National Renter Study
2023 Multifamily Trends: National Renter Insights Study
Realize the opportunities uncovered in a first-of-its-kind national study of renter perceptions, preferences & priorities
Created, Completed and summarized by
A study of U.S. renters reveals that nearly 70% are bullish on the state of renting.
The in-depth findings of the National Multifamily Renter Study, completed for RealPage® in partnership with The Center for Generational Kinetics (CGK) and unveiled at RealWorld 2023 REALIZE, are now detailed in a whitepaper highlighting shifting preferences, technologies and amenities — and how they differ across age groups in sometimes surprising ways.
Revealing the truth behind apartment rental trends starts with understanding changing attitudes about renting.
Renters Value Financial Flexibility
Two-thirds (66%) of multifamily renters surveyed are satisfied with their current housing situation, preferring the financial freedom to rent more cheaply than buy where they want to live, as well as the flexibility for remote work and trying new locations.
Advantages Differ by Generation
Each generation sees different advantages to renting a multifamily home today, with perceptions differing greatly from Gen Z to Gen X to Boomers. At the same time, an affordable payment remains the top reason for participants to lease their current apartment.
Technology Drives Rental Decisions
Younger generations (especially Younger Millennials) have a significantly higher expectation for all technologies to be included in a new rental property, and most are willing to pay a premium for those amenities — with electric doorbells and cameras topping the list.
Renters who say they are renting in an area where they couldn’t afford to buy
The Research
Purpose & Partners
As a leading global software and data analytics provider to the real estate industry, RealPage partnered with The Center for Generational Kinetics, a global research firm, to lead an original national survey of multifamily renters in the United States.
The survey was designed to discover these renters’ beliefs and perceptions of renting, their expectations for continuing to rent, their opinions on the most important search, decision and rental experience drivers, their technology requirements, and more.
Participation
- The survey included 2,000 participants ages 18 to 55 who are currently multifamily home renters.
- The survey included 1,000 multifamily renters with an annual household income of $65,000+.
- The survey is weighted to the 2020 U.S. Census for age, region, gender and ethnicity.
- The research study was conducted online from May 11, 2023, to June 7, 2023.
