From budget-friendly rentals, to pet-friendly policies, these home characteristics are among top priorities for future tenants.
What can you do to minimize vacancies? The first step is knowing what features renters want. Then, identify which of those features your property offers and highlight them in your listings. Our survey data from the Zillow Consumer Housing Trends Report shows that renters are pretty specific about what impacts their home decision. If your property can boast any of these most-desired features, make sure to call them out in your listings.
More so now than ever, affordability is key.
1. Staying within budget
Hands down, rent prices that keep them on budget is the top concern for most renters: 80% say it’s highly important.
2. Pet-friendly policies
Lots of renters acquired pets during the pandemic. Since 2018, the percentage of renter households that reported owning a dog has risen to more than a third, and those reporting a cat rose to almost 30%. Overall, 59% of renters in 2022 reported having at least one pet, up from 46% in 2018. Breed restrictions, whose efficacy has been questioned, may be barring a cohort of high-quality tenants.
3. Online rent payment
Demand for online rent payment capabilities has steadily grown over the last few years. In spring of 2019, 57% of renters said they’d prefer to pay rent online. By summer of 2022, that percentage had increased to 68%. Meanwhile, only 56% of renters reported having the ability to pay rent online in 2022.
4. Cost-saving amenities
Shared amenity features have taken a backseat to affordability issues for many renters. Emphasize the cost-saving factor instead. Remind tenants that a community gym means they’re saving money on membership at the fitness center down the street. A rooftop deck or garden space means they can entertain instead of going out. Appealing to the ways your property can help reduce their spend in other areas of their life could increase your perceived value.
5. A walkable neighborhood
With outdoor spaces among the safest spots to gather over the last two years, it’s no surprise to see that 57% of recent renters valued a walkable neighborhood when searching for an apartment.
6. A short commute time
How Americans work has changed since 2018, but the desire to be close to work or school has remained fairly constant. 56% of renters surveyed in 2022 said their commute to work or school was highly important, similar to 58% in 2018.
7. Number of bedrooms
Also important to renters is finding a place that has their preferred number of bedrooms. A full 68% of renters say this is at least a very important factor in finding the right place to live.
8. Layout
Having their preferred floor plan or layout is highly important for 48% of all renters. It may be that after a few years of increased indoor time with family or roommates, the right number of walls and doors is now a growing concern.