As Rental Market Strengthens, AppFolio Survey Finds Half of Renters Plan to Move This Year in Search of Better Costs and Unit Upgrades
18 Mayo 2023 - 8:00AM
AppFolio, Inc. (NASDAQ:APPF), a cloud-based technology platform
built for the real estate industry, today released its 2023
Property Manager Renter Preferences Report. In a dynamic market
where property managers face challenges like increased competition
due to the historic crush in new apartment supply, this new report
provides actionable insights into how property managers can drive
renter satisfaction and retention and underscores the wider
importance of effective property management.
According to AppFolio data, based on a survey of nearly 1,000
U.S. renters, overall satisfaction with property managers, along
with flexibility in payment methods and technology offerings, are
all major factors in retaining residents. While 66% of renters
reported that they are satisfied with their property manager – up
from 55% from last year’s study – only half (50%) plan to renew
their expiring lease this year. This reveals a need for property
managers to better understand renter expectations.
Key takeaways from the 2023 Property Manager Renter Preferences
Report include:
- Property managers will be in fierce competition to
retain and attract residents and play a key role in tenant
satisfaction.
- A great property manager is a key factor in retaining current
residents. Of satisfied renters, 57% say their property manager is
a main reason they are considering renewing their lease.
- Outside of property attributes, a property manager’s reputation
is key for attracting new residents. 68% of renters say a property
manager’s reputation on review sites is important when evaluating a
new rental.
- The top three reasons that unsatisfied renters are considering
moving are for a better apartment/house (63%), lower rent (49%) and
a better property manager (45%).
- Renters demand online payment options from their
property manager.
- Paying rent online is a primary factor when finding a new
rental property. More than half (60%) of renters say online rent
payments are important or very important when evaluating a new
rental.
- Of those renters without the option to pay online, 58% would
like their property manager to offer the option.
- Younger demographics are more likely to embrace online
payments. Gen Z (65%) and Millennials (61%) are most likely to pay
their rent online (compared to 40% of Gen X and 46% of
Boomers).
- Younger residents expect much more from their property
manager.
- Renting to Gen Z? Property managers need to do more to satisfy
them. Only 56% of Gen Z renters are satisfied with their property
manager (compared to 64% of Millennials, 66% of Gen X and 75% of
Boomers).
- There’s room for growth when it comes to retaining younger
residents. Only one-third (35%) of Gen Z renters are likely to
renew their lease (compared to 44% of Millennials, 53% of Gen X and
67% of Boomers).
- Why are Millennials leaving? They want to pay less. Millennials
are the most price sensitive, with 51% citing lower rent as their
reason for moving (compared to 38% of Gen Z and Gen X).
“With the rental industry evolving, property managers need to
take a critical look at their offerings to ensure they are
competitive and keep pace with resident expectations,” said Stacy
Holden, Senior Director, Industry Principal at AppFolio. “Today’s
renter preferences will help shape the housing of tomorrow, so it's
important for property managers to uplevel their service now
through tech and other thoughtful offerings. This will help rental
teams retain current residents and entice others.”
As more units hit the market this year and competition
increases, property managers need to act now to meet the evolving
expectations of today’s renters. The report highlights the crucial
role that property managers play in tenant satisfaction, with
actionable insights into technology and other solutions to enhance
the renter experience and increase retention. Download the 2023
Property Manager Renter Preferences Report to review more key
findings and insights.
Survey MethodologyAppFolio surveyed nearly
1,000 U.S.-based, market-rate renters ages 18-plus from Feb. 23,
2023 to Mar. 1, 2023. Renters are categorized as market-rate if
they reported not currently participating in any affordable housing
program.
About AppFolio, Inc.AppFolio, Inc. is a
cloud-based technology platform built for the real estate industry.
Our solutions enable our customers to digitally transform their
businesses, address critical business operations and deliver a
better customer experience. For more information about AppFolio,
visit appfolio.com.
For more information, please contact:
Mission North for AppFolio
appfolio@missionnorth.com
AppFolio (NASDAQ:APPF)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
AppFolio (NASDAQ:APPF)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024