UNDERSTANDING RENTER PREFERENCES, PRIORITIES + PERSPECTIVES Information contained herein is presented for use by Greystar clients and professionals and all rights to the material are reserved and cannot be shared or reproduced without prior written permission of Greystar.
TABLE OF CONTENTS
METRO AREA: VARIATION IN RESPONSES Very-High-Priority Apartment Features Average Rent Premiums for Apartment Features Very-High-Priority Community Amenities Average Rent Premiums for Community Amenities MARKET SEGMENTS: VARIATION IN RESPONSES Property Class – Apartment Features Property Class – Community Amenities Neighborhood Type – Apartment Features Neighborhood Type – Community Amenities
INTRODUCTION
30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60 62 64
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SURVEY DESCRIPTION
5
THE BIG PICTURE: OVERVIEW OF RESPONSES
6
WHAT’S TRENDING: VERY-HIGH-PRIORITY APARTMENT FEATURES Priority Features Overview
8 10 12 14 16 18 20 22 24 26 28
Prioritization and Expected Rent Premiums Rent and Occupancy Drivers, by Metro Area
MUST-HAVE AMENITIES: VERY-HIGH-PRIORITY COMMUNITY AMENITIES Priority Amenities Overview
Building Type – Apartment Features Building Type – Community Amenities Community Type – Apartment Features Community Type – Community Amenities Property Size – Apartment Features Property Size – Community Amenities Income Bracket – Apartment Features Income Bracket – Community Amenities
Prioritization and Expected Rent Premiums Rent and Occupancy Drivers, by Metro Area
MONITORING TRENDS IN RESPONSES: 2019-2021 Apartment Features Community Amenities
On Cover: THE RYAN Phoenix, AZ AUBREY Arlington, VA
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Introduction
MISCELA Boston, MA
SURVEY DESCRIPTION Within 60 days of moving into a Greystar-managed community, residents receive an invitation via email to participate in the design survey. Residents can respond to the survey online up to 90 days after receiving the invitation.
value is the resident placing on stainless-steel appliances? Does the economic value residents place on a pool justify its cost? These questions have important implications for project design, property management, and acquisition and development strategies. In 2017, Greystar developed our design survey to help our teams and clients better understand renters’ preferences relative to apartment features and community amenities. We poll thousands of our residents nationwide and dive deep into the data to understand their priorities regarding property design and amenities, as well as their perceptions regarding how these attributes affect rents. This report summarizes 45,800 survey responses from US communities received in 2021 and is intended to provide relevant and timely information to support strategic decision making.
From a certain point of view, an apartment community is an aggregation of attributes. The extent to which these attributes address the wants and needs of renters in the market determines the rent residents are willing to pay. In turn, rents help determine the value of the community. Therefore, to maximize the value of a multifamily property, it behooves developers, investors, and operators to understand both the preferences of renters in the market and the relationship between attributes and rents. The impact of an attribute’s presence on rents is not directly observable. It can be observed that a resident signs a lease to pay a given amount per month for an apartment, but this figure is an aggregation of the values of all the separate attributes of the apartment unit, the community in which it is located, and the surrounding neighborhood. But what
Then residents are asked a follow-up question:
“If there are two identical apartments, but only one has the following feature, how much more rent per month would you expect a renter in your area to pay for the apartment with the feature?”
The survey poses two key questions. First, residents are asked
“how high of a priority are the following features when making your lease decision?”
The survey presents residents with the features they had previously described as a very high priority and prompts them to assign each a value between $5 and $200 (in $5 increments).
They are then presented with a list of 18 apartment features and prompted to select one of five responses for each feature: very high priority , high priority , neutral , low priority , or very low priority .
Survey respondents then repeat this process for 29 community amenities.
