Source: Village Green / #Apartments #Multifamily
FARMINGTON HILLS, MI - Village Green has released the results of its First Annual National Renters Index, a nationwide survey of residents regarding their attitudes toward the rental market. The survey uncovered a growing trend: Renters are becoming more selective and amenity-driven, especially if those amenities make residences feel like true homes. Throughout the index, only price and location were mentioned as more-important factors in housing decisions.
With trends such as micro-units and co-living housing growing in popularity, 48 percent of millennials stated interest in paying more for "high-end property amenities." More specifically, millennials said they were willing to spend more for properties outfitted with smart-home technologies (45 percent) and high-end facility amenities such as concierge service and/or a coffee bar (49 percent).
"The feedback from this National Renters Index serves as a call to us all that we need to be listening to our current and prospective renters about the amenities and experiences sought from their next rental experience," remarked Diane Batayeh, CEO of Village Green. "To maximize resident satisfaction, we need to insure Renters carry the belief that they are getting a special experience and living in an environment filled with sought after amenities and the feel of home."
The National Renters Index also provided insight into where renters are looking for referrals and reviews as part of their search. Notably, 45 percent of renters said using third-party rental websites was important for their search, while 40 percent of renters mentioned online review sites as key resources and influencers for their housing hunt. This highlights the increasing importance of effective social media strategies, both proactive and reactive.
The first Village Green National Renters Index was conducted online, surveying 1,000 paneled respondents in seven core markets across the country (Atlanta, Chicago, Dallas, Detroit, Minneapolis, Phoenix and Philadelphia). The survey was conducted using ResearchNow and SurveyMonkey polls in February and March 2017. In order to qualify for the survey, respondents were required to be active renters in a residential property.