property managers.
Maintenance services also have a significant impact. Renters satisfied with maintenance are 25% less likely to move and three times more likely to recommend their property management company. Providing fast, efficient communication and maintenance services can help reduce turnover rates and boost retention.
Satisfaction With Financial Services Financial services offered by property management companies, such as flexible rent payments and online payment options, are becoming more important to renters, particularly younger ones. However, these services are currently underutilized, with most renters having limited access to them. Expanding these offerings can increase resident satisfaction and improve retention.
Satisfaction With Technology Technology, especially resident-facing tools like online portals, has become an essential service. While the majority of renters find portals useful for move-in tasks like signing leases and paying deposits, only 60% currently have access to this technology. Implementing and improving these systems can streamline the process for both residents and property managers, making move-ins smoother and more efficient.
In today’s rental market, retaining tenants and attracting new ones is more challenging than ever. By understanding and responding to renter preferences, property management companies can differentiate themselves and stay competitive. The 2024 Renter Preferences Report provides the insights needed to thrive in this evolving landscape.