Affordability Is At the Top of Renter’s Wish Lists

Affordability is at the top of renter’s wish lists. According to a recent survey from Apartment Guide, 44% of apartment-hunting renters listed finding an apartment that fits into their budget is the top priority. With affordability issues increasing nationwide, finding an affordable apartment has become more difficult, and as a result, many people a been forced to get a roommate to find an apartment that meets budgetary needs.

“Renters have to have a place to live,” Angie Amon, director of research at Apartment Guide, tells GlobeSt.com. “I think you will see more renters who aren’t married or in a domestic partnership look for roommates to lessen the rent burden. I think you will see renters try to negotiate rental deals with single owners as opposed to property management companies.”

Location was the second requirement for apartment-hunting renters, with 29% of respondents saying that it was a top priority in an apartment. Often, this means being close to work, public transit and other local amenities, like retail and schools. “It’s one of the things that renters are least willing to negotiate on,” says Amon. “There are a variety of reasons. They want to be close to work; they want to be close to public transportation if they don’t have a car; they want to be in certain school districts if they have school-age children; they need to be close to ailing parents; they want to be in safe or less crime-ridden areas; and they want to be close to practical conveniences like doctors, grocery stores, restaurants.”

While there is an amenities race in apartments, renters were more practical when it came to amenities needs. “We’ve learned through our research that renters tend to be very practical in their desires, adds Amon. “Having in-unit washers and dryers is a big deal for renters. It’s something they use a lot and they don’t like spending time in a laundry room. We’re also seeing a greater desire for privacy – so being able to offer soundproofing features is a plus.”

Still, renters are looking for a quality environment, and landlords should create comfortable living experience to attract tenants. “Based on all the research that we’ve conducted here over the last three years, one thing has been consistently true is that renters are looking for their home,” says Amon. “They want to be comfortable and they want to feel safe. Talk more about the elements of a property that feed into those needs.”