In spring of 2017, Buildium (a property management software) conducted an in-depth survey of 1,166 renters in the United States. Below we cover the top 5 items that their survey indicated.
1. Many tenants still have pets so not allowing pets in your rental really decreases your potential applicant pool. Of the 1166 renters they surveyed, 32% have dogs, 30% have cats and 10% have some other kind of pet so overall 72% of their renters have a pet.
2. Single family homes are still renters number one choice! 35% of the renters they surveyed rented a single family home versus 12% renting a multi family home with 11-25 units. This again validates our point that single family homes are a much better investment purchase than town homes or condos.
3. According to the 1166 renters they surveyed, most will only tolerate a rent increase of 1-5% every 1-3 years, while nearly one-third feel a rent increase is never reasonable. We encourage our property owners to make the 12 month renewal option always the most appealing to the tenant with the smallest increase. Also, we do not recommend increases every year as it can definitely cause your tenant to vacate.
4. Top two items a renter uses when deciding where to rent?? Neighborhood and price so unfortunately this means that even if your property is in the best area renters are still very price sensitive. Also, keep in mind that only high risk tenants will agree to pay over market rent so the closer to market or slightly below market rent you set your price the better qualified tenant you will place.
5. Lastly, 24% of renters are saving to buy property, while 27% have owned property in the past.
To view the entire report please visit: Buildium
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