CARROLLTON, TX—Their rents may be increasing at the fastest pace in almost a decade, yet US apartment renters continue to prefer to renew their leases rather than move elsewhere. "For all the noise about affordability, there isn't yet any real evidence that market-rate apartment renters are unable or unwilling to renew their leases," says Jay Parsons, director of analytics for Carrollton, TX-based MPF Research.

That being the case, a new study from the National Multifamily Housing Council finds that renters bring heightened expectations to the table when they sign those leases. "There have been 1.6 million new renter households created in the past five years," says Rick Haughey, VP of industry technology initiatives with NMHC in Washington, DC. "Many of these new residents are making a lifestyle choice to rent instead of buy and are thus looking for personalized services and amenities. The apartment industry is stepping up to provide those experiences."

A prime element of the rental lifestyle is location, specifically walkability. A majority of renters would rather walk than drive to the grocery store, public transit and local restaurants and bars, and this preference influences their decision of where to rent. Conversely, most would prefer to drive to work or to school.