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OVERVIEW OF RESPONSES The Big Picture
Non-key secure access and pre-installed Wi-Fi were occupancy drivers, but not rent drivers. A relatively large percentage of respondents said these features are a very high priority , but they did not expect renters in their area to pay much of a premium for them. Comparing responses to these questions allows a similar categorization of property amenities. Secured community access , pools , rooftop amenity space , reserved parking , and additional storage outside the unit were both occupancy drivers and rent drivers. They received higher-than-average very high priority response rates and higher-than-average rent premiums. While few respondents assigned valet parking , car charging stations , fitness trainers , concierge services , movie theaters , clubhouses , fitness classes , and outdoor recreational facilities a very high priority (relative to the other amenities included in the survey), those who did so said that renters in their area would pay relatively large rent premiums to live in a community with these amenities. As such, they could help drive rents, but they were not likely to drive occupancy, all else remaining equal. Community dog parks , sustainability and green certifications , package lockers , valet trash service , community Wi-Fi , and recycling programs were occupancy drivers, but not necessarily rent drivers. Compared to other amenities, a relatively large percentage of respondents said
they are a very high priority , but these respondents said that renters in their area would pay relatively small premiums to live in communities with these amenities. Separating features and amenities into these categories can help owners and operators align a community’s revenue management strategy with its design elements and amenities program, and vice versa. If a property owner renovates their units and installs premium washers and dryers, they may be able to push rents and increase occupancy at the same time. The same might be true if they add rooftop amenity space. However, if they install sound systems with Bluetooth in their units or introduce concierge services, they might be able to charge some residents a significant premium, but they may not be able to increase occupancy because few potential residents place a high priority on these attributes. And if they install keyless locks or start a recycling program, they might be able to increase occupancy given the popularity of these attributes, but they may not be able to increase rent because renters are not willing to pay much for them. Additional soundproofing , living room balconies , pools , and secured community access qualified as rent and occupancy drivers in every major metropolitan area, but
Responses to the first question allow us to calculate the rates at which features are deemed to be a very high priority . Assuming the presence of a very high priority feature increases the likelihood that a prospective resident will lease an apartment, features that receive a large percentage of very high priority responses are more likely to contribute positively to a community’s occupancy rate than features that receive a small percentage of such responses. Responses to the second question indicate the rent premium that respondents expect renters in their area to pay for a feature. Features with relatively large premiums may allow properties to charge higher rents than features with smaller expected premiums, all else being equal. In 2021, additional soundproofing , living room balconies , hardwood-like floors , premium washers and dryers , and stainless-steel appliances were very high priorities to a relatively large share of residents, and the respondents who said these features are a very high priority expected them to command relatively large rent premiums. As such, the survey suggests these features were both occupancy drivers and rent drivers. Floor-to-ceiling windows , bedroom balconies , concrete floors , and sound systems with Bluetooth may have been rent drivers, but they were not occupancy drivers. Only a relatively small percentage of respondents said these features were a very high priority , but these respondents expected renters to pay large rent premiums for them.
apart from these four attributes, the features and amenities that received higher-than-average very high priority response rates and higher-than-average rent premiums varied from one metro to the next. For instance, pre-installed Wi-Fi qualified as a rent and occupancy driver in the Riverside, CA, metropolitan area, but nowhere else. Likewise, outdoor recreational facilities and package lockers drove both occupancy and rents in Sacramento, but not elsewhere. In general, floor-to-ceiling windows , rooftop amenity space, and reserved parking were more likely to qualify as rent and occupancy drivers in gateway markets than in other major metropolitan areas. Additional storage outside the unit was more likely to qualify as a rent and an occupancy driver in non-gateway markets than in gateway markets. These data alone cannot tell us about the value a feature or amenity adds to a multifamily asset. To know that, one also needs to consider the cost side of the equation. Adding living room balconies or a pool to a property might help drive occupancy and rent growth but doing so might be prohibitively expensive. Likewise, device-charging stations and community vegetable gardens might have a small impact on rent and occupancy relative to other features and amenities, but they also might be relatively inexpensive and therefore a cost-effective means of driving revenue.
EIGHT EIGHTY EIGHT Bellevue, WA
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What’s Trending VERY-HIGH-PRIORITY APARTMENT FEATURES
GRIFFITH WOOD Ireland, UK
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PRIORITIES ASSIGNED TO APARTMENT FEATURES Additional soundproofing is in a class by itself. Nearly 90% of respondents said additional soundproofing is either a very high priority or a high priority . Over half said it is a very high priority .
Very high priority High priority
Neutral
Low priority
Very low priority
55%
34%
9%
Additional Soundproofing
38%
38%
19%
Premium Washer And Dryer
31%
37%
24%
5%
Living Room Balcony
30%
40%
23%
5%
Hardwood-like Floors
27%
43%
25%
Stainless-steel Appliances
26%
30%
29%
9%
7%
Pre-installed Wi-Fi
23%
32%
32%
8%
5%
Non-key Secure Access
22%
34%
33%
7%
4%
Smart Thermostats
21%
43%
28%
5%
Premium Countertops
21%
30%
33%
10%
7%
Device-charging Stations
20%
30%
37%
9%
3%
Floor-to-ceiling Windows
20%
30%
36%
9%
5%
Alarm System
17%
25%
36%
10%
12%
Gas Stove
15%
23%
38%
14%
10%
Wi-Fi-enabled Video Doorbell
11%
18%
41%
17%
13%
Sound System With Bluetooth
9%
15%
45%
17%
14%
Concrete Floors
9%
16%
46%
18%
11%
Bedroom Balcony
7%
16%
48%
18%
11%
Mud Room
10
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VERY HIGH PRIORITY RESPONSE RATES VS. AVERAGE RENT PREMIUMS FOR APARTMENT FEATURES
Very high priority percentage > 22%, average rent premium > $59 Very high priority percentage > 22%, average rent premium < $59 Very high priority percentage < 22%, average rent premium > $59 Very high priority percentage < 22%, average rent premium < $59
Living-room balconies, hardwood-like floors, additional soundproofing, premium washers and dryers, and stainless-steel appliances received high very high
priority response rates and large average rent premiums relative to the other features in the survey. This suggests that these features are particularly effective at driving both occupancy and rent rates.
