Modern renters aren’t renting because they have to. They’re doing it because they want to, and that changes everything. The goal for owners and operators now isn’t to out-amenitize the competition; it’s to out-convenience them.
Previous generations took a renter-by-necessity approach to their apartments, and they served mainly as a stepping stone to buying a house. Today’s renters are more likely to sidestep that path and opt for a lifestyle that relieves them of the burdens of homeownership, including the high costs and required maintenance. In exchange for this choice, they expect a frictionless and convenient experience on their terms.
The owners who get this aren’t focused on rooftop lounges and co-working spaces. They’re seeking ways to provide their residents with the flexibility, technology and autonomy they prefer.
Mobile-First is the Baseline
Managing their lives on smartphones is the norm for most of today’s renters, so encountering a community that still does tasks on paper or requires a phone call or an in-person visit to the office is viewed as an inconvenience, with the added belief by renters that the management doesn’t truly understand them.
Every touchpoint in the resident journey, from initial contact and leasing to move-in and maintenance, should be fully executable on a smartphone and online. The mobile version needs to be optimized for that task, or better yet, have an app. The standard from day one is a process that is seamless and fast.
Resident Autonomy Over Their Multifamily Life
While rentersby-choice have decided to avoid owning a home, they haven’t lost their desire for autonomy. They want to be able to customize their experience and their living space. Autonomy doesn’t have to translate to chaos. When communities empower their residents to make their own choices, they have a much more positive view of their experience.
There’s simply no need to make every amenity into a mandatory fee. Owners should explore letting residents choose their level of parking, their Internet provider or the amenities and services they use. Now, this may seem counterintuitive and a detriment to net operating income, but treating residents like adults who can make their own decisions makes them more likely to pay a premium for a service, and it nullifies the view that the company is trying to squeeze them for every penny.
Services That Don’t Need the Office
Few things can erode a community’s value proposition quicker than requiring a resident to make trips to the office or be present for everything. Since one of the premises for renting is to avoid the burdens, managers want to avoid requiring residents to visit the office for every request. What renters expect now is to be able to handle business at the time that’s most convenient for them.
Owners and operators can address this demand by investing in 24/7 digital services, AI assistance and real-time communication tools for updates. This area is particularly critical since frictionless maintenance is one of the key items encouraging renters to forgo homeownership. Residents don’t want to chase down updates, and they expect transparency and real-time updates on services they utilize.
Maintenance is just the tip of the service preferences that renters want digital access to. Renting times such as storage, garages, community rooms and other items can set a community apart from its competitors. Parking is a frequent pain point for renters, and having access to real-time parking information and the ability to reserve spaces for themselves or guests easily addresses that issue.
Flexible and Transparent Leasing
One of the central appeals of renting is the flexibility that comes with it, but much of the multifamily industry is entrenched in offering rigid, iron-clad and standard-size leases. In order to appeal to more renters, flexibility is the key. Offering affordable month-to-month options, short-term leasing, transfer rights within a portfolio and more reasonable lease termination terms for certain instances not only attracts prospects more easily, but also saves the property from negative reviews. Happy people will usually give you a small thank you in a review, but unhappy people write novels about the issue that set them off and any other little thing they can think of.
Renters-by-choice can be financially savvy, frequently because they have to be. Rising rents can put a bigger dent in budgets, so being cost-conscious is a benefit. Because of this, seeing any surprises when they first sign on to their portal can have an immediate negative impact. Transparency has become one of the biggest demands from renters. In their eyes, clear breakdowns of rent and fees, understandable renewal terms and proactive communication about changes are the minimum they seek.
Don’t take this as renters-by-choice demanding more from their communities; they are actually asking for less—less bureaucracy, less rigidity and less dependence on onsite teams. Offering impressive amenity packages will get renters in the door, but they won’t convince someone to rent there or keep renters loyal if they see numerous points of friction in their daily lives.
This requires owners and operators to fight that urge to build the latest amenity trend. They need to shift their focus to redesigning their processes, integrating technology and committing their communities to residential autonomy. Lower turnover, higher reputation scores and residents who are happy to stay are the payoffs for this commitment, and it will create a durable competitive advantage that boosts the bottom line.