As we approach the end of 2023, it’s that time again when we reflect on the year’s trends, and here at Rentler, we’re turning our attention to the heartbeat of the rental market – the renters themselves. Let’s dive into the data to uncover the key trends and preferences that shaped the rental landscape in 2023.
Renting in the Age of Awareness
In a year dominated by news events and cultural shifts, renters showed a keen awareness of their housing needs and preferences. The recently released National Multifamily Housing Council (NMHC) Renter Preferences Survey provided valuable insights into the evolving priorities of renters across the nation.
Budgetary Realities: Balancing Act in Inflation’s Wake
Nationally, a staggering 82% of renters acknowledged the impact of inflation on their financial landscape. Despite this, 40% expressed a commitment to keeping their rent below 30% of their income. This underscores a resilient spirit among renters, navigating economic challenges while striving for financial prudence in their housing choices.
Apartment Sizes and Furry Friends: Decoding Renter Preferences
The perennial debate of apartment size continues, with 40% of renters leaning towards one-bedroom spaces and 39% opting for two-bedroom layouts. In the realm of furry companions, 63% of pet-owning renters have canine friends, while 37% share their space with feline companions.
An intriguing note on pets: While 41% expressed a desire for a pet-friendly rental, only 27% currently have a pet. This opens up avenues for property managers to explore pet-friendly amenities that could attract a sizable portion of potential renters.
Top Amenities Nationally: A Glimpse into Renter Desires
Delving into the specifics, the top amenities sought by renters nationwide include:
- In-unit washer and dryer
- Air conditioning
- Pet-friendly accommodations
- Parking
- Dishwasher
A nuanced analysis reveals generational disparities, with younger renters (18 to 24) prioritizing dishwashers, while their older counterparts (65 and over) lean towards air conditioning. Senior renters also expressed a penchant for smart appliances and locks, along with outdoor spaces like patios or balconies.
Must-Have Features: A Closer Look at Generational Differences
For younger renters (18 to 24-year-olds), the top three must-have features are a dishwasher, air conditioning, and in-unit laundry. This indicates a focus on practical amenities that align with the lifestyle and preferences of this demographic.
The Unified Quest for Style, Convenience, and Affordability
In 2023, renters embarked on a quest for apartments that seamlessly blended style, convenience, and affordability. Beyond the basics, they sought pet-friendly features, outdoor spaces, and visually appealing living environments. As we bid farewell to 2023, Rentler remains at the forefront of understanding and adapting to the evolving needs and desires of the dynamic rental market.
Stay tuned for more exclusive insights from Rentler as we continue to decode the ever-changing landscape of the rental industry.
