The highly competitive summer rental season is unfolding, and property managers are taking note of new renter expectations. A survey from SmartRent, in partnership with Morning Consult, provides some insight into what potential residents are hoping for.
With 56% of the 939 surveyed U.S. renters ready to move out of their current property, the findings show that 26% want more space, 24% want a new neighborhood, and 21% want to leave their recent rent increase behind.
What these ready-to-move renters are searching for are bundled utilities plus smart-home features, the survey found. “Renters have high expectations, especially in competitive markets,” says Frank Martell, president and CEO of SmartRent. “Our survey shows that when operators bundle essential utilities with smart‑home features, they stand out, especially among renters under 30 years of age.”
Sixty-one percent of renters say they expect water to be covered in their monthly rent, while 53% say trash and 43% say on-site maintenance. The convenience of bundled utilities took precedence over building amenities and highlights the desire for transparent fee structures, SmartRent points out.
Renters also want modern technologies when considering a new property. Renters say that these tech add-ons are “very important” or “somewhat important”:
- Networked security cameras (69%);
- Smart door locks/keyless access (58%); and
- Smart thermostats (56%).
The survey found that young renters provide the largest pool of potential residents for property managers. Of 18- to 29-year-olds, 68% say they’re open to relocating, which is the highest of any generation surveyed.
The age group indicated the strongest preferences for what they’re looking for in a property and their motivation to move is determined much more by the opportunity for lifestyle upgrades than rent increases, with 34% looking for more space and 26% wanting to try a different neighborhood.
Gen Z is also the most frustrated by the lack of security in their current rentals with 21% of them flagging it as a key concern. They expressed the strongest interest in smart technologies like networked security cameras (72%), video doorbells (70%), and smart indoor lighting (57%) when compared with other age groups.
The young renters are the most vocal about wanting larger apartments equipped with smart-home staples, and property managers who deliver these upgrades can attract, and more important retain, this important demographic in the ever-competitive landscape, SmartRent says.
