The report provides insights into which services and amenities renters expect and will pay more for. Renters reported a willingness to pay higher rent for amenities such as in-unit laundry, central air, permitted pets, a great location, covered parking or a garage, and high-speed internet.
In addition, the report reveals a gap in the use of technology to pay rent, with 68% of tenants still paying rent by check or cash, and only 29% using online payment options. However, 53% reported interest in using a mobile app to pay rent, if given the option.
This year’s report also showed the impact of positive move-in experiences on tenant turnover. Results show that tenants who reported a “good” move-in experience are 12 times more likely to love their rental, and nearly 3 times more likely to love their property manager. Of those who had a “great” move-in experience, 58% want to stay in their rental; whereas 82% of those who had a bad experience say they will be moving or want to move this year.
Key findings from Buildium’s 2017 American Renters Survey include the following:
- Renters will pay higher rent for in-unit laundry, central air, and permitted pets.
- 68% of tenants still pay rent by check or cash, but 53% would use a mobile app to pay rent.
- Tenants who reported a “good” move-in experience are 12 times more likely to love their rental, and nearly 3 times more likely to love their property manager.
- Tenants have a stronger appetite for shared social activities than most property managers accommodate, and 1 in 3 would help to organize them.
- Most tenants will only tolerate a rent increase of 1-5% every 1-3 years, while nearly one-third feel a rent increase is never reasonable.
- 24% of renters are saving to buy property, while 27% have owned property in the past.
- 83% of tenants would give or have given a referral or review for a property they’ve lived in, and 66% would follow their landlord or property manager on Facebook.
“Property manager-tenant relationships are very important,” said Michael Monteiro, co-founder and CEO of Buildium. “Few things get as personal as helping to manage where someone lives. As we can see from this report, property managers have influence and impact over tenant perceptions and respect for the properties they live in. This represents a tremendous opportunity for property managers to understand today’s modern tenant and use that knowledge to differentiate their services to grow their business.”
A full copy of the 2017 American Renters Survey can be downloaded on the Buildium website.
Buildium is the only property management solution that helps real estate professionals win new business from property owners and community associations seeking services. Backed by expert advice and relentless support, Buildium enables you to outperform across all facets of your business with intuitive software that balances power, simplicity, and ease of use. Buildium services nearly 13,000 customers in 46 countries, totaling over one million residential units under management. In 2015, Buildium acquired All Property Management, a leading online marketing service for property managers, making Buildium the only company to give property managers a way to acquire new customers and increase revenue. For more information, visit www.buildium.com, and connect with us on Twitter, LinkedIn, and Facebook.