According to a nationwide survey of residents regarding their attitudes toward the rental market, renters are becoming more selective and amenity-driven, especially if those amenities make residences feel like true homes. In fact, only price and location were mentioned as more-important factors in housing decisions.
The results of the First Annual National Renters Index, a nationwide survey of residents regarding their attitudes toward the rental market from Village Green, also show that trends like micro-units and co-living housing are growing in popularity. Forty-eight 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 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.