It’s been another HUGE year for the rental market in the Central Valley and across the United States but have things changed when it comes to tenants and rentals in 2016 compared to 2015?
No. 1 – 74% of tenants like or love their rental, but 54% are likely to move out next year
More than half of the renters surveyed reported that they like their residence (52%), while nearly another quarter (22%) said they love it.
However, yet another quarter had a less positive feeling about their home, with 11% saying they don’t care, 12% saying they don’t like their rental, and 3% saying they actually hate where they live.
Unsurprisingly, a tenant’s likelihood of moving over the next year is in direct approximation to these feelings.
Those who loved their rental were least likely to report plans to move (only 17%). When those tenants did plan to move, it was usually for reasons such as job relocation or moving in with a boyfriend.
Those who hated their rental, however, were most likely to report plans to move (58%). When tenants are looking for a new place, the most common place for them to look is to ask around with friends, family or colleagues. Next on their list is to hop online and look at listings: first on Craigslist, and then secondarily on Zillow, a Google search, or ApartmentList.
No. 2 – Location. Location. Location.
One clear trend that emerged from all of these questions was that location is key.
“When we asked renters what they most love about their homes, two of the top three answers were a great location and a nice, safe neighborhood,” the report says.
In fact, quiet emerged as a motif throughout the survey, with tenants indicating they would pay more for it, or that they seek it out in a new place to live.
6 things tenants would pay more for
The report says property managers and owners might consider six amenities the report found tenants say they do not have now but would pay more for:
Designated pet areas
Onsite storage areas
Doorman or security access
Garden or community garden
Get Central Valley Property Management
For affordable Central Valley property management contact RPM Central Valley today by calling us at (209) 572-2222 or click here to connect with us online.