Zillow recently released the findings from their 2023 renter survey, providing invaluable insight into what today's tenants want and value the most in a rental home. As landlords and property managers prepare leasing strategies for 2024, understanding these latest renter priorities and preferences is key to appealing to next year's prospective renters.
So what exact amenities, features, and community perceptions are most likely to attract and retain happy tenants in the coming year? Read on for a comprehensive rundown of what renters will be looking for based on Zillow's extensive renter research.
Zillow’s Latest Renter Survey Reveals Top Priorities for Tenants in 2024
Pet-Friendly Units and Outdoor Space Are Must-Haves
One of the strongest preferences revealed among renters for 2024 is the desire for pet-friendly units, especially among younger demographics. A full 76% of survey respondents aged 18-34 said allowing pets is an important factor when choosing a rental.
Likewise, access to outdoor spaces like a patio, balcony, shared yard, or dog park is another highly sought-after community feature. Over two-thirds of renters of all ages want their next rental to have some type of outdoor amenities for themselves or their furry friends.
Key Takeaway for Landlords: Ensure your 2024 rental listings highlight pet policies and outdoor spaces to align with next year's renter priorities. Consider easing pet restrictions or adding dog parks/pet waste stations to stand out.
Electric Vehicle Charging Capabilities Gain Appeal
As more renters opt for electric vehicles (EVs), charging capabilities at rental communities are becoming a bigger priority. Over 50% of survey respondents now desire EV charging stations on-site, a sharp increase from previous years.
Millennials are especially motivated by sustainability and favor neighborhoods with ample EV infrastructure. Gen Z renters prioritize charging access as well. Installing charging stations could thus be a smart investment to capture interest from younger renters.
Key Takeaway for Landlords: Install EV charging stations ahead of 2024 leasing to meet escalating demand, especially among Millennial and Gen Z demographics.
Flexible Lease Terms and Digital Applications Preferred
Today's renters also show clear preferences for flexible leasing and an easy application process. Over half of renters want options for shorter or month-to-month leases, catering to those desiring mobility. Likewise, a quick and simple digital/online application is strongly favored over paper forms.
Key Takeaway for Landlords: Consider offering flexible month-to-month leases as well as a seamless online application with electronic signature capabilities. Streamlining and customizing the rental process appeals to next year's pool of prospective renters.
More Community and Sustainability Initiatives Valued
Renters today also have an eye toward sustainability, community-building amenities, and DEI initiatives. Over 4 in 10 respondents feel activities that bring residents together are important and want to feel connected to those living around them.
Likewise, sustainability measures like community gardens, recycling/composting, eco-friendly appliances, and more are appealing community differentiators. Promoting diversity, equity, and inclusion (DEI) is also valued today.
Key Takeaway for Landlords: Incorporating community events/clubs and sustainable practices while supporting DEI will help attract today's more socially-conscious renter to your 2024 listings.
The Financial Factor: Rent Budgets & Affordability Still Critical
While must-have amenities and community features are one side of the renting equation, rents and affordability remain central determinants in the leasing decision of all demographics. Over three-fourths of survey respondents rate finding an affordable rental unit as highly important.
Likewise, housing costs remain tenants' top everyday concern by far, with over 50% worrying about the ability to pay rent month-to-month. Saving money and negotiating rents are still critical to closing 2024 leasing deals.
Key Takeaway for Landlords: Despite shifting amenity preferences, unit affordability through competitive rent pricing and flexibility is still the ultimate priority in attracting next year's renters.
Key Takeaways for Appealing to Renters in 2024
Zillow's 2023 renter survey offers several key implications for appealing to next year's prospective tenants:
- Highlight pet policies/outdoor space
- Add EV charging stations
- Provide flexible lease lengths
- Streamline digital applications
- Incorporate community initiatives
- Promote sustainability features
- Support DEI values
- Offer competitive pricing
- Be flexible in rent negotiations
Adapting to the latest renter preferences expressed while balancing rental income realities will be critical for landlords seeking to stand out versus area competition when leasing for 2024.
Ready to leverage Zillow's 2024 renter insights to make your rental property or community more appealing to next year's prospective tenants? Consider the above takeaways around pet policies, sustainability, lease flexibility, digital experience, and affordability. Aligning to these renter priorities can help drive more interest for the 2024 leasing season.
Here are additional sections and engaging elements to continue the article on renter priorities in 2024 from Zillow's survey:
Catering to Today's Renter Generations
While top amenities remain consistent desires across all generations, some priorities differ across age groups that landlords should be cognizant of. For example, sustainability ranked higher among Millennials and Gen Z vs older demographics. Meanwhile, storage space and parking access were more prioritized needs for Gen X and Boomer renters planning 2024 moves.
Crunching the numbers, Fido came out on top! Let's dig deeper into why pet policies are so pivotal in the eyes of all generations when selecting their next rental:
Outdoor Enthusiasts: Active Renters Craving Community Connection
In line with the demand for pet-friendly units and outdoor amenities, the survey showed over 2 in 3 renters consider themselves outdoor enthusiasts. For these active renters, proximity to parks, trails, recreation centers, and general community events is also rated highly when choosing rental locations and neighborhoods for 2024 moves.
Let's explore popular outdoor activities today driving interest in community programming offerings:
The Digital Renter Experience Today
Convenience and seamless user experiences are non-negotiables in daily digital life today. Renters expect nothing less when interacting with potential landlords and looking for homes online. Check out these wild but true stats about the digital rental search process:
The Takeaway: Using a rental website or app to discover and apply for properties initially is now the norm, while virtual tours and digital lease signings also rate highly in demand. Optimizing these facets of the digital rental experience is essential to staying competitive in engaging tech-savvy prospective renters for 2024 leasing.
Have perspectives from Zillow's survey on what renters value most surprised you or aligned with suspected patterns? What amenities or offerings will you prioritize at your properties to stay ahead of shifting renter preferences in 2024? We welcome your perspectives in the comments below!
FAQ About Zillow's 2024 Renter Survey
Here are answers to the top questions around Zillow's most recent survey findings concerning 2024 renter priorities:
Question: What exact date was the Zillow renter survey conducted?
Answer: Zillow fielded their renter survey from August 30 to September 14, 2023, collecting insights from over 5,400 renter respondents nationwide.
Question: How many respondents participated in Zillow's 2023 renter survey?
Answer: Zillow received survey feedback from 5,461 renters for their 2023 edition, providing a robust sample size and perspective into renter opinions.
Question: What generational demographics did Zillow's latest renter survey sample from?
Answer: Zillow gathered renter survey results across all key generational groups - Gen Z (18-25), Millennials (26-41), Gen X (42-57), and Baby Boomers (58-76) to offer cross-generational insights.
Question: What key amenity did over 75% of survey respondents rate as highly important? a. Sustainability measures
b. Pet friendliness c. Outdoor space access d. EV charging
Answer: B - Pet friendliness was rated an important factor by 76% of renters surveyed, making it the most desired unit and community feature for 2024.
Question: True or false - the majority of renters desire flexibility around lease terms.
Answer: True. Over 50% of respondents expressed wanting more options for shorter or month-to-month leases from landlords, craving greater rental flexibility.
