What Are Renters Prioritizing?

They do say a dog is a man’s best friend.

And for many renters, their best friend better be allowed in their apartment. Recent research from Piñata found that 80% of renters would not rent a property that did not allow pets. This included 9% who are not pet owners at the time. Additionally, 34% of renters said one factor that is not negotiable is proximity to pet resources, like dog parks.

It’s not only pets that are impacting renters’ decisions, 69% said the location was a factor and 62% cited cost. Amenities provided are important to many renters, with 54% wanting central heat and air conditioning and 39% wanting a washer and dryer in the unit. Nearly half of respondents said that gyms and pools were not important. Interestingly enough, baby boomers cited dishwashers as the least-wanted feature. For renters who work from home, 38% said noise was the top factor, followed by high-speed internet (31%).

Nearly two-thirds of first-time renters report saving 30% or less of their income for rent. That may not be feasible for long, as rent prices continue to outpace wage growth. However, 47% of renters said they live alone, shouldering the burden of rent solo. More than 90% said they are concerned about the current economy and how they will maintain paying rent, and 38% said they are very worried.

Three in 10 renters said they are continuing to rent because it is within their finances. More than a quarter of renters reported preferring to rent because of the ease to move. Yet, 39% said they are concerned about possible rent rises. For renters earning $50,000 or less annually, their main reason for renting is that they cannot afford a home right now.