To add to the competitive spirit of the season, we’ve decided to hold a competition with a unique twist. Allow us to introduce the Apartments.com 2024 Rental Games!
Our rental experts surveyed nearly 30,000 current and prospective renters to discover the top rental preferences of 2024 thus far. With this data, we’ll dive deep into what renters genuinely seek in today's market. What matters more to renters: price or location? Which unit amenities are at the top of renters’ wish lists?
All these questions and more will be answered as we crown the winners of the 2024 Rental Games. Keep reading to learn which renter preferences take home the gold and which may have fallen just short of the podium.
Game Recap: Key Takeaways from 2024 Rental Games
- Affordability, location, and space emerged as the top three motivations for moving among the surveyed renters.
- In terms of relocation preferences, 30% of renters aim to move to a new neighborhood within the same city, 22% are yet to decide, and 15% plan to stay within their current neighborhood.
- Most renters (63%) expect their rental search to conclude in two months or less, while 22% anticipate a three to six-month search, and 14% foresee a search period of seven months or longer.
- Rental search apps or websites are the preferred tools for 73% of renters, followed by apartment community websites (53%), and search engines (46%).
- Price, photos, and availability are the most important unit-specific information for renters, with 89%, 82%, and 76% of renters prioritizing them, respectively.
- When deciding on a property, renters prioritize price (78%), safety and security (49%), and proximity to work or school (27%).
- In-unit washer and dryer, air conditioning, and dishwasher are the top three amenities renters look for, with 76%, 70%, and 47% of renters considering them necessary, respectively.
- Renters prefer to communicate with properties or landlords via email (65%), face-to-face (64%), and over the phone (55%).
- For property tours, 92% of renters prefer an in-person tour with a leasing agent, 90% would like a self-guided tour in person, and 64% find value in a virtual tour without a leasing agent.
The Motivation: Why Are Renters Moving?
Before we get into the nitty gritty of renter preferences, let’s start by answering the question on everyone’s minds: Why are renters moving? While every person’s response to this question is different, whether it be moving states for a new job or switching neighborhoods for a fresh start, almost any renter can boil it down to at least one of the following reasons:
Gold: Affordability
Of the nearly 30,000 renters surveyed, 28% said they were moving because of affordability. Most of today’s renters follow what’s called the 30% threshold. This rule suggests spending no more than 30% of your net income on rent. If your rent has increased and surpassed this threshold, your next course of action is to either negotiate your rent or find another place within your price range.
Silver: Location
Coming in second for renter motivations is location. In the same poll, 24% of renters said they were moving because they wanted a better location. Whether that be somewhere more conveniently near school or work or a place that’s closer to local amenities, a “better” location can be interpreted in many ways. Nevertheless, location will always be a big competitor when it comes to renter motivations.
Bronze: Space
Last but not least, space takes home the bronze for top renter motivations of 2024. When asked why they were moving, 22% of renters said they needed a larger space. It’s no secret that certain rental properties, such as apartments or condos, can be short on space. And while renters can get creative with their organization and storage solutions, sometimes it’s just not enough. In this case, occupants might choose to rent a house instead for more storage and breathing room.
The Destination: Where Are Renters Moving?
Next up to the podium is the destination. Where are renters moving? Are they staying in the same area or venturing somewhere new? Based on our survey results, it doesn’t seem like many renters are planning major moves across the country. However, renters are still branching out within their respective neighborhoods and cities.
Gold: To a new neighborhood in the same city
Coming in first place for relocation preferences, 30% of renters said they plan to move to a new neighborhood within the same city. Many of these renters might reside in larger metropolitan areas. For example, if you live in a big city like Atlanta, you might want to try living in different residential areas rather than staying in one place. This allows you to explore diverse neighborhoods and enjoy different lifestyle experiences while staying within the familiar setting of your city.
Silver: To somewhere yet to be determined
Next on the podium, 22% of renters said they have yet to decide their next destination. So, if your moving plans are up in the air, there’s no need to stress! Many people have the urge to move with no specific destination in mind. If this is your situation, consider researching new places to live and filtering your search by factors like affordability, demographics, and property types to discover a good fit.
Bronze: To a new place within the same neighborhood
Finally, our bronze medal winner goes to renters planning to move within the same neighborhood. Our survey found that 15% of renters plan to relocate to another rental property within their current neighborhood. In this case, renters like their location but might be moving because they want more space or a more affordable rate. That, or they may be looking for a slight change of scenery, meaning they want to move to a higher floor of an apartment or another side of a neighborhood.
The Journey: How Long Will the Rental Search Process Take?
The journey of finding a rental property looks different for everyone. Some could find the perfect place within a few weeks, while others might wait several months to sign a lease. The urgency to find a place can depend on several factors. Perhaps you’re relocating for a new job and need to find somewhere quickly, or maybe you’re having a child and need a bigger space by your due date. Whatever your situation, it’s okay to take things as slow or fast as you need.
