Multifamily Trends
Resident Insights & Predictions 2024
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
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
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
**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
73% of renters revealed that they rent in areas where purchasing a home is financially out of reach.
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
If your community offered concierge services, what services would be most important to you?
Move In / Move Out
Services
Housekeeping /
Cleaning
Car Washing /
Detailing
Food / Grocery
Service
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
This does not always involve a real-life agent:
Source: Research by CGK
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
Over two-thirds of American renters emphasize the significance of pet-friendly policies when selecting a rental home.
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
If a property were pet-friendly, how would that impact your lease decision?
Source: The 2024 NMHC & Grace Hill Renter Preferences Survey Report
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?
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
Source: RealPage + The Center for Generational Kinetics
