RealPage Unveils New Multifamily Rental Trends

RealPage, a leading global provider of software and data analytics to the real estate industry, released today its findings from a national survey of multifamily renters in America during the company’s annual RealWorld 2023 customer conference in Las Vegas.

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In partnership with The Center for Generational Kinetics, a global research firm, RealPage asked 2,000 American renters about their 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.

The study found that two-thirds (66%) of multifamily renters are satisfied with their current housing situation, preferring the financial freedom afforded by being able to rent more cheaply than buy in the areas where they want to live, as well as the flexibility for remote work and trying new locations. Gen Z renters (51% in particular), feel that renting is a better option than buying.

Key trends and resident preferences were centered around seamless and instant gratification. Highlighted in the survey included: the use of online and social media tools like artificial intelligence to search for rentals, online portals and/or apps for interacting with property management, electronic and mobile payment options, convenience and safety features such as package lockers, rideshare stops, pet amenities, and smart home technologies like smart cameras and door locks.

“The research tells us that most apartment renters are happy being apartment renters,” said Jay Parsons, Chief Economist for RealPage. “Older renters say they’re renting because it frees them up from home maintenance and other responsibilities. Younger renters are renting because it gives them more flexibility. And renters of all ages tell us that apartments provide an entry into preferred neighborhoods where they couldn’t afford to buy.”

The Survey

The survey of 2,000 American multifamily renters across America, spanning Gen Z (ages 18-26), Younger Millennials (ages 27-35), Older Millennials (ages 36-43), and Gen X (ages 44-55) provided insights into the state of the rental market. The methodology consisted of 25 questions. The annual household income of respondents ranged from <$20k to >$200k, with a median of $65k, equally surveying male and female renters in the Northeast (18%), Midwest (20%), West (25%), and South (38%).