Landlords and property managers avoid vacancies by knowing what today’s tenants seek in rental housing. Below is a list of the most sought-after features among renters according to survey results from The National Multifamily Housing Council and Kingsley Associates.
The most in-demand amenity is high-speed internet
Ninety-four percent of renters expect high speed internet to be available, and they’re willing to pay $35 per month for this feature.
Ninety-four percent of renters are looking for designated parking, and are willing to pay $32 per month for this feature.
• . Walk-in closet
Eighty-nine percent of renters are reported to request a rental unit with in walk-in closets.
According to the survey, renters are willing to pay an additional $49 per month in rent for a unit with walk-in closet space.
• Soundproofing in walls
Eighty-eight percent of renters want privacy, and they embrace the opportunity to reduce noise infiltrating their walls. For soundproofing measures that work, renters will pay an additional $62 per month for an apartment.
• Patio or balcony
According to the survey, 87 percent of renters would like a unit with a patio or balcony and will pay an additional $52 per month for this feature.
• Washer/Dryer in unit
Few amenities please renters as much as in-unit laundry facilities, and 87 percent of tenants surveyed expressed their preference for a washer and dryer in their apartment. Renters will pay $64 more for rent per month for an apartment that includes a washer and dryer in the unit.
Eighty-seven percent of renters consider a microwave a necessity and will pay an additional $21 per month for an apartment with a microwave.
• Refrigerator with water/ice dispenser
Eighty-five percent of renters surveyed say they prefer a refrigerator with a water/ice dispenser, and those who get it pay an additional $31 per month for the convenience.
• Garbage Disposal
Eighty-three percent of renters want a garbage disposal n the kitchen, and they’re willing to pay an additional $17 per month for it.
• Swimming Pool
Eighty-three percent of renters prefer renting a home with a pool. Renters are willing to pay an additional $46 per month for a pool.
Property managers and landlords can use the information gathered in this survey to evaluate a potential investment property and determine what kind rental income it can generate. Alternatively, they may think twice before purchasing a new refrigerator with a water/ice dispenser if it is only going to generate an additional $31/month.
About the Survey
The National Multifamily Housing Council and Kingsley Associates partnered to survey more than 500,000 tenant residents across the US regarding their rental experience. As a follow-up to the inaugural survey initiated in 2013, the 2015 NMHC / Kingsley Renter Preferences Study shines light upon nearly 120,000 apartment residents' perspectives on preferred neighborhood destinations, methods used in the apartment search process, and interest in and pricing expectations for 69 apartment features and community amenities.
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