Gold: Two months or less
When asked how long they expected the rental search to take, 63% of renters said two months or less. According to Apartments.com, the average rental search takes 27 days, showing that renters are taking a decisive approach to their search. More than 60% of renters said they expect to consider only two to three properties seriously. Narrowing your options like this is a great way to speed up your search, especially if you use Apartments.com’s savvy search tools.
Shopping for properties on Apartments.com expedites the rental search. With our tools, you can easily filter your search by price, home type, square footage, and more to find a rental that meets your criteria. So, for renters on a time crunch, Apartments.com will help you quickly cross the finish line without breaking a sweat.
Silver: Three to six months
Of our polled renters, 22% said they expected their rental search to take three to six months. Though these renters might have a clear picture of what they want, there might be some obstacles in their way. For example, a renter’s search could be delayed if their rental application gets denied. In this case, they will need time to re-assess their application and rectify errors before applying elsewhere. If this happens to you, just remember that the right place is still out there, and you have time to find it.
Bronze: Seven months or longer
Planning for a lengthier search, 14% of renters said they expected their rental process to take seven months or longer. This is a perfectly reasonable timeline for someone who wants to take their time. Maybe you’re unsure where you want to move yet, or you’re saving up for an upscale unit. Whatever your situation, there’s nothing wrong with going at your own pace and taking things slow. Sometimes it’s more about the journey than the destination!
The Tools: How Are Renters Finding Homes?
If we’re going to talk about rental timelines, we should also mention renter search tools. A renter’s choice of rental search tool can affect how quickly they find the right place. As mentioned above, using filtered search tools like those at Apartments.com can speed up your search. However, some renters may prefer other search methods like some listed below.
Gold: Rental search apps or websites
Rental search apps and websites are the first to cross the finish line for search tools. When asked what tool they plan to use for their search, 73% of renters said a rental search app or website. These search tools are the way of the future, as finding a rental is much easier with ample options all in one place. Rental search apps or websites are perfect for those who like to see what’s out there and explore all rental possibilities.
Silver: Apartment community websites
Apartment community websites received the silver medal, with 53% of renters choosing these as their primary search tool. These search tools are perfect for those who already have a specific neighborhood or community in mind. For example, if a friend recommends a particular property, you might focus your search on that exact place. In this case, you’d visit their website directly instead of browsing different options on a rental search website.
Bronze: Search engines
Coming in third place are search engines, which received 46% of votes from renters. Using a search engine to find a rental offers a broader approach. If you use this method, you might start by searching general queries like “apartments for renter near me” or “best apartments in [city name].” Some prefer this approach because it casts a wider net than others. However, using a search engine is generally less streamlined than our gold and silver winners.
The Criteria: What Do Renters Want to See When Searching?
In the quest for the perfect rental, renters place a high value on specific information about a property. A whopping 99% of survey participants said they wanted to see detailed, apartment-specific information, such as unit availability, comprehensive photos, and exact floor plans. This kind of information helps paint a vivid picture of the property, providing a clearer understanding of what living there might be like.
Gold: Price
Of all the unit-specific information, 89% of renters said price was at the top. This is no surprise, as most renters’ decisions boil down to budget. If a property is out of your price range, there’s little reason to pursue it unless you can negotiate rent with the landlord or property manager. But ultimately, you’re probably better off filtering your search to fit your budget and finding a comparable and more affordable property elsewhere.
Silver: Photos
Photos take home the silver medal for unit-specific information. Receiving 82% of votes from polled renters, listing photos help renters envision themselves in a space. From unit amenities to interior finishes, a detailed media library will really make a property stand out and grab renters’ attention. With little to no listing photos, a renter is more likely to scroll past the listing.
Bronze: Availability
Availability is also high on renters’ priority lists. Of our polled renters, 76% said they wanted to see availability in unit listings. Some renters are on tight schedules, and they don’t have time to waste on potentially unavailable units. After all, there’s nothing worse than setting your sights on a property only to soon realize it’s off the market.
The Decision Factors: What Matters Most to Renters?
Every renter weighs their decisions differently. Some may go outside of their budget for a unit with luxury features, while others might sacrifice certain amenities for a lower price. In an ideal world, you’d find a rental that checks off all your boxes. However, if you have to pick and choose, these are some of the factors that you might prioritize first:
Gold: Price
When selecting from different factors/features of a new residence, 78% of renters said price was a high priority. As we mentioned earlier, affordability is the prime reason renters move residences. So, it comes as no surprise that price would matter most on a listing. Unless you’re willing to advocate for lower rent, it’s best to filter rental listings by price. This way, you won’t get your hopes up on a property above your price range and stay within your budget.
Silver: Safety and security
Safety and security can really sway a renter’s decisions. When choosing their top factors/features for properties, 49% of renters said safety and security were top priorities. Renters might look for things like gated communities, keyless entry amenities, or covered, secured parking decks. These kinds of safety features matter to renters, as no one wants to feel unsafe in the place they call home.
