Renters have rising expectations and want a modern, integrated experience, according to a new survey of 2,000 apartment residents from RealPage.
RealPage’s 2024 National Multifamily Renter Study, which was conducted to understand shifting demands and pain points, emphasizes how the industry needs to adapt and enhance its offerings to attract and retain renters in a competitive market.
Enhanced offerings, such as a seamless digital app and loyalty programs, can be a deciding factor in renters’ decisionmaking, with 97% of survey respondents reporting they would choose a specific unit or renew their leases if offered these improved benefits.
One telling finding was that nearly all of the respondents, 97%, said they would be more likely to renew their leases if working with their property manager was as easy as interacting with Amazon.
The survey, which was conducted in June, found that respondents ranked moving as the No. 2 most stressful life event they have personally experienced, with 90% reporting challenges moving into their current apartment. In response to those challenges, 97% reported they would be more likely to select an apartment that offered a service to make moving easier, such as assistance setting up internet and utilities, finding a local moving company, and setting up payments.
The majority of respondents also want to receive rewards for paying rent on time. While 96% of renters reported belonging to at least one loyalty program and most belonging to at least six, only 16% said they are in an apartment rewards program. However, 98% said they think their property manager should offer a loyalty program for on-time rent, and 97% said they would be more likely to renew their lease if such a program was offered. The respondents also noted that they want reward points that could be used toward lowering everyday costs, such as future rent payments, groceries, personal care items, and gas.
Renters also are looking for convenience and flexibility in regard to their payments. While rent is the largest monthly expense for most, 93% of respondents said they are interested in flexible rent payment schedules, such as weekly or biweekly, instead of a full monthly payment. In addition, 97% said they are interested in improving their credit scores and believe property managers should support their financial wellness.
“It’s a renter’s market, and they demand more from moving assistance, loyalty programs, and payment options to enhance their living experience,” said Rob Franklin, senior vice president and general manager of resident solutions at RealPage. “This national survey confirmed the modern experience residents want today.”
