The 2022 NMHC/Grace Hill Renter Preferences Survey Report

Renter Preferences Survey Report Hot Trends and Key Findings

1. Demand for more space

"Lockdowns seemingly led to a strong desire for additional space; twenty-eight percent 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 percent two years ago." This significant increase highlights the impact of the pandemic on renters' needs and priorities, emphasizing the importance of having more room for activities, remote work, and relaxation.

2. Washers and dryers, air conditioning, soundproof walls and high-speed internet

"Now, more than ever, home is proving to be a sanctuary, and renters have a great desire — and are willing to pay a premium in additional monthly rent — for certain amenities. Reported must-haves include: washer/dryer in-unit (92 percent of renters interested, $54.73 monthly premium), air conditioning (91 percent, $54.73), soundproof walls (90 percent, $46.21), high-speed internet access (89 percent, $47.93), and walk-in closet (88 percent, $43.46)."

These amenities have become essential for many renters, reflecting their need for convenience, comfort, and a conducive environment for remote work. The willingness to pay premiums indicates that renters value these features highly, potentially influencing property managers and developers to prioritize such upgrades. Washer/dryer units and air conditioning top the list, followed closely by soundproofing, which ensures a quiet living space, and high-speed internet, which is crucial for remote work and entertainment. Walk-in closets also remain a popular choice, offering ample storage space and enhancing the overall living experience.