Bronze: Proximity to work or school
Proximity to work or school is another factor on renters’ radars. When polled, 27% of renters said they were looking for a residence close to their office or school. This also ties into the renter motivations touched on earlier, as location came in second for reasons why renters are moving. That said, it’s safe to say that renters like convenience, which often means shortening their daily commute when possible.
The Must-Haves: What Amenities Do Renters Care About?
Now onto the fun stuff – let’s talk about rental amenities! Your amenity wish list can look completely different than the next renter’s. Maybe you’re a fitness junkie seeking an apartment gym. Or perhaps you’re a pet owner looking for a pet-friendly rental with access to dog parks and walking trails. Whatever your situation may be, chances are you’re looking for a rental with some of the following amenities:
Gold: In-unit washer and dryer
Taking home the gold for rental amenities are in-unit washers and dryers. When choosing amenities for their next residence, 76% of renters said that in-unit laundry was necessary. Some of these renters may have horror stories about shared laundry rooms, or they might just prefer the convenience of doing laundry in their own homes. Regardless, these unit amenities are and will remain at the top of renters’ wish lists.
Silver: Air conditioning
Next on the winner’s podium is air conditioning. When polled about necessary amenities, 70% of renters said that air conditioning was a must-have. Laws regarding heat and air conditioning vary from state to state. However, landlords nationwide must provide “safe and habitable conditions” for occupants. Depending on your location, air conditioning might be vital to your home’s safety. For example, heat is legally required in California rentals. Otherwise, those units will not be deemed “legally habitable.”
Bronze: Dishwasher
Dishwashers are another top amenity among renters. Of our polled participants, 47% said that dishwashers were a necessary amenity for their rental. Dishwashers provide a new level of convenience for residents. Not only do they save time, but they also reduce water usage compared to hand washing. Whether you’re a family with large loads of dishes or a working professional on a tight schedule, a dishwasher is guaranteed to make your life easier!
The Communication: How Do Renters Want to Communicate with Properties/Landlords?
Communication is key in rental searches. After submitting a lead, renters expect to hear back from the landlord or property within a reasonable time frame. However, it’s not just about when they communicate but how they do so. Different communication methods can evoke different renter experiences and decision-making.
Gold: Via email
Email is a gold winner when it comes to communication preferences. Of our polled renters, 65% said they would like to communicate via email with the property they’re considering. Email communication is quick and impersonal, which may appeal to renters who want to keep their options open. When talking face-to-face, they might feel pressured to sign a lease, whereas email lets them easily decline if needed.
Silver: Face-to-face
Some renters prefer face-to-face communication. When asked about communication methods, 64% of renters said they would like to speak face-to-face. In-person communication is great for renters with their sights set on one property. By speaking in person, they can emphasize their interest in the rental and ask questions directly. Not to mention, they’ll also get a feel for their landlord or property management staff before signing a lease.
Bronze: Over the phone
Speaking over the phone was the third-most preferred communication method among renters. In our survey, 55% of renters said that phone communication was their top choice for speaking with property managers, landlords, or leasing agents. Similar to emailing, this form of communication is less direct than face-to-face contact. However, phone calls can be a little more personal and forthright than back-and-forth email threads.
The Preview: How Do Renters Want to Tour Properties?
Closing out our Rental Games, property tours play a huge part in a rental search. Taking a tour lets renters see a unit first-hand, helping them get a proper feel for the space and decide whether it’s a good fit. For this reason, many prefer to tour units in person. However, virtual tours can also be an asset, offering flexibility and convenience.
Gold: In-person tour with a leasing agent
When asked about their touring preferences, 92% of renters said they’d like to tour a rental in person with a leasing agent. Seeing a property in person really gives the full picture of a rental. You can get a first-hand feel for the space’s lighting, size, and overall atmosphere. If you’re with a leasing agent, you can also learn specifics about the unit and information about the residential community.
Silver: Self-guided tour in person
Some renters prefer in-person tours without a leasing agent. When surveyed, 90% of polled renters said they’d also like self-guided tours to be an option. Renters love self-guided tours because they eliminate the scheduling variable. Instead of having to align a time with a leasing agent, you can tour based on your schedule alone. Self-guided tours also take a little bit of pressure off the renter, as you have the freedom to explore the space without a leasing agent’s input.
Bronze: Virtual tour without a leasing agent
Virtual tours are on the rise for renters. In our survey, 64% of renters mentioned that they find virtual tours without a leasing agent to be a valuable option. Virtual tours enable renters to view properties from the comfort of their own homes, making it an excellent choice for those with busy schedules or those who are relocating from distant areas. While nothing can fully replace the experience of seeing a property in person, virtual tours offer unparalleled convenience and accessibility, providing detailed views of the property and its amenities that help renters make informed decisions.
