The National Multifamily Housing Council and Grace Hill Renter Preferences Survey for 2024 reveals renters’ evolving priorities and sentiments around rental housing and how much they are willing to pay for them. The survey sheds light on some intriguing trends and provides critical insights for rental housing providers about every step in the customer journey, from apartment search to renewal and is available here.
Conducted every two years and released November 2, 2023, the current survey features input from 172,703 renters living in 4,220 rental communities nationwide, with data available from 77 markets. Below are some of the highlights.
Renter satisfaction
The majority of renters surveyed (85 percent) reported being satisfied with their rental community and enjoy renting. The top three factors across income spectrums that contribute to a renter’s positive sense of community are; neighbors respecting the rules, feeling welcomed by community staff and access to services that enhance resident’s wellbeing.
The survey found that remote working, which grew during the pandemic, is shrinking. The number of renters working remotely fell from 62 percent in the 2022 survey to 52 percent in the current report, but the fact that a majority of respondents still report working remotely indicates that “work from home” is more than a passing trend.
While 66 percent said they are satisfied with their community’s quality of internet service, 67 percent said the service they currently have doesn’t fully support their needs.
For what it’s worth
In past reports, pricing questions were posed to those who said they were either “interested in” or “won’t rent without” a given feature or amenity. For 2024, respondents were only asked to indicate if they “won’t rent without” the feature or amenity and how much more they are willing to pay above their current rent.
Respondents are willing to pay the most for air conditioning, in-unit washer/dryers, floor-to-ceiling windows and high-speed internet access. Biometric access to the unit took fifth place and smart security alarm systems 11th place, but other smart features like keyless locks and smart lighting and thermostats were further down in the pricing list.
To lease or not to lease
When it comes to lease decision factors, 63 percent listed rental rate as absolutely essential to their lease-signing decision, while 31 percent said it is very important. Available lease terms are very important to 47 percent of respondents and overall property appearance very important to 50 percent.
Only 10 percent of respondents said communities that allow renters to list their apartment on a short-term rental site would positively affect their leasing decision, 30 percent said it would negatively affect the decision and 34 percent said it would have no impact, down from 44 percent in the previous survey.
Property security and pet friendliness remain top priorities to the leasing decision, although 80 percent listed residents not cleaning up after their pets as a reason they would be less likely to rent at a pet-friendly property.
In the section asking how important certain options are to their current financial health, 34 percent of renter respondents listed no fees on debit and credit card rent payments as absolutely essential.
