There is a significant increase in saves and shares for units that offer these features.
Renters Prioritize Home-Like Amenities in Apartment Search
Maybe it’s because more renters are considering the long haul before they are able to buy a house that they are now looking for amenities that more resemble a home as they scour the web for the perfect apartment.
Zillow Research reveals its priorities based on analysis of the shares and saves on Zillow Rentals. It finds that potential renters who do either of these things are more serious in their home search.
The amenities most in demand are, in order, off-street parking, in-unit laundries, a turf area for pets, air filtration, and a finished basement. Renters also have internalized the features shown on TV decorating shows and home magazines. So, butcher block countertops, barn doors, and modern farmhouse style are favored. So are happy hours and reserved parking.
What this translates into is a significant increase in saves and shares for units that offer these features. For example, a turf area for pets – owned by three out of five renters – raises daily savings by 76% and daily shares by 91% on Zillow Rentals. Off-street parking gets 85% more saves and 103% more shares, and in-unit laundries get 76% more saves and 92% more shares daily on Zillow Rentals compared to similar units without these facilities.
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Traditional facilities like fitness centers get 26% fewer saves and 31% fewer shares, and pools get 10% fewer saves and 13% fewer shares. Instead of business centers, that now get 24% fewer saves and 27% fewer shares per day, renters look for co-working spaces, which get 16% more saves and 23% more shares.
Other favored amenities are bowling alleys, which contribute to 30% more saves and 37% more shares, daily, and putting greens that drive 25% more saves and 40% more shares.
According to Zillow expert Emily McDonald, this analysis reveals that renters prioritize practical perks while also seeking community-focused benefits and lifestyle enhancement in complexes that balance their everyday needs and social lives and offer a suite of amenities at the higher end.
“Some features, such as a fitness center, don’t stand on their own, but are most often paired with other desirable amenities such as a playground, or a tennis or sport court,” McDonald said. These considerations may be especially important for landlords confronting a flood of new construction from rivals Zillow said is slowing rent growth. It found that more than one-third (34.3%) of listings on its site offered a concession in August, like free parking, to attract tenants.
“Every renter will have their own priorities so it’s important for a property manager or landlord to list everything a unit has to offer,” McDonald said.
Source: GlobeSt.
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