$75
Floor-to-ceiling Windows
Bedroom Balcony
$70
Living Room Balcony
Additional Soundproofing
Hardwood-like Floors
$65
Concrete Floors
Premium Washer And Dryer
Sound System With Bluetooth
Stainless-steel Appliances
$60
Average = $59
Premium Countertops
Alarm System
$55
Wi-Fi-enabled Video Doorbell
Non-key Secure Access
MudRoom
Pre-installed Wi-Fi
$50
Smart Thermostats
$45
Gas Stove
$40
Device-charging Stations
Average = 22%
5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% Very High Priority Percentage
RYDER Boston, MA
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APARTMENT FEATURES THAT ARE BOTH RENT AND OCCUPANCY DRIVERS, BY METROPOLITAN AREA
Apartment features that received higher-than- average very high priority response rates and higher-than-average rent premiums, relative to the other apartment features in the survey, can be considered both rent and occupancy drivers. Additional soundproofing and living room balconies qualified as rent and occupancy drivers in every major metropolitan area. Floor- to-ceiling windows were more likely to qualify as both rent and occupancy drivers in gateway markets than in other major metropolitan areas.
ALL METROS
GATEWAY METROS BOSTON CHICAGO LOS ANGELES MIAMI NEW YORK SAN FRANSISCO SAN JOSE SEATTLE WASHINGTON
OTHER MAJOR METROS ATLANTA AUSTIN CHARLOTTE
DALLAS DENVER
HOUSTON LAS VEGAS MINNEAPOLIS
NASHVILLE ORLANDO PHOENIX PORTAND RALEIGH RIVERSIDE
SACRAMENTO SALT LAKE CITY SAN ANTONIO SAN DIEGO TAMPA
KURVE ON WILSHIRE Los Angeles, CA
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Must-Have Amenities VERY-HIGH-PRIORITY COMMUNITY AMENITIES
RAINER SQUARE Seattle, WA
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PRIORITIES ASSIGNED TO COMMUNITY AMENITIES Secured community access and swimming pools were the highest priorities for residents among the community amenities included in the survey. More than 70% of survey respondents said they are a high or very high priority .
Very high priority High priority
Neutral
Low priority
Very low priority
44%
34%
16%
Secured Community Access Pool
4%
33%
18%
41%
8%
6%
33%
22%
Reserved Parking Package Lockers Rooftop Amenity Space Recycling Program Sustainability / Green Certifications Community Dog Park Additional Storage Outside Unit Community Wi-Fi Valet Trash Service Clubhouse Barbecue Grills Outdoor Recreational Facilities Fitness Classes Pet-washing Station Concierge Services Playground Outdoor Kitchen Fitness Trainer Wi-Fi Café Secured Bike Storage Business Center Community Vegetable Garden Movie Theater Conference Room Car-charging Station Laundry Lockers Valet Parking
32%
5%
4%
40%
22%
29%
6%
6% 6% 6%
30%
30%
27% 26%
5%
33%
29%
6%
33%
33%
22%
25%
28%
11%
19% 19%
18%
7%
31%
33%
10%
8%
32%
33%
10%
17% 17%
23%
29%
14%
17%
8%
30%
36%
12%
15% 14% 14% 13%
9%
30%
35%
12%
29%
35%
12%
11%
24%
36%
14%
14%
21%
34%
14% 18%
11%
21%
9% 9% 9% 9%
16%
38%
19%
15%
34%
16%
26%
21%
42%
15%
13%
18% 18%
39% 42%
16%
17% 17%
9% 8% 8%
14%
16%
34%
19%
23%
19%
42%
17%
14%
8% 7%
16%
40% 41% 40%
17% 17% 19%
19% 19%
16% 16%
7% 6%
18%
10%
33%
20%
31%
11%
40%
22%
23%
5%
6%
33%
20%
37%
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VERY HIGH PRIORITY RESPONSE RATES VS. AVERAGE RENT PREMIUMS FOR COMMUNITY AMENITIES Secure community access, rooftop amenity space, pools, reserved parking, and additional storage outside the unit received higher-than-average rates of very high priority responses and above-average expected rent premiums. As such, these amenities likely contribute more than others to strong occupancy and rent rates.
