By Jak Burke
A recent survey by AppFolio* has shed some interesting light on how millennials shop around for apartments. With the City’s rents at an all-time high no wonder a younger generation is becoming more savvy. Here are the stats:
42.3% of renters say they look at three to six sites typically, with 34.5% saying they’d look at one to three locations.
45.8% of millennials reported that they tend to check out between three and six locations before making a decision.
HIKES IN RENT
AppFolio asked renters what would be an acceptable reason for a landlord to raise the rent AND what would be unacceptable and cause them to move.
Acceptable – 30.2% of participants cited “better maintenance” as a good reason to raise rent – 47.6% of millennials agreed.
22.9% of renters said that new amenities would be an acceptable reason for a rent increase. However, a whopping 40.6% of renters stated that a rent increase would prompt them to move.
Understandably renters agreed that the worst part of searching for a new apartment is dealing with broker’s fees.
31.4% of renters
38.8% of millennials
Next came low-quality landlords and filing paperwork.
What’s the cost of staying put?
51.9% of renters would tolerate a 1-5% rent increase before considering moving on.
Only 3.3% of renters said that they would tolerate up to 11% rise in rent before moving home.
How millennials expect to be communicated with was interesting. When it came to information from a property manager during the rental process:
37.6% of renters and 46.5 of millennials expect communication online and by text not just online rent collection, online applications and virtual tours.
This survey is a good source of information on how brokers and landlords can better attract and retain millennial renters.
*AppFolio’s survey polled 2,552 individuals conducted in New York City and San Francisco.
Image credit Forbes