RCLCO Real Estate Consulting has released the results of the “2023 Renter Consumer Preference Survey Report,” providing in-depth national insight into the consumer preferences of single-family and multifamily renters.
The report offers data derived from survey conducted in late 2022 that uncovers the motivations, housing preferences and location considerations that are driving today’s rental housing residents.
For owners, operators and developers, RCLCO’s consumer research data offers illuminating insights into who renters are, their housing preferences and what constitutes their ideal residence, ideal information for organizations planning both new multifamily and build-to-rent housing.
“Rental household demand has been increasing ever since the economy reopened in 2021, yet there isn’t enough attention paid to shifting preferences and behaviors of this group,” said Gregg Logan, Managing Director at RCLCO, in a release. “We think this data will be invaluable to builders, developers, property managers and architects when designing and renovating rental communities of all types.”
The following are five key findings from the report.
1. While 40% of survey respondents currently live in a single-family detached unit or townhouse, 51% say their ideal rental housing type is a single family-home and 21% prefer a townhouse or duplex.
2. Closets and kitchens have the greatest impact regarding multifamily residents’ willingness to pay more for their housing. However, finish preferences did not vary dramatically across all varying income levels.
3. It’s no surprise given the explosion in the popularity of online shopping, young singles, couples and roommates younger than 55 rank secure package receiving options as their number one amenity .
4. For family/multigenerational households, dog washing spaces, business centers, conference rooms and co-working spaces ranked the lowest priority for this segment of rental housing residents.
5. Sixty-two percent of renters who are 55 and older prefer age-restricted and age-targeted communities.
The report is now available for purchase.