Very high priority percentage > 16%, average rent premium > $52 Very high priority percentage > 16%, average rent premium < $52 Very high priority percentage < 16%, average rent premium > $52 Very high priority percentage < 16%, average rent premium < $52
$75
Valet Parking
$70
Secured Community Access
Rooftop Amenity Space
$65
Pool
Car-charging Station
Fitness Trainer
Reserved Parking
$60
Concierge Services
Movie Theater
Clubhouse
$55
Additional Storage Outside Unit
Fitness Classes
Outdoor Recreational Facilities
Laundry Lockers
Average = $52
Conference Room
Community Dog Park
$50
Playground Outdoor Kitchen
Wi-Fi Café
Sustainability / Green Certifications
Community Vegetable Garden Business Center
$45
Barbecue Grills
Package Lockers
$40
Pet-washing Station
Valet Trash Service Community Wi-Fi
$35
Secured Bike Storage
e Average = 16%
Recycling Program
5% 10% 15% 20% 25% 30% 35% 40% 45% Very High Priority Percentage
THE SMITH Boston, MA
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COMMUNITY AMENITIES THAT ARE BOTH RENT AND OCCUPANCY DRIVERS, BY METROPOLITAN AREA Pools and secured community access qualified as rent and occupancy drivers in every major metropolitan area. Gateway markets were more likely than others to perceive rooftop amenity space and reserved parking as rent and occupancy drivers. Non-gateway markets were more likely than gateway markets to view additional storage as both a rent and occupancy driver.
ALL METROS
GATEWAY METROS BOSTON CHICAGO LOS ANGELES MIAMI NEW YORK SAN FRANSISCO SAN JOSE SEATTLE WASHINGTON OTHER MAJOR METROS ATLANTA AUSTIN CHARLOTTE
DALLAS DENVER
HOUSTON LAS VEGAS MINNEAPOLIS
NASHVILLE ORLANDO PHOENIX PORTAND RALEIGH RIVERSIDE
SACRAMENTO SALT LAKE CITY SAN ANTONIO SAN DIEGO TAMPA
AUBREY Arlington, VA
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2019-2021 Monitoring Trends in Responses
respondents said package lockers are a very high priority . By 2021, that rate had increased to 29%. This growth coincided with a record-breaking increase in e-commerce retail sales. According to data from the U.S. Census Bureau, spending in e-commerce sales was 60% higher at the end of 2021 than at the end of 2019. This includes a 32% quarterly increase in the second quarter of 2020, which was the largest quarter- over-quarter increase in e-commerce sales since the Census started recording these statistics in 1999. 1 Additional soundproofing in walls exhibited the second- largest increase in very high priority responses between 2019 and 2021. Fifty-five percent of respondents said additional
soundproofing was a very high priority in 2022, up from 52% in 2019. With the arrival of COVID-19, millions of people started spending much more time at home, and consequently, there were more opportunities for the creation of disruptive noise and a greater likelihood that one’s neighbors would be home to hear it. Car-charging stations also exhibited a large increase in very high priority responses from 2019 to 2021. Six percent of respondents assigned car-charging stations a very high priority in 2021, up from 4% in 2019. This increase is not surprising, considering plug-in electric vehicle sales in the U.S. nearly doubled from 2019 to 2021. 2 The share of residents who assign a high priority to electric vehicle
We compared survey responses received in 2021 to those received in 2020 and 2019 to measure how resident priorities have shifted over time. We found that the share of residents who say that package lockers, additional soundproofing, and car-charging stations are a very high priority has increased notably since 2019. Conversely, the share of residents who say that recycling programs and sustainability / green certifications are a very high priority have declined sharply. Among the apartment features and community amenities included in the survey, the rate of very high priority responses increased most for package lockers . In 2019, 25% of
charging stations will almost certainly continue to grow, as the number of electric vehicles on U.S. roads is projected to grow from roughly 1 million in 2021 to 18 million by 2030. 3 At that point, one in every 14 cars in the U.S. will be an electric vehicle. Of all the apartment features and community amenities included in the survey, the rate of very high priority responses decreased most for recycling programs . In 2019, 29% of respondents said that recycling programs are a very high priority . By 2021, that percentage had declined to 26%. The rate of very high priority responses also decreased considerably for sustainability / green certifications . From 2019 to 2021, the rate declined from 24% of survey respondents to 22%.
ADDISON EAST Boston, MA
1 Retail Indicators Branch, U.S. Census Bureau; May 19, 2022. 2 U.S. Department of Energy; March 1, 2022. 3 Average of independent forecasts produced by the U.S. Energy Information Administration and private sector sources (Bloomberg New Energy Finance, Boston Consulting Group, Energy Innovation, and Wood Mackenzie); 2021.
