While high-end appliances and finishes can be a great selling point, the majority of renters are more interested in keeping their rents down.
To test the elasticity of rents, we asked nearly 85,000 renters from across the country if they'd be willing to pay a little more for certain kitchen upgrades. Specifically, we asked if they would pay $30 more to have granite or quartz countertops rather than the more standard solid-surfacing type. And the answer was a resounding no from more than 60% of those polled.
Interestingly, millennials were more enthused by the prospect of granite/quartz than any other generation, with 42% signaling a willingness to pay that extra $30. Gen X was close behind, with 41%, but baby boomers (30%) and members of the Silent Generation (16%) provided quite a contrast to the younger generations in their lack of interest in this upgrade.
We also asked renters if they'd be willing to pay $15 more per month to have gas cooktops rather than electric, a preferred amenity for many "foodies." The answer was a little more positive across the board, but this time, millennials were less interested.
Baby boomers and members of Gen X led the way on this upgrade, with 47% and 48%, respectively, saying they'd pay a little extra for gas cooktops, as you can see in the chart below. Overall, 43% of renters would opt for cooking with gas at that $15 price point.
The full results of our groundbreaking survey, The Next-Gen Apartment: What Renters Want, done in conjunction with J Turner Research, will be unveiled at the Multifamily Executive Conference in September.
In the meantime, check out our previous Stats of the Week: