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Seven Resident Trends You’ll Want to Know for 2020

Posted on Nov 19 2019 - 3:10am by Lance Edwards

The NMHC and Kingsley Associates released its 2020 Apartment Resident Preferences Report that provides a look into what residents want and need in their next home.

(MultiFamilyExecutive.com ArticleSymone Garvett

To offer insight into the wants and needs of today’s apartment residents, the National Multifamily Housing Council (NMHC) and Kingsley Associates released the results of its biennial survey, the 2020 Apartment Resident Preferences Report, featuring input from 372,944 renters living in 5,336 communities across the U.S.

The report dates back to 2013 and aims to provide authoritative data on which apartment and community features renters want and could live without, how much they would pay for them, and what matters during their apartment search.

“The 2020 Apartment Resident Preferences Report offers an in-depth look at what renters expect when choosing where to live,” said John Falco, principal at Kingsley Associates, in a press release. “This data is invaluable for not only developers, architects, and designers looking to build a new community or renovate an existing community, but also for property managers and leasing agents trying to improve the renter experience for current and future residents.”

Check out seven of the report’s hot topics and trends below:

  1. The rise of short-term rentals: Younger renters have expressed more interest in short-term rentals, says the report. Nationally, nearly 60% of respondents said having short-term rentals would either positively impact their perception of the community or have no effect on it at all. Only 16% said they wouldn’t rent at a community that included short-term rentals.
  2. Rethinking co-working space: According to the survey, 42% of respondents said they telecommuted at least part of the time, but just 15% said they had or would use a co-working space. Instead, 55% said they would be interested in an on-site business center.
  3. Catching on with co-living: Despite significant industry investment into co-living startups, a large portion of apartment residents are skeptical about the trend, with 69% reporting they would not be interested in this type of living arrangement at the moment.
  4. Connecting anywhere and everywhere: Whether in their apartments, down in the lobby, or out by the pool, residents want seamless phone connectivity. Over 90% say reliable cell reception is important, and 92% report high-speed internet is important or very important.
  5. Inviting Alexa to the party: Roughly 43% of survey respondents said they were interested in or would not rent without voice-activated assistants like Amazon’s Alexa or Google Home.
  6. Saving money with smart home tech: Although virtual assistants are useful, and sometimes fun, residents are most interested in smart home tech that can save them money. Seventy-one percent are interested in smart thermostats, 67% are interested in smart lighting, and 63% are interested in smart locks.
  7. The importance of pets: More than one-third of the surveyed residents were pet owners, with the majority owning dogs. In turn, community features, such as dog parks, pet-washing stations, and on-site pet services, are important to these renters, and they expect to pay between $28 and $34 more per feature per month.

Learn more about the full report’s findings at the NMHC website.