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Top 5 Very High Priority Percentage Top 5 Average Rent Premium
TRENDS IN RESPONSES REGARDING APARTMENT FEATURES Since 2020, rates of very high priority responses have increased most for premium washers and dryers, pre-installed Wi-Fi, and alarm systems. Expected rent premiums have increased most for bedroom balconies, mud rooms, additional soundproofing, and premium countertops.
Percent of Respondents Assigning a Very High Priority
Average Rent Premium
2021 vs. 2020
2021 vs. 2020
2021 2020 2019
2021 2020 2019
Additional Soundproofing
61 bps
6.0%
$64
$67
$63
52%
54%
55%
Premium Washer And Dryer
$63
99 bps
4.4%
$65
$63
37%
37%
38%
Living Room Balcony
-35 bps
5.6%
$67
$66
$71
29%
32%
31%
Hardwood-like Floors
-68 bps
1.4%
$67
$67
$67
30%
31%
30%
Stainless-steel Appliances
$57
-11 bps
$58
2.4%
$59
25%
27%
27%
Pre-installed Wi-Fi
$50
99 bps
$50
2.9%
$51
25%
26%
25%
Non-key Secure Access
$51
22%
73 bps
$51
2.1%
$52
22%
23%
Smart Thermostats
$47
22%
-1 bps
$48
2.7%
$49
22%
22%
Premium Countertops
$56
22%
-54 bps
$55
6.0%
$59
22%
21%
Device-charging Stations
$38
20%
22 bps
3.8%
$38
$40
20%
21%
Floor-to-ceiling Windows
18%
55 bps
5.0%
19%
$72
$71
$76
20%
Alarm System
$55
19%
86 bps
4.7%
$55
$58
19%
20%
Gas Stove
$45
15%
40 bps
2.4%
$45
$46
17%
17%
Wi-Fi-enabled Video Doorbell
$52
14%
33 bps
0.6%
$53
$54
15%
15%
Sound System With Bluetooth
$58
12%
-69 bps
-0.7%
$60
$60
12%
11%
Concrete Floors
$60
9%
11 bps
3.4%
$61
$63
9%
9%
Bedroom Balcony
8%
-35 bps
8.6%
9%
$67
$67
$73
9%
Mud Room
6%
32 bps
$52
7.7%
$50
7%
$54
7%
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TRENDS IN RESPONSES REGARDING COMMUNITY AMENITIES From 2020 to 2021, rates of very high priority responses increased most for reserved parking, car-charging stations, and secured community access. Expected rent premiums increased most for playgrounds, car-charging stations, and additional storage outside unit.
Top 5 Very High Priority Percentage Top 5 Average Rent Premium
Percent of Respondents Assigning a Very High Priority
Average Rent Premium
2021 vs. 2020
2021 vs. 2020
2021 2020 2019
2021 2020 2019
Secured Community Access Pool
30 bps -19 bps 179 bps 11 bps -65 bps -54 bps -49 bps -8 bps -32 bps -130 bps -101 bps -64 bps -5 bps -43 bps -198 bps -147 bps -180 bps -120 bps 20 bps 62 bps 40 bps -43 bps -108 bps -137 bps -126 bps 125 bps 232 bps -159 bps 168 bps
3.6% 3.4% 4.4% 1.5% 4.5% 0.2% 8.4% 0.8% 0.8% 3.7% 0.1% 3.6% 7.0% 1.6% 4.4%
$50 $74 $51 $56 $46 $47 $36 $49 $61 $48 $50 $59 $41 $53 $53 $42 $54 $39 $37 $54 $50 $48 $36 $63 $39 $62 $67 $66 $70
$49 $58 $51 $53 $44 $46 $34 $49 $58 $46 $45 $74 $42 $51 $51 $41 $53 $38 $37 $50 $50 $48 $34 $59 $38 $58 $67 $65 $67
$48 $76 $50 $51 $45 $44 $34 $46 $56 $47 $49 $57 $41 $50 $49 $41 $52 $38 $35 $50 $49 $47 $35 $59 $38 $58 $63 $62 $66
11% 11% 10% 10% 10% 11% 15% 15% 16% 16% 16% 18% 19% 18% 24% 29% 27% 25% 29% 41% 43%
11% 10% 10% 9% 11% 15% 15% 16% 16% 16% 17% 18% 20% 23% 27% 28% 28% 29% 42% 43%
11% 13% 14% 14% 15% 17% 17% 19% 19% 22% 26% 27% 29% 32% 41% 44%
Reserved Parking Package Lockers Rooftop Amenity Space Recycling Program Sustainability / Green Certifications Community Dog Park Additional Storage Outside Unit Community Wi-Fi Valet Trash Service Clubhouse Barbecue Grills Outdoor Recreational Facilities Fitness Classes Pet-washing Station Concierge Services Playground Outdoor Kitchen Fitness Trainer Wi-Fi Café Secured Bike Storage Business Center Community Vegetable Garden Movie Theater Conference Room Car-charging Station Laundry Lockers Valet Parking
0.1% 2.8% 9.0% -1.1% 4.6% 2.7% 1.3% 6.1% -0.4% 4.7% 4.1% 10.8% -0.3% -2.3%
4% 5% 6% 7% 7% 8% 8% 8% 9% 9% 9% 9% 9%
4% 5% 5% 7% 8% 8% 8% 8% 9%
4% 5% 4% 7% 9% 8% 9% 7%
THE WELL Henderson, NV
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Metro Area VARIATION IN RESPONSES
At the high end, 66% of respondents in Los Angeles said that secured community access is a very high priority . At the low end, just 24% of respondents in Raleigh gave the same response. This 42-percentage-point spread is the second broadest among the features and amenities included in the survey. Two community amenities tied for the broadest spread in very high priority response rates: swimming pools and reserved parking . These amenities received the second- and third-highest rates of very high priority responses nationally, and both have a 49-percentage-point spread between the metropolitan areas with the highest and lowest very high priority response rates. Forty-one percent of U.S. respondents said that pools are a very high priority , but only 16% of
