- By Courtney Baldwin
- In 2021 Blog
- Tags Developers, Developers Long Island, LI, Long Island, Long Island Business, MDU, Multi Dwelling Units, Renovations, Smart Home Technology, Smart Homes Long Island, Smart Technology
Each year, The National Multifamily Housing Council (NMHC) / Grace Hill launches the ‘Renter Preferences Survey Report.’ Based on an early sneak peek from Multi Housing News (MHN), we learn what renters are seeking in 2022 and what property owners are doing to meet their consumers’ requests.
Although the full survey from NMHC will not be released until January, the current data is still an important piece of information to consider if you are a property owner seeking a new leasing agreement or renovations in the new year.
Here’s what renters are requesting in 2022:
- Leasing Flexibility
There are a decent amount of renters (families and single-living consumers) who moved during the pandemic. Within these communities, some were able to migrate to remote-work, whereas others were left unemployed. Those who had the opportunity to take their work remotely are open to different types of leasing agreements in 2022.
NMHC especially sees this request among those in the 35-44 and 45-54 age groups, averaging around 60% of ‘pandemic movers’ who are interested in new leasing agreements.
- Co-Working Spaces / Extra Unit Space
60% of respondents moved during the pandemic but only 25% of those movers relocated because of remote-work and the majority expect to continue working remotely in the new year.
Although a smaller amount, property owners must decide if it is worth it for their renters to share co-working spaces, have extra space in their units, or remain as is (and face the feedback from renters.)
- Airbnb / Renting Apartment Room
The latest trend that we are seeing on social media (TikTok, in particular) includes renting apartment rooms through Airbnb.
This trend also appears in the NMHC survey from the same group who moved during the pandemic. Are we surprised? These residents (mostly ages 18-24 and 25-34) are interested in listing their rental units on short-term rental sites like VRBO or Airbnb. Yet, there are approximately 10% of residents who would not rent their place where subleasing was allowed.
- Internet Access
Internet access has become more important than events to renters. NMHC reports nearly nine out of 10 respondents said they would not rent without it.
Should property owners capitalize on this? The older generation prefers to work with providers directly, but the younger renters like the idea of one-stop technology. This would allow immediate connectivity on move-in, seamless connectivity throughout and on-gong support provided by their property managers. Yet, they would only favor this option if it was included in their rent.
- Smart Products
The NMHC survey also includes questions regarding smart home technology, here’s what they reported:
- 60% of renters request smart locks
- 61% of renters request smart glass
- 62% of renters request smart lighting
- 66% of renters request smart security
- 67% of renters request water saving features
- 68% of renters request leak detection
- 70% of renters request smart thermostats
- Additional Requests
- Air Conditioning
- In-unit Washers
- Soundproof Walls
Over the last three years, would we have expected to see such an increase in remote-work? If these requests are happening now, what’s next?
In 2022, we predict to see a continuous high demand of remote-work and smart technology products. Now is the time to stay ahead of the curve and update your properties before renters find a new place to reside.
Smart technology implementation made easy with assistance from Powers ioT. Meet with a Long Island-based Account Representative today and we will walk you through the details of upgrading your apartment, office, or other MDU.
*In the NMHC survey, 221,559 renters participated. The research covers residents in every type of multifamily unity in both urban and suburban locations. Polling took place in September/October 2021.