In today’s rental market, catering to tenants’ preferences is essential to minimize vacancies and maximize the appeal of your property. Understanding what features renters are looking for can be the first step toward securing great tenants. According to our survey data, renters have specific priorities when it comes to their ideal rental home. If your property offers any of these highly sought-after features, be sure to highlight them in your property listings.

Affordable Rent

Affordability is a top concern for the majority of renters. Approximately 80% of renters consider rental prices that fit their budget to be highly important. In today’s competitive rental market, providing affordable options can give your property a significant advantage. To appeal to budget-conscious renters, consider offering various leasing options, such as shorter lease terms or bundled utilities. Highlight any cost-saving features your property offers, such as energy-efficient appliances or included amenities like internet or water, which can reduce the overall cost of living for your tenants. By accommodating renters’ budgetary needs, you can attract a broader range of potential tenants and secure long-term, satisfied residents.

Pet-Friendly Policies

The number of renters with pets has increased significantly in recent years. Nearly 59% of renters in 2022 reported having at least one pet, up from 46% in 2018. Having pet-friendly policies in place can attract a wider range of potential tenants.

Online Rent Payment

The demand for online rent payment options has been steadily rising. In 2019, 57% of renters preferred to pay rent online, and by 2022, this figure had increased to 68%. However, only 56% of renters reported having the option to pay rent online in 2022. Providing this convenience can make your property more appealing.

Offering an online rent payment system not only aligns with renters’ preferences but also streamlines your property management. Tenants can pay their rent conveniently from their devices, reducing the chances of late payments. Moreover, it simplifies record-keeping and financial tracking for both landlords and tenants. Emphasize this feature in your property listings to attract tech-savvy renters who value efficiency and convenience in their rental experience. By accommodating their payment preferences, you’re more likely to attract and retain reliable tenants.

Cost-Saving Amenities

While shared amenities are still appreciated, tenants are increasingly focused on cost-saving features. Highlight how your property’s amenities can help tenants save money in various aspects of their lives, such as access to a gym, rooftop deck, or garden space.

Walkable Neighborhood

In the wake of recent events, outdoor spaces have become important for socializing. About 57% of recent renters value a walkable neighborhood when searching for an apartment.

A walkable neighborhood offers numerous advantages to renters. It provides easy access to parks, green spaces, restaurants, and shops, allowing tenants to enjoy a vibrant and active lifestyle. With outdoor spaces being some of the safest spots to gather over the last two years, the appeal of a walkable neighborhood has significantly increased. Emphasize the proximity of your property to these amenities in your listings. Highlight nearby parks, walking trails, and recreational areas to attract renters who appreciate a healthy and connected living environment. A walkable neighborhood not only enhances the overall living experience but also promotes a sense of community and well-being among your tenants.

Short Commute Time

The importance of proximity to work or school has remained fairly constant, with 56% of renters in 2022 considering commute time to be highly important.

Number of Bedrooms

When it comes to the number of bedrooms, flexibility is key. Renters have diverse needs, from singles and couples to families and roommates. Providing a variety of bedroom options within your rental property can significantly broaden your appeal to a wider range of potential tenants. A property with multiple bedrooms offers the versatility to cater to different household sizes and living arrangements.

For example, a three-bedroom apartment can be an ideal choice for a family, while a one-bedroom unit might be perfect for a young professional or a couple. Highlighting the variety of bedroom options in your property listings can attract renters who are specifically looking for a space that suits their living needs. By offering a selection of bedroom configurations, you increase the chances of finding the right tenant match for your property, ultimately reducing vacancies and enhancing your rental income.

Layout

Preferred floor plans and layouts are highly important for 48% of renters. After increased indoor time with family or roommates, having the right configuration of walls and doors has become a growing concern.