There is one high-priority feature with a broad consensus: additional soundproofing. In every metropolitan area, additional soundproofing received more very high priority responses than any other apartment feature. Nationally, 55% of respondents called soundproofing a very high priority , and the range in very high priority response rates between metropolitan areas was a relatively narrow 14 percentage points. At the high end, 63% of respondents in Orlando said that additional soundproofing is a very high priority . At the low end, 49% of respondents in Denver said the same. For details regarding survey responses in specific metropolitan areas, please contact Greystar’s Research and Analytics team using the contact information on the back cover.
The apartment features and community amenities that survey respondents are most likely to call a very high priority when responses are considered nationally are also among the most divisive when responses are compared across metropolitan areas. For example, the highest priority community amenity nationally in 2021 was secured community access . Forty- four percent of U.S. respondents said that secured community access is a very high priority . However, very high priority response rates varied widely across metropolitan areas.
respondents in Seattle gave this response versus 65% of respondents in Miami. And while 32% of respondents nationally said that reserved parking is a very high priority , metropolitan area rates varied from 15% in Raleigh to 64% in Riverside, CA. Similar metro-level differences can be seen in responses regarding high-priority apartment features. Thirty-eight percent of all respondents said that premium washers and dryers are a very high priority , but among individual metropolitan areas, the rate of very high priority responses for this feature varied widely, from 29% in Raleigh to 53% in Sacramento. Likewise, while 31% of respondents nationally said that a living room balcony is a very high priority , the rate of this response varied from 24% in New York to 47% in Miami.
THE SMITH Boston, MA
30
31
Very High Priority Percentage
50%
3%
63%
VERY HIGH PRIORITY RESPONSE RATES FOR APARTMENT FEATURES, BY METROPOLITAN AREA Among the apartment features included in the survey, additional soundproofing received the highest rate of very high priority responses in every metropolitan area. It received particularly high rates (at least 58%) in California and Florida metros.
Additional Soundproofing Premium Washer And Dryer Living Room Balcony Hardwood-like Floors Stainless-steel Appliances Pre-installed Wi-Fi Non-key Secure Access Smart Thermostats Premium Countertops Device-charging Stations Floor-to-ceiling Windows Alarm System Gas Stove Wi-Fi-enabled Video Doorbell Sound System With Bluetooth Concrete Floors Bedroom Balcony Mud Room
TEN DEGREES Croydon, UK
32
33
AVERAGE RENT PREMIUMS FOR APARTMENT FEATURES, BY METROPOLITAN AREA When responses from all metropolitan areas are considered together, floor-to-ceiling windows, bedroom balconies, living room balconies, hardwood-like floors, additional soundproofing, and premium washers and dryers received the largest average rent premiums. These items are in the top third of features in terms of average rent premiums in most metropolitan areas. The range in average rent premiums across metropolitan areas was greatest for floor-to-ceiling windows, concrete floors, living room balconies, and bedroom balconies.
Average Rent Premium
Responses < 30
$32
$97
1
Floor-to-ceiling Windows Bedroom Balcony Living Room Balcony Hardwood-like Floors Additional Soundproofing Premium Washer And Dryer Concrete Floors Sound System With Bluetooth Stainless-steel Appliances Premium Countertops Alarm System Mud Room Wi-Fi-enabled Video Doorbell Non-key Secure Access
Pre-installed Wi-Fi Smart Thermostats Gas Stove Device-charging Stations
WEST RAINIER SQUARE Seattle, WA
34
35
VERY HIGH PRIORITY RESPONSE RATES FOR COMMUNITY AMENITIES, BY METROPOLITAN AREA Secured community access, pools, and reserved parking were the community amenities with the highest rates of very high priority responses in Greystar’s managed portfolio. They also had the largest ranges in rates across metropolitan areas. For example, while 44% of respondents overall said secured community access is a very high priority , that figure was 66% in Los Angeles and only 24% in Raleigh.
