The COVID-19 pandemic had a significant impact on the way people live and behave, including those living in multifamily buildings. Pew Research conducted a study that found 70% of individuals plan to continue with the habits they developed while staying at home during the pandemic. This includes spending more time at home due to remote work and using food delivery services. As a result, the behavior of renters has changed, and property owners need to adjust to these new habits.
Allegion’s 2023 Multifamily Living Trends Report: A Study on What Multifamily Renters Desire, Expect and Will Pay More for in Their Residences surveyed people living in multifamily homes to gain insight on the importance of certain features in their living space and how current trends and behaviors of residents in the multifamily market are impacting the industry.
As expected, affordability and proximity to work and school top the list of requirements when considering a new multifamily residence. Pet-friendliness and distributed free Wi-Fi follow with 45% of respondents noting these amenities as must-haves.
With more virtual work taking place, having adequate in-unit space and work from home space are must-haves for 44% and 36% of respondents, respectively.
Home security systems, smart home technologies, and upgraded building materials ranked higher than fitness centers and pools. This shift in priorities highlights the increased importance of feeling safe, connected, and comfortable, rather than leisure activities. Property owners and operators can take advantage of this change by investing in technologies and products that cater to these needs and priorities of renters.
Dealbreakers in selecting a future residence included high crime rate areas, the availability of washer and dryer in units, no electronic or high security locks, and a small percent cited lack of onsite leisure amenities.
When looking at the value of potential amenities offered, over half said they need to have free parking, while about 1 in 3 need to have resident portal apps, smart lockers for packages, and flexible spaces.
With significant changes in the behavior and preferences of multifamily residents, property owners and operators need to adapt to these changes and invest in technologies and products that cater to the needs and priorities of renters.
To learn more about the trends shaping the multifamily market, download the Multifamily Living Trends Report: A Study on What Multifamily Renters Desire, Expect and Will Pay More for in Their Residences.