5 Things Renters Want More of in 2020

In today’s world of business, consumer demands are always changing. 

This has an undeniable impact on commercial real estate – especially when it comes to the multifamily sector. The recent 2020 Apartment Resident Report conducted by the National Multifamily Council in partnership with Kingsley Associates is providing tons of insight into what contemporary renters are looking for this year. 

Let’s look at 5 of the most-coveted multifamily property features in 2020: 

A Physical Walkthrough Tour

While virtual touring is in hot demand for global real estate at large, respondents indicated that they still want to be taken on a traditional walkthrough tour. Prospective renters believe it’s important to see the physical space before moving forward with the deal. 

A physical walkthrough allows renters to not only get a deeper feel for the listed unit itself, but also the entire multifamily building and surrounding community. Some things simply cannot be communicated through a computer screen, so make sure that there is always an option to go on a physical tour. 

Short Term Rental Options

If you’re not yet offering short term rental options, it might be time to do so.

According to the report, renters expressed a keen interest in the option of short term leasing periods. This is especially significant for the younger respondents who are known to be looking for increased flexibility in their living situations. 

Almost 60% of those surveyed said that multifamily properties that offer short term rental conditions would be viewed as a positive asset. This respondent demographic represents more than half of US renters – so don’t ignore the power of short-term flexible leasing. 

On-Site Business Areas

The modern workforce is more mobilized than ever before. That said, contemporary professionals will likely be taking their work home with them. More than half of the survey respondents said they would be interested in an on-property work area. 

Consider designing a business-specific area on the property. In the case of multi-room units, the additional bedrooms could also be marketed as private offices, which can be a strong contributor in attracting young professionals to your multifamily property. 

Virtual Assistants

When it comes to adding in Smart Home technology, choose a virtual assistant. 43% of respondents said that they’re specifically looking for multifamily units that offer a personal virtual assistant. And, many of these also said they would turn down a property if they did not offer this interactive Smart feature. 

These are strong sentiments, so you’ll likely want to pass up on electronic locks or automatic lighting and put your efforts in adding a virtual assistant for your multifamily units. 

Amenities for Pets

Don’t forget about furry friends! 2020 renters are looking for multifamily communities that have amenities for pets, too. An on-site walking facility, doggy daycare, or play areas are profit-boosting things to add to your strategy this year. 

Doing so can increase the property’s perceived value by renters. Survey respondents said that they would be willing to pay more money to rent a unit in a community that accommodates their pets. 

Apply these insights to attract renters and maximize multifamily occupancy rates this year. Don’t miss the latest CRE market outlooks with the NAI Global Newslink.