As renters’ needs shift, so do their priorities when apartment hunting. It can feel like a bit of a roller coaster as a property manager trying to adapt to the ever-evolving expectations of residents. But sit tight, cause we’ve taken note! Read on for the top 5 resident priorities in 2024 and expert advice on how to cater to them at your multifamily properties.
1. Price & Value for Money
For a majority of renters, the first thing they’re going to prioritize when looking for their next home will be price – and they won’t just settle for any unit that falls within their budget. While current market trends and the necessity of making a profit will place limitations on what you’re willing to charge renters, there are ways you can increase the perceived value of your property, without touching price. This could be as simple as a fresh coat of paint or upgrading small appliances like microwaves. The more you can do to refresh your units, the more valuable prospective residents will view them, and the more likely they will be to rent from you!
2. Safety & Security
Next up on residents’ must-haves is a feeling of safety and security. This one is rather self-explanatory. I mean, it’s their home after all, residents want to feel safe! While not every property can have 24/7 doormen or human security guards, there are a few enhancements you can make to make it feel safer around your buildings. Start by ensuring every walkway, stairwell, and parking area is well lit. If onsite security is out of the question, consider implementing technology such as smart security systems, smart locks, and secure guest key access and package management systems. Even just knowing these features exist around their home will add to residents’ peace of mind.
3. Remote Work Amenities
According to the National Multifamily Housing Council’s 2024 Renter Preferences Survey, 45% of renters report working from home several days a week, if not every day. That’s almost half of all renters, and catering to this new development in the workforce is imperative. Properties with amenities that make working from home more enjoyable will inevitably have a competitive edge. First and foremost, this means prioritizing providing fast, reliable internet throughout your property. Take it a step further by transforming a low-use area into a co-working space for residents. Bonus: offer a complimentary coffee bar on weekday mornings in your building’s lobby. The possibilities are endless!
The call for sustainability in real estate persists, and according to residents, it’s here to stay. If you haven’t already, it’s time to start implementing eco-friendly practices if you want to appeal to the modern renter. This can be achieved with simple changes like switching to energy-efficient appliances or with more complex commitments like leveraging smart technology to meet demands. However you decided to tackle the evolving issue of sustainability, make your efforts known to renters.
In a 2024 renter study, SatisFacts found that a sense of community was the #1 driver for perception of value among rental residents. Multifamily properties are more than just homes, they’re unique opportunities for renters to connect with their neighbors. Aside from communal amenities like co-working spaces and fitness centers, what else can be done to build community? Well, holding regular classes and events is a great start in bringing people together organically. Another one of our favorite community building tools is a digital message board.
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