As the times change, resident wants, needs, and expectations change as well. Is your multifamily management company providing the features and amenities your residents actually want?
Are you sure?
Let’s take a look at the state of the industry today. Then we’ll go over a few of the trends in resident requests and how the industry is changing.
Grace Hill surveys 5+ million residents annually and here is what their latest Renter Preferences Survey Report has to say about how resident requests and the industry are changing.
The largest renter demographic right now is the 25-34 age group at 39% with the 35-44 age group not far behind at 20%. Out of the majority of these renters, 77% are employed full-time. An interesting fact is that when surveyed 63% of all renters stated their main interest is Food. That’s a huge number. Another interesting fact is that 24% of residents surveyed indicated their length of stay was only six months. How could you increase that number? By providing your residents with features and amenities that make their lives easier and more convenient. If you give people what they want, they will stay longer.
Future Rental Behavior and the Importance of
This part of the survey deals with a resident’s future rental behavior and 43% surveyed stated they would be staying in their current home. When people’s needs are being met, they have no reason to move. The number one reason for people wanting to move was for a lower rent. But 29% of them stated it was for better community amenities. That’s a considerable number that confirms the fact that if you have amenities people want, they will renew.
The Benefits of Renting
People who choose to be renters do so because of the benefits of renting. And those benefits include not having to do maintenance or landscaping. However, the other benefits include the features and amenities your community offers and how those features and amenities make their lives easier.
Different Trends in Resident Requests
The trends in what people look for in an apartment are changing. For example, previously everyone wanted a fitness center. But now, people are starting to request flexible space and more convenient package pick-up options. In fact, 72% of the residents surveyed stated they wanted an on-site, 24/7, self-service package pick-up option. And with properties seeing such a huge influx of packages, it would benefit your residents and your staff to give it to them.
More and more people are ordering online and if they aren’t available during your office hours, they have to wait to get their packages. Now think about what we mentioned above, 63% of all renters stated that food was their main interest. So it stands to reason that many of those packages are probably from meal services and other types of food delivery. But if those residents can’t ever make it to your office during office hours, that won’t work for them, and they will move.
By providing your residents with a 24/7 package pick up option, they get what they want, and you have made their lives much easier and more convenient. This one package management amenity could result in more of your residents renewing their leases for years to come because of a thoughtful amenity you provide for free. And that’s just one amenity. What other amenities do you think you could provide that would have the same impact? Think about it!
According to the survey, most people considered 3-4 properties before making a decision. If you have more trending amenities your competition doesn’t offer, don’t you think those prospects would stop looking and commit on the spot after visiting your community? You bet they would!
If you want information about one of the most popular trending community amenities today—24/7 package pick up lockers—please Contact Luxer One today. We would love to show you just how easy and cost-effective installing package management lockers can be.