Renters Won’t Budge on Price and Location According to Apartment Guide Report

What do renters really want in an apartment? Apartment Guide did a survey of apartment hunters to find out.

After some North Texans sell their homes, a significant portion of them rent in the interim before finding their next one. Couple that with the Pew Research Center study alleging that the population of apartment dwellers is growing by leaps, with a 5 percent increase in the last decade — the highest in 50 years. In fact, 65 percent of households headed by Americans 35 and younger are renting, an increase of 8 percent over the previous reporting period.

With so many more Americans renting, Apartment Guide wanted to find out what they really want from their apartment and apartment search.

46 Percent of Renters Are Excited About Finding a New Place

While 44 percent of renters felt “stressed” and 35 percent of renters felt “overwhelmed” by the prospect of finding a new place to live, 46 percent and 40 percent of renters were “excited” and “optimistic,” respectively. 

What is Most Important in a Rental?

Affordability, location, pet-friendliness, accessibility for seniors and the disabled, and family-friendly amenities are all topics that concern renters looking for a new landing spot. And while in real estate sales, almost everyone preaches the gospel of “location, location, location,” only 29 percent of respondents considered that factor as there priority. A much larger proportion — 44 percent of respondents — considered affordability as the key aspect of their apartment search. Location, however, did come in second. 

 

When searching for new digs to rent, it’s not a long shot to assume that price also dictates a significant amount of choices. In fact, among respondents of Apartment Guide’s survey, 74 percent said that price was the chief consideration when considering a new apartment. Location and address came in second and third, respectively, followed by whether utilities were included and the unit’s square footage.

Are Renters Ready to Compromise?

When you buy a home, most Realtors are quick to remind buyers that the only thing you can’t change about a home is the location, and that compromise isn’t just the word of the day — it’s the word of every day you’re shopping for a home. For renters, things are a bit different, as most apartment dwellers are presented with a somewhat homogenous buffet of choices. Much of the interiors in modern-day apartments may look the same, but would you compromise on price? What about location and amenities?

For the most part, Apartment Guide’s survey respondents said that overall square footage is where they’re more likely to compromise, with 29 percent saying that the size of the unit was less important than other factors. 

Any Renter Regrets?

When looking back at previous apartment hunting experience, 31 percent of survey respondents said that they wish they had toured more properties, and 30 percent wished they had gotten to know their neighbors more before moving in. According to Apartment Guide, 29 percent of respondents wished they had inspected their apartment and property more thoroughly, and 27 percent wished they had gotten to know apartment management better before leasing. 

See the full report here for more in-depth information on the survey and methodologies.