BOSTON–(BUSINESS WIRE)–Buildium, the property management solution for real estate professionals, today released the findings from its inaugural 2016 American Renters Survey, which sheds light on what tenants care most about in their apartment or home rental. The survey, which was distributed to a random sample of 900 renters in June 2016, provides insights to help property managers and landlords attract and retain the very best tenants.
[email protected] survey reveals what #tenants care about most in a #RentalProperty
The findings reveal that tenants, especially those renting apartments (versus homes) want to use digital communications, not only to find a place to rent, but also to keep in touch with property managers. While 37 percent of renters already pay rent electronically, 50 percent reported they aren’t given the option, and 59 percent would like this capability. When asked about online portals, or property management sites, only 26 percent of residents say they currently have access to one, while 45 percent enjoy or would like one.
Other findings include:
- 72 percent of survey respondents cited location or neighborhood as a factor that weighed heavily on their choice of where to live. When asked what they love most about their rental, a quiet and safe neighborhood topped the list.
- Overall, an in-unit washer/dryer, high-speed internet and central air are the three most commonly sought after amenities among the age groups surveyed. These choices varied slightly along generational lines, with both the Millennials and the 70+ age group citing that they would like to have heat and hot water included in their rent.
- 74 percent of tenants indicated that they like or love their rental, but 20 percent are likely to move out next year. Unsurprisingly, those who loved their rental were least likely to report plans to move (only 12 percent). When those tenants did plan to move, it was usually for reasons such as job relocation or moving in with a significant other.
- Feelings about property managers tended to be significantly more negative overall than feelings about landlords. Of those tenants who don’t like their property manager, 58 percent say they are extremely or very likely to move in the next year.
In addition, tenants were most likely to report that they already have a pet-tolerant building, a great neighborhood, walking distance to amenities, a yard or greenspace, designated parking, and recycling options. There were six amenities in particular that tenants say they do not currently have, but they would pay more for: a swimming pool, a fitness center, designated pet areas, onsite storage areas, a doorman or security access, and a garden or community garden.
“Finding and retaining good tenants is one of the most important and challenging factors for property managers when it comes to maintaining a successful rental portfolio,” said Michael Monteiro, co-founder and CEO of Buildium. “Making the extra effort to provide tenants with features they desire, such as digital property management capabilities and certain in-unit and community amenities can help reduce vacancies and ensure that property managers and landlords are holding onto the tenants they value most.”
For more information on the most commonly offered features and services, how and why renters choose, love and leave a property, what conveniences they will pay more for, and attitudes toward property managers, download the full 2016 American Renters Survey from the Buildium website.
A webinar on the survey findings will take place on August 31 at 2:00 p.m. ET. To register, visit: https://www.buildium.com/event/2016-renters-survey-webinar/.
Buildium is the only property management solution that helps real estate professionals win new business from property owners and community associations seeking services. Backed by expert advice and relentless support, Buildium enables you to outperform across all facets of your business with intuitive software that balances power, simplicity and ease of use. Buildium services more than 12,500 customers in 46 countries, totaling nearly one million residential units under management. In 2015, Buildium acquired All Property Management, a leading online marketing service for property managers, making Buildium the only company to give property managers a way to acquire new customers and increase revenues. For more information, visit www.buildium.com, and connect with us on Twitter,LinkedIn and Facebook.
Gina Devine, 617-986-5038
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