Multifamily Trends

Resident Insights & Predictions 2024

Discovering the latest trends in multifamily living relies on understanding how our audience's views on renting are changing. Ready for our 2024 insights and forecasts about renters? We're excited to reveal what's coming!

Renters Value Financial Flexibility

Two-thirds (66%) of multifamily renters are satisfied with their current housing situation, preferring the financial freedom to rent more cheaply than buy where they want to live, as well as the flexibility for remote work and trying new locations.

Source: RealPage + The Center for Generational Kinetics

Technology Drives Rental Decisions

Younger generations, particularly younger millennials, hold notably higher expectations for comprehensive technology integration in new rental properties. They're willing to pay extra for these amenities, with electric doorbells and cameras ranking among their top priorities.

Younger generations (especially Younger Millennials) expect all technologies to be included at a new rental property significantly more than older generations.

51% of renters are likely to pay for electric doorbells and cameras at their current rental property, the highest of any technology tested.

Source: RealPage + The Center for Generational Kinetics

Renting Advantages Differ by Generation

Each generation sees different advantages to renting today, and their perceptions of renting a multifamily home differ greatly from Gen Z to Gen X to Boomers.

Satisfaction rates are correlated with age.

Younger renters are more likely to be happy renting and Gen X is moderately less likely.

Additionally, among all renters, an even higher share (72%) said apartment renters have good relationships with their property managers.

Gen X renters say the primary advantages to renting are freedom from home maintenance and property taxes.

Gen Z renters prefer more flexibility and less responsibility than owning a home.

Older renters say they rent for very practical reasons -- freedom from maintenance and property taxes, etc.

44% of American renters think renting is a smarter financial move than buying a house, with Gen Z renters leading the demographics at 51%.

Should paying rent on time improve your credit score? 87% of renters say yes — paying rent on time should improve your credit score.

48% of American renters say renting their home gives them financial freedom. Participants’ top reason for renting their current apartment is because it’s a monthly payment they can afford.

51% of Gen Z renters believe renting is a smarter financial choice than buying, compared to 40-43% of Millennials and Gen X'ers.

Source: RealPage + The Center for Generational Kinetics

Gen Z spends the highest share of income toward rent

Median Gen Z household
$ 0 K
Spending 25.6% income
The median Gen Z apartment renting household makes $65,000 (with roommates) and spend 25.6% on rent.
Median millenial income
$ 0 K
Spending 22.0% income
Millennials' median income is $83,000 and they are spending 22.0% of income on rent.
Median Gen X renters make
$ 0 K
Spending 20.7% income
Gen X apartment renters make $86,000 at the median and spend 20.7% of income on rent.
Baby Boomers make
$ 0 K
Spending 23.5% income
Baby Boomers come in slightly lower at $79,000, reflecting that some older renters are living off retirement income, and spend 23.5% of income toward rent.

**Note: data reflects actual rent-to-income ratios for households (with roommates) signing a new market-rate apartment lease.

Source: RealPage

Yougest Renters Spend the Highest Share of Income Toward Rent


Source: Signed new leases in market-rate apartments running on the RealPage platform

For Renters,
Location is Key

73% of renters revealed that they rent in areas where purchasing a home is financially out of reach.

Rental Housing:
Driving Inclusivity

This underlines how rental housing plays a crucial role in transforming exclusive neighborhoods into more inclusive, diverse, and accessible communities. And that's an important consideration for cities and NIMBY groups who put up artificial barriers to apartment construction and even single-family rental housing.

Source: Source: RealPage + The Center for Generational Kinetics

Most Important Concierge Services

If your community offered concierge services, what services would be most important to you?


Move In / Move Out


Housekeeping /


Car Washing /


Food / Grocery


Pet Walking /
Pet Sitting


Dry Cleaning Drop Off /
Pick Up

Percentages show the percent of respondents that selected each answer option. The sum of the percentages may total more than 100% because respondents could select more than one option.

Source: The 2024 NMHC & Grace Hill Renter Preferences Survey Report

Renters Today Prefer
Quick and Convenient Communication

This does not always involve a real-life agent:

  • 79% of renters want to communicate with you and resolve issues via an app, text, or online.
  • This is true of every renter demographic surveyed; Gen Z, Millennials, Gen X, Upper-income renters, Affordable Housing renters.

Source: Research by CGK

The Friendship Factor Plays a Large Part in Resident Renewals

The stronger a resident's social connections within the apartment community, the higher the likelihood of lease renewal.


Just having one friend on-site boosts
renewal odds by almost 10 percent.


While having 7 or more friends increases
the odds by nearly 20 percent.

Apartment residents involved in an Apartment Life program (which has hosts living on site to help build community there) average 5.4 friendships on site, versus 1.9 for those not involved.

Source: Apartment Life

Friendship Factor in Apartment Residents

Source: Apartment Life

Always Make Room for Furry Friends

Over two-thirds of American renters emphasize the significance of pet-friendly policies when selecting a rental home.

This is Especially True According to Female Renters

Pets resulted in the widest gap in answers between men and women when asked about the importance of 24 different factors in choosing a rental.

Source: RealPage + The Center for Generational Kinetics

Lease Decision Factors: Impact of Pet-Friendliness on Leasing Decision

If a property were pet-friendly, how would that impact your lease decision?


Survey Answers:

  • 50% gave the answer “it would make me more likely to live there”.
  • 7% gave the answer “it would make me less likely to live there”.
  • 47% gave the answer “it would have no impact on my leasing decision”.

Source: The 2024 NMHC & Grace Hill Renter Preferences Survey Report

Lease Decision Factors: Reasons Why Less Likely to Choose Pet-Friendly Property

Only asked to respondents who would be less likely to live at a property if it were pet-friendly
Why would you be less likely to choose a pet friendly property?

0 %
Residents not cleaning
up after pets
0 %
Pet-related noise
0 %
Pet-related smell
0 %
Pet allergies
0 %
Fear of animals
0 %
Other Reasons

Percentages show the percent of respondents that selected each answer option. The sum of the percentages may total more than 100% because respondents could select more than one option.

Source: The 2024 NMHC & Grace Hill Renter Preferences Survey Report

Renters from Different Generations Tend to Focus on Different Topics When Researching Potential Rental Properties:

  • Gen X renters are more likely to research the crime history of a neighborhood.
  • Gen Z renters are more likely to dive into the lease agreement terms and pet policies.
  • For all generations of renters , a quiet environment and parking or a garage option are by far the most important amenities when deciding on a new rental property.

Source: RealPage + The Center for Generational Kinetics