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ultifamily operators are getting creative to attract new tenants in a competitive market with high rental prices. A report from Zillow analyzed 5.6 million rental listings and found that while amenities matter, choosing the right ones makes a big difference. Higher demand leads to faster rentals.
Classic apartment amenities like fitness centers and swimming pools no longer resonate with potential renters. Pools contribute to 10% fewer daily saves and 13% fewer daily shares than similar listings. Fitness centers get 26% fewer saves and 31% fewer shares per day than average listings. However, offering coworking spaces instead of business centers gets 16% more saves and 23% more shares.
Renters are interested in meeting each other, with communities that offer happy hours getting 50% more daily saves and 67% more daily shares. Off-street parking, in-unit laundry, and a pet area are the top three amenities for tenants this year. Adding a pet-friendly patch of turf can boost daily saves by 76% and daily shares by 91%.
Nearly three in five renters are pet owners, contributing to the demand for pet-friendly spaces. Zillow's rental trends expert, Emily McDonald, says that renters prioritize practical amenities while also seeking community-focused perks like coworking spaces and social events.
A surprising new amenity capturing renter attention is air filtration. Listings with mentioned air filtration systems get 72% more saves and 79% more shares per day. The increase in wildfires and climate issues has made these systems a must-have for everyone, from luxury homeowners to tenants.
To attract tenants, landlords may have to get creative by pairing amenities or keeping up with design trends like the modern farmhouse trend. Features like butcher block countertops and barn doors are popular with tenants. Amenities can also be a moneymaker for property owners, generating between 3% and 7% of their revenue.
The power is in the renter's hands when choosing a new home, putting the onus on property owners to create communities offering more than just a place to stay.
