What Renters Want

What renters want in their amenities has shifted significantly. What are they looking for today?

It’s no secret that the pandemic has made an impact on almost every aspect of Americans’ lives, from work, to school, to finances, to living situations and beyond. With all of that comes a change in mindsets, priorities and even preferences. One of the industries impacted most by the pandemic was the rental market.

Over a year since the start of COVID-19, renters interact differently with their rental lifestyles, including amenities. To provide an overview of what renters want in an apartment, we took a look at how renters interacted with apartment amenities during their searches for a new home last year.

This analysis includes which amenities renters prioritized the most during the pandemic, how much of a premium those desired amenities added onto listing prices and how generational age groups differed from each other. These findings can help property managers and apartment owners understand what is important to renters so that they can provide the best rental experience.

The Top Amenities: More Outdoor Spaces, Please

Looking at the top amenities, renters really prioritized outdoor areas as part of their living situations last year to ride out the pandemic. Six of the top 10 amenities with the largest year-over-year search rates were related to having an area to safely get some fresh air. Outdoor spaces took the top spot with a +143% growth rate in searches. The other most sought-after outdoor amenities included roof decks at +91%, balconies at +87%, garden at +86%, swimming pools at +78% and decks at +73%.

While parking and in-unit laundry are on the list of the most desired amenities, this fact was only exacerbated by the pandemic. With slashed interest rates at dealerships and public transportation to be avoided if possible last year, more people likely bought cars in 2020 and needed parking spaces. Additionally, in-unit laundry became more important than ever when stay-at-home orders kept us from going to public laundromats.

An unexpected amenity that made it onto the most desired amenities list was storage at number two. This could be a result of working from home, as many renters upgraded their desk setups and were looking to store old furniture. Additionally, as many renters sheltered in place, they likely had a lot of things they weren’t able to use since they couldn’t leave their homes, like bulky clothes, shoes and seasonal items like holiday decorations, so having extra storage was highly sought after.

Average Cost Added Per Amenity

The amenity that added the highest rent increase to a listing last year was in-unit laundry, averaging $170 more. Meanwhile, garage parking followed suit with an added cost of $149. Of the outdoor areas, the amenity that had the highest premium were gardens, adding $144 more on average to a listing.

If a renter wanted the best deal for an outdoor area, a balcony added an average of $35 to a listing, over four times less than the added cost of a garden. Meeting somewhere in the middle, having a swimming pool as an outdoor area added $94 to a listing.

The Data Among Generations

While amenities related to laundry were the common threads throughout these different age groups, there were some stark differences. For renters in the Generation Z age group, aside from in-unit laundry, the other amenities that had the largest year-over-year search rates were walk-in closets, air conditioning and dishwashers.

Generation Z renters seem to really care about closet space, staying cool in their apartments and have no interest in hand washing their dishes. And while all the other age groups had a parking-related amenity as one of their most sought after in 2020, Generation Z renters did not, likely because renters at this age can’t afford a car yet, even with last year’s slashed interest rates.

Amusingly, while renters in all of the other age groups had in-unit laundry as their number one amenity, millennial renters prioritized walk-in closets the most with this amenity growing nearly 300%. Notably, walk-in closets and dishwashers are the most desired amenities in the Generation Z and millennial age groups only, so it seems people under the age of 40 really hate doing dishes. Additionally, hardwood flooring was a top amenity that was exclusive to millennial renters.

Some unique top amenities that Generation X renters searched for in their next home were swimming pools and furnished apartments. As many renters in this stage in life are experiencing empty nest syndrome, they are looking to downsize from a house with multiple bedrooms to a smaller apartment. With the swimming pool and furnished amenities sitting uniquely at the top of the most desired for Generation X renters, this shows that the parents in this age group are finally ready to relax and have some welldeserved down time.

For baby boomer renters, central heat was a distinctive amenity that made it to the top for this age group only. As bodies age, keeping warm and well circulated is essential. Additionally, baby boomers saw the largest growth rates in searches for in-unit laundry. As the effects of COVID-19 are more dangerous to older generations, renters in the baby boomer age group should be more careful when going to more public spaces so having in-unit laundry helps keep them safe.

Whether you are a property manager, an apartment owner or an investor, knowing what is important to those looking for a new home is helpful in making the renting experience as seamless and enjoyable as possible.

Natalie Cariola, chief sales officer at Zumper, is a seasoned real estate technology executive with more than 15 years of experience, including stints at RentPath, Move, Inc., ForRent.com and Compass. She joined Zumper in 2016, as vice president of sales before being promoted to chief sales officer in November 2020. As chief sales officer at Zumper, Cariola is responsible for the growth of the sales organization as well as overseeing Zumper’s customer success team and sales enablement. Zumper is the fastest growing and third largest rental platform in North America, serving one in three U.S. adults. No company has made renting an apartment as seamless as Zumper has for both landlords and renters. Zumper is on a mission to make renting an apartment as easy as booking a hotel room. Learn more about Zumper by visiting them online: http://www.zumper.com/.