Washington – The 2022 Renter Preferences Survey Report released by NMHC and Grace Hill provides a look at the home features and community amenities that renters can’t live without, how much they are willing to pay for them, and what matters during their home search. The report features input from 221,000 renters living in 4,564 communities nationwide, with data available in 79 markets.
The lockdowns seemingly led to desire for additional space. Roughly 28% of renters who said they intend to move to a different rental community when their lease expires cited additional living space as a reason, up from just 19% two years ago. This was the third-most-common reason for wanting to move after seeking lower rent (49% of renters) and seeking better community amenities (29%).
When asked which types of rental homes were considered during their last home search, traditional apartment homes garnered a majority of responses (57%). However, townhomes and single-family rentals were also in the mix at 23% and 19% of responses, respectively, supporting the desire for more space and validating industry and investor eyes on these property types.
Reported features with the highest share of renter interest, and their associated additional average monthly premiums, include washer/dryer in-unit (92% of renters interested / $54.73 monthly premium), air conditioning (91% / $54.73), soundproof walls (9% / $46.21), high-speed Internet access (89%; $47.93), and walk-in closet (88%; $43.46).
The share of renters who received two or fewer packages per month dropped from 45% in 2019 to just 24% this round. Conversely, the share who received three or more packages per month increased from 55% to 76% over the two-year period. And the share of renters who received perishable items several times a month or more nearly doubled from 9% in 2019 to 17%.