Very High Priority Percentage
2%
50%
66%
Secured Community Access Pool
Reserved Parking Package Lockers Rooftop Amenity Space Recycling Program Sustainability / Green Certifications Community Dog Park Additional Storage Outside Unit Community Wi-Fi Valet Trash Service Clubhouse Barbecue Grills Outdoor Recreational Facilities Fitness Classes Pet-washing Station Concierge Services Playground Outdoor Kitchen Fitness Trainer Wi-Fi Café Secured Bike Storage Business Center Community Vegetable Garden Movie Theater Conference Room Car-charging Station Laundry Lockers Valet Parking
PARQ Denver, CO
36
37
AVERAGE RENT PREMIUMS FOR COMMUNITY AMENITIES, BY METROPOLITAN AREA
Average Rent Premium
Responses < 30
$15
$91
1
Respondents in all markets expected secured community access, rooftop amenity space, and swimming pools to command large rent premiums. Valet parking received fewer than 30 very high priority responses in most markets, but respondents in those markets where it did receive at least 30 such responses expected it to bring a very large rent premium. The range in average rent premiums across metropolitan areas was greatest for valet parking, reserved parking, and fitness trainers.
Valet Parking Secured Community Access Rooftop Amenity Space Pool Car-charging Station Reserved Parking Fitness Trainer Concierge Services Movie Theater Additional Storage Outside Unit Clubhouse Fitness Classes Outdoor Recreational Facilities Conference Room Laundry Lockers Community Dog Park Playground Wi-Fi Café Sustainability / Green Certifications Outdoor Kitchen Business Center Community Vegetable Garden Barbecue Grills
Pet-washing Station Valet Trash Service Package Lockers Community Wi-Fi Secured Bike Storage Recycling Program
ONE RIVER NORTH Denver, CO
38
39
Market Segments VARIATION IN RESPONSES
In addition to tracking survey responses in different metropolitan areas, we examined variations in residents’ opinions across property classes (A vs. B. vs. C), neighborhood types (urban vs. suburban), building types (high-rise vs. mid-rise vs. garden), community types (active adult vs. conventional), and property sizes. We also examined variation in responses from residents in different income brackets.
The tables on the following pages summarize the variation in survey responses across these groups of residents. In addition to providing insight into renter preferences, they illustrate the breadth and depth of data available to Greystar clients on this topic. If you have questions that are not directly addressed on these pages, please contact our team so we can help answer them. Contact information for Greystar’s Research and Analytics team can be found on the back cover.
PLATFORM Alexandria, VA
40
41
RESPONSES REGARDING APARTMENT FEATURES, BY PROPERTY CLASS Respondents in class A properties were significantly more likely to assign a very high priority to additional soundproofing and floor- to-ceiling windows than respondents in class B and C properties. Residents in class A properties assigned average rent premiums to floor-to-ceiling windows, concrete floors, living room balconies, and bedroom balconies that were notably larger than the average premiums assigned by residents of class B and C properties.
Top 5 Very High Priority Percentage Top 5 Average Rent Premium
Percent of Respondents Assigning a Very High Priority
Average Rent Premium
ALL Class A Class B Class C
ALL Class A Class B Class C
Additional Soundproofing
$61
$64
$67
$70
49%
50%
59%
55%
Premium Washer And Dryer
$67
$65
$65
$62
34%
36%
40%
38%
Living Room Balcony
$61
$63
$71
$75
29%
29%
32%
31%
Hardwood-like Floors
$63
$63
$67
$70
24%
28%
32%
30%
Stainless-steel Appliances
19%
$53
$55
23%
$62
$59
29%
27%
Pre-installed Wi-Fi
$47
$50
$52
27%
$51
26%
22%
24%
Non-key Secure Access
$46
19%
$52
20%
$52
25%
$52
23%
Smart Thermostats
$49
19%
$47
21%
$50
22%
$49
22%
Premium Countertops
$54
15%
$56
19%
$61
23%
$59
21%
Device-charging Stations
$39
18%
$39
20%
$40
21%
$40
21%
Floor-to-ceiling Windows
12%
15%
23%
$62
$66
20%
$76
$80
Alarm System
20%
$58
$56
20%
$59
19%
$58
20%
Gas Stove
16%
$45
$42
16%
$48
18%
$46
17%
Wi-Fi-enabled Video Doorbell
14%
$53
$52
16%
$55
15%
$54
15%
Sound System With Bluetooth
8%
$53
$56
10%
$62
12%
$60
11%
Concrete Floors
7%
$51
$55
9%
$67
10%
$63
9%
Bedroom Balcony
9%
$54
9%
8%
9%
$67
$73
$79
Mud Room
6%
$44
7%
$51
7%
$56
$54
7%
KURVE ON WILSHIRE Los Angeles, CA
42
43
RESPONSES REGARDING COMMUNITY AMENITIES, BY PROPERTY CLASS Respondents in class A properties were significantly more likely to assign a very high priority to secured community access and rooftop amenity space than respondents in class B and C properties.
