INFOGRAPHIC – What Renters Want in 2016

Is your apartment occupancy not ideal? You might be able to fill some vacant units if you have the top needs of today’s renter checked off.

And don’t worry — there is no renovation needed to get the most renter-demanded feature into your community. Of course we are talking about high speed internet.

Out of all the apartment features out there, 94% of the 120,000 respondents to the NMHC/Kingsley Associates 2015 Apartment Resident Preferences Survey ranked high-speed internet access as a top home amenity. With Millennials comprising the largest portion of the renter pool, it’s no surprise that tech and communications features topped the list. A recent article in the World Property Journal zoomed in on these demands:

Mobile is king with 91 percent of apartment renters using a mobile phone all the time. In fact, 53 percent of residents tested connectivity during their apartment tour. While 98 percent report good reception is important, only 68 percent say coverage at their current community is great.

Technology also plays a big role in how the renter interacts with their property manager. Paying rent online is the preferred method for 78 percent of renters who responded to the survey. In addition, 80 percent of renters reported that they visit a particular community’s website before signing a lease. Having a simple, attractive website with key property details is an way to achieve more leads, even at a small community with a small marketing budget.

One final takeaway from the survey — which is clear in the infographic embedded below — is that your local market has unique renter preferences that you can take advantage of. Whether it is bike storage in Minneapolis, fireplaces in Denver, smart thermostats in San Antonio or package delivery services in Chicago, giving renters what they want is a surefire way to keep your units full at market rate rents.