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Top 10 Factors in Apartment Renters’ Decision to Lease

Top 10 Factors in Apartment Renters’ Decision to Lease National Real Estate Investor (09/01/17) Misonzhnik, Elaine

A new poll that was recently conducted by national apartment management firm Village Green found that three factors -- monthly rent, location, and community environment -- comprise the top three drivers of apartment leasing decisions among renters of every age and across different geographic markets. Approximately 70 percent of survey respondents said they research apartment properties online, either before or after making an on-site visit. Sixty-five percent do so via the apartment listing website, while 60 percent look at the website of the apartment community itself. Another 26 percent said they visit independent online review sites such as Yelp, while 17 percent look at social media platforms to get the low-down on apartment community prior to making their leasing decision.

When it comes to researching apartments through apartment building/community websites, respondents place the highest importance on clear and thorough explanation of amenities (68 percent) and quality photos (60 percent). The survey included 1,000 respondents, all of whom are currently apartment renters. In terms of age demographics, 32 percent were millennials, 28 percent were of Generation X, 33 percent were Baby Boomers, and 7 percent belonged in other age groups. Finally, 61 percent identified themselves as either single, separated, divorced, or widowed.