RealPage Releases New Multifamily Rental Trends

RICHARDSON, Texas & LAS VEGAS--(BUSINESS WIRE)--Aug 13, 2024--

RealPage ®, the leading global provider of AI-enabled software platforms to the real estate industry, has released findings from its second annual national survey of more than 2,000 apartment residents, indicating rising expectations for a modern, integrated renter experience that offers enhanced technology options, an integrated moving solution, rewards for paying rent and greater flexibility in payments.

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Renters Demand and Expect a Modern Resident Experience. (Photo: Business Wire)

Conducted to understand shifting renter demands and current pain points, the 2024 National Multifamily Renter Study shows the multifamily housing industry must adapt and enhance its offerings to attract and retain residents amid the changing rental landscape and increase in supply.

Findings from the June study of U.S.-based renters included:

• 97% say they would be more likely to renew their lease if working with their property manager was as easy as interacting with Amazon ®
• 97% would be more likely to choose an apartment offering a service to simplify moving, such as help setting up internet and utilities, finding a local mover and setting up payments
• 93% were interested in flexible rent payment schedules (biweekly, bimonthly, weekly) rather than a full, once-a-month payment

“It’s a renter’s market, and they demand more from moving assistance, loyalty programs and payment options to enhance their living experience,” said Rob Franklin, Senior Vice President and General Manager of Resident Solutions at RealPage. “This national survey confirms the modern experience renters want today, and we are thrilled to bring it to them with LOFT ™, RealPage’s fully integrated resident experience platform.”

Moving Is Stressful for Renters

Renters in the survey ranked moving #2 among the most stressful life events they have personally experienced, with 90% reporting challenges moving into their current apartment. Topping the list of pain points were coordinating lease and move-in documents with the property manager, setting up payments and having too many tasks to manage. 97% of renters are more likely to consider an apartment whose property manager offers services to simplify moving, such as help setting up internet and utilities, finding a local mover and setting up payments.

Renters Want Loyalty Points for Rent Payments

96% of renters belong to at least one loyalty program and most belong to at least six. Apartment loyalty programs are less common with only 16% of respondents reporting being in an apartment rewards program now. But 98% of renters think their property manager should offer a loyalty program for on-time rent, and 97% of respondents said they would be more likely to renew their lease if a loyalty program was offered. The survey also showed the types of rewards provided matter, and renters want reward points designed around lowering their everyday costs. Some of the top interests were credit/cash that could be applied to future rent payments, groceries, personal care and gas.

Renters Want Convenience and Flexibility in Payments

Survey responses reveal that renters have struggled with credit as 85% carry regular debt payments and 40% have credit card debt. Meanwhile, rent is the largest monthly expense for most renters. 97% of renters are interested in improving their credit scores and say their property managers should support their financial wellness. Over 90% of respondents across all age groups and income levels expressed interest in paying rent on a flexible schedule rather than once a month.

Overall, the survey responses showed that enhanced offerings from a property manager, such as a seamless digital app and loyalty programs, factor heavily into a resident’s decision to select an apartment and renew. Research shows 97% of respondents would choose a specific unit and renew their lease if they were offered improved benefits from property management companies.

The study, conducted by Dimensional Research, was presented during RealWorld 2024, the company’s flagship conference that brings together nearly 1,500 registered attendees from the multifamily community to highlight innovations in the rental housing industry. All 2,011 qualified study participants were currently paying rent for an apartment in a multi-unit building operated by a property management company. All were between 18 and 55 years of age living in the United States. A mix of genders, household incomes, regions and demographics were captured to enable analysis by various categories.

About RealPage, Inc.:

RealPage is the leading global provider of AI-enabled software platforms to the real estate industry. By using RealPage solutions for operational excellence in the front office and throughout property operations, many leading property owners, operators and investors gain transparency into asset performance with data insights, enhancing experiences with customized tools and improving efficiencies to generate incremental yield. In 2021, 2022, 2023 and 2024, RealPage was recognized as ENERGY STAR ® Partner of the Year for Sustained Excellence from the Environmental Protection Agency (EPA) and the U.S. Department of Energy. In 2024, RealPage was recognized in America’s Best Employers and America’s Best Employers for Women by Forbes, as well as in America’s Greatest Workplaces for Women by Newsweek. Founded in 1998 and headquartered in Richardson, Texas, RealPage joined the Thoma Bravo portfolio of market-leading enterprise software firms in 2021 to realize faster growth and innovation in serving more than 24 million rental units from offices in North America, Europe and Asia. RealPage has been certified as a Great Place to Work in India, the Philippines, the UK and the U.S. For more information, visit https://www.RealPage.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20240812811523/en/

CONTACT: Jennifer Bowcock, Senior Vice President, Communications & Creative

Jennifer.bowcock@realpage.com

408-768-8221

KEYWORD: UNITED STATES NORTH AMERICA TEXAS NEVADA

INDUSTRY KEYWORD: RESIDENTIAL BUILDING & REAL ESTATE TECHNOLOGY CONSTRUCTION & PROPERTY ARTIFICIAL INTELLIGENCE SOFTWARE

SOURCE: RealPage, Inc.

PUB: 08/13/2024 01:00 PM/DISC: 08/13/2024 01:01 PM

http://www.businesswire.com/news/home/20240812811523/en