Whether you’re a multifamily developer planning the next great neighborhood, an owner looking to maximize a property’s performance, or a property manager seeking to create an exceptional experience for residents, understanding what’s going on in the mind of the renter can provide a blueprint for a winning community.
The 2024 NMHC and Grace Hill Renter Preferences Survey Report helps get inside renters’ heads, offering new insights into what New York renters want, expect and are unwilling to compromise on when it comes to their apartment home. The core of the report includes renter perspectives on a host of leading home features and communities. Find out what it takes to make New York renters happy to stay.
Top features for New York renters
While bells and whistles can be fun, it’s the essentials that matter most. Air conditioning and a washer/ dryer in unit topped the list of most-wanted features at 94% each. But for many renters, not having these features is a dealbreaker. In fact, 73% said they would not rent without air conditioning 69% said the same about in-unit washer and dryers.
Other uber-popular features suggest renters have a desire to have their homes connected, comfortable and quiet. More specifically, respondents indicated high levels of interest in high-speed internet access (91%), soundproof walls (90%), and noise-reducing windowpanes (84%). Collectively, these preferences also support a home environment conducive for work-from-home activities.
Also on New Yorkers’ most-wanted features are elements that make the home more functional and convenient, including kitchen features like a dishwasher (87%), refrigerator with water and ice dispenser (81%), premium finishes (e.g., quartz countertop, stainless steel appliances) at 80%, and a water filtration system at 79%.
Similarly, renters are looking for more storage space in their apartment homes, with 87% craving a walk-in closet and 79% simply looking for more closet / storage space within the home.
Top community amenities for New York renters
New York renters don’t just want to have reliable connectivity in their individual homes; they want to be able to stay connected wherever and whenever in their community. So, it’s hardly surprising that reliable cell reception led the list of all amenities with 88% of respondents indicating interest in it and 39% saying they wouldn’t rent without it. Reliable cellular connectivity was followed by the desire for a fitness center, with 79% of respondents indicating interest and 22% saying it’s an absolute must-have.
Secure self-service 24/7 package access ranked next in the survey with 78% noting interest in the solution. This was a five percentage age point increase from 2022, reflecting the increasing impact of home delivery on communities and lifestyles.
Controlled property and amenity access drew interest from 77% of respondents, while 74% were looking for a non-smoking building to live in. Rounding out the list of top amenities were rooftop space, on-site back-up power, and a swimming pool, with 72% of respondents indicating interest.
From the everyday conveniences to the fun extras that make a community attractive to renters, New York renters are looking for a 360° lifestyle for entertaining, fitness, and convenience. Understanding their needs and preferences provides the opportunity to build and manage irresistible communities.
Sarah Yaussi is vice president, business strategy at the National Multifamily Housing Council, Washington, DC.
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