Study: Do Landlords Know What Renters Want?
According to the study, some of the features landlords typically think add the most value aren’t as much of a priority for tenants as you might expect. On the other hand, certain features, some of which don’t cost much at all, could increase the income-producing potential of an investment property.
- 76% of renters think that landlords know what renters want in a rental property “pretty” or “very” well.
- 86% of landlords think they know what renters want in a rental property at least pretty well.
- For the most part, landlords know what renters are willing to pay more for in a rental property.
- Renters were willing to pay more than landlords thought they would for three things: convenient payment options, guest parking, and flexible lease terms.
- Renters weren’t willing to pay as much as landlords thought they would for two things: pet-friendliness and high-quality nearby schools.
- Almost half of renters say that getting the specific features they want is more important than affordability.
- Only 18% of landlords thought that features trumped affordability in a rental property.