Apartments.com Survey Reveals What Matters Most To Renters In 2014

CHICAGO, Oct. 21, 2014 /PRNewswire/ -- As moving season kicks into high gear, renters have many factors to consider in their decision-making process when searching for an apartment. Apartments.com recently conducted a national survey of more than 2,500 renters to help get a better understanding about why people rent, as well as gain insight into what it would take to motivate them to move immediately, and which specific aspects of renting are the most important when choosing where to live. 

As a result of high demand for rentals, the incentives and special offers apartment communities offer to renters have decreased dramatically in recent years. Back in 2009 when the vacancy rate was at a 23-year high, The Wall Street Journal reported "some landlords are showering flat-screen TVs, cash, rent cuts and other incentives on tenants to encourage them to renew their apartment leases." There is a sharp contrast today, as concessions and incentives are nonexistent in some hot rental markets. Renters surveyed seem to be realistic about this aspect of renting, when asked about the importance of rental incentives in 2014:

• Nice to have but not a deal breaker: 33 percent
• They're one of a few key factors in deciding to move or stay put: 28 percent
• I haven't even seen any rental incentives during my apartment search: 20 percent
• They're critically important (make or break): 14 percent
• I don't care about rental incentives at all: 5 percent

Although rental incentives are few and far between, when Apartments.com asked renters what it would take to get them to move to a new rental immediately, the most popular responses were:

1. A big discount on monthly rent for the full term of the lease
2. More space for the same amount of money
3. Free rent for a month

Only 6 percent of renters said they love their current apartment so much that absolutely nothing could convince them to move.

The Apartments.com survey results also reveal that half of renters need to rent for various financial reasons, while more than one-third of renters choose to rent because they enjoy maintenance-free living. Only 13 percent of renters surveyed said the main reason they rent is because they need to be mobile.

While financial necessity is the main reason 50 percent of survey respondents said they are currently renting, 56 percent of renters who plan to move within the next year said it is for a change of scenery, and 13 percent said they need to relocate for a new job. These reasons for moving could indicate an improving U.S. economy. Also, 42 percent of current renters said they don't plan to buy a house or condo in the future. Of that 42 percent, nearly half gave reasons unrelated to finances as their main motivation: 31 percent said there's too much maintenance involved in owning a house (e.g. repairs, lawn, snow shoveling, etc.), while 18 percent enjoy the simplicity of renting.

Regardless of their future moving plans, current renters were fairly split when asked about the single most important factor they consider when choosing an apartment or rental home. The top five responses are:

1. Affordability/low monthly rent: 36 percent
2. Living in a safe area with a low crime rate: 23 percent
3. Living near their job or school: 12 percent
4. Must allow pets: 8 percent
5. Amenities (e.g. Air conditioning or a washer/dryer in unit): 8 percent

"Renters today place high importance on affordability, safety and convenience when making decisions about where to live," said Brad Long, president of Apartments.com. "While so much buzz in the rental industry centers around reinvigorated big cities and hot urban areas, our survey reveals that living in a cool neighborhood or city does not seem to play a significant role in why renters choose their apartments or rental homes."

When asked to choose from a list of all of the factors that play a significant role in their choice of apartment or rental home, only 21 percent of survey respondents indicated that a cool neighborhood or city is very important. More popular responses among renters include:

• Affordability: 71 percent
• Safe Area / Low Crime Rate: 57 percent
• Convenient Utilities / Amenities: 50 percent
• Large Apartment Size: 48 percent
• Near Job or School: 38 percent
• Parking: 33 percent
• Allows Pets: 26 percent
• Rental Incentives: 23 percent

About Apartments.com
Apartments.com (http://www.apartments.com) is a leading national apartment Internet listing subscription service with more than 50,000 unique addresses representing millions of rental units from managed properties and for-rent-by-owner properties. By incorporating the most relevant products to reach renters including personalized searches and highly visual ads featuring live chat, real-time rent, online video walk-through demonstrations, professional photography, a responsive website and iPhone and Android apps, Apartments.com creates easy access to its listings. Providing unmatched exposure to its advertisers through an intuitive name, strategic search engine placements and innovative emerging media, Apartments.com reaches millions of renters nationwide, driving both qualified traffic and highly engaged renters to leasing offices nationwide. Apartments.com also owns rental website Apartment Home Living (http://www.apartmenthomeliving.com), a leading social media apartment website distinguished by a "live for fun" community experience, proprietary lifestyle matching and local living guides to help renters find their perfect place to live.

This news release contains "forward-looking statements" including, without limitation, statements about Apartments.com's expectations, beliefs, intentions or strategies. These statements are based upon current beliefs and are subject to many risks and uncertainties that could cause actual results to differ materially from these statements. The following factors, among others, could cause or contribute to such differences: the risk that the trends reported or implied in this release do not continue or produce the results suggested by such trends, and the risk that the indicators of an improving U.S. economy may not be accurate or produce the expected results. All forward-looking statements are based on information available to Apartments.com on the date hereof, and Apartments.com assumes no obligation to update or revise such statements, whether as a result of new information, future events or otherwise.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/apartmentscom-survey-reveals-what-matters-most-to-renters-in-2014-848938637.html

SOURCE Apartments.com

Related Links

http://www.apartments.com