Top 5 Very High Priority Percentage Top 5 Average Rent Premium
Percent of Respondents Assigning a Very High Priority
Average Rent Premium
Respondents in class A properties assigned significantly larger average rent premiums than respondents in class B and C properties to reserved parking, swimming pools, and community dog parks.
ALL Class A Class B Class C
ALL Class A Class B Class C
Secured Community Access Pool
$50 $74 $51 $56 $46 $47 $36 $49 $61 $48 $50 $59 $41 $53 $53 $42 $54 $39 $37 $54 $50 $48 $36 $63 $39 $62 $67 $66 $70
$51 $65 $52 $57 $48 $47 $37 $51 $65 $48 $54 $61 $44 $55 $55 $43 $57 $41 $38 $57 $55 $51 $37 $74 $42 $68 $68 $71 $73
$50 $72 $44 $55 $43 $46 $34 $47 $54 $47 $46 $54 $37 $49 $48 $40 $48 $37 $35 $50 $42 $44 $33 $60 $35 $52 $63 $58 $63
$42 $60 $44 $43 $33 $43 $41 $36 $46 $50 $45 $52 $35 $48 $46 $40 $45 $37 $39 $49 $40 $44 $35 $59 $37 $54 $61 $59
12% 11% 10% 13% 10% 20% 16% 21% 26% 15% 24% 30% 31% 31%
3% 4% 5% 5% 6% 8% 7% 7% 7% 8% 7% 11% 7% 10% 11% 14% 12% 12% 16% 13% 19% 19% 21% 19% 26% 25% 31% 38% 38%
10% 10% 11% 8% 11% 12% 14% 14% 15% 16% 17% 20% 18% 20% 22% 26% 30% 31% 32% 43% 49%
11% 13% 14% 14% 15% 17% 17% 19% 19% 22% 26% 27% 29% 32% 41% 44%
Reserved Parking Package Lockers Rooftop Amenity Space Recycling Program Sustainability / Green Certifications Community Dog Park Additional Storage Outside Unit Community Wi-Fi Valet Trash Service Clubhouse Barbecue Grills Outdoor Recreational Facilities Fitness Classes Pet-washing Station Concierge Services Playground Outdoor Kitchen Fitness Trainer Wi-Fi Café Secured Bike Storage Business Center Community Vegetable Garden Movie Theater Conference Room Car-charging Station Laundry Lockers Valet Parking
6% 8% 9%
4% 5% 6% 7% 7% 8% 8% 8% 9% 9% 9% 9% 9%
5% 5% 4% 7% 8% 6% 8% 6% 7% 7% 13%
5% 5% 7% 8% 8% 8% 9% 9%
PARQ Denver, CO
44
45
RESPONSES REGARDING APARTMENT FEATURES, BY NEIGHBORHOOD TYPE Respondents in urban neighborhoods were significantly more likely than respondents in the suburbs to say that floor-to-ceiling windows are a very high priority . Urban respondents assigned a much larger average rent premium than their suburban counterparts to floor-to-ceiling windows, living room balconies, and bedroom balconies.
Top 5 Very High Priority Percentage Top 5 Average Rent Premium
Percent of Respondents Assigning a Very High Priority
Average Rent Premium
ALL
Urban
Suburban
ALL
Urban Suburban
Additional Soundproofing
$66
$67
$69
55%
55%
55%
Premium Washer And Dryer
$62
$65
$69
37%
41%
38%
Living Room Balcony
$79
$65
$71
31%
31%
31%
Hardwood-like Floors
$69
$66
$67
30%
31%
30%
Stainless-steel Appliances
$58
26%
$61
$59
27%
27%
Pre-installed Wi-Fi
$51
$51
$51
24%
26%
27%
Non-key Secure Access
$51
22%
$52
$52
25%
23%
Smart Thermostats
$48
22%
$50
$49
22%
22%
Premium Countertops
$58
22%
$60
$59
21%
21%
Device-charging Stations
$39
21%
$40
$40
20%
21%
Floor-to-ceiling Windows
16%
25%
$83
$67
$76
20%
Alarm System
$57
20%
$59
18%
$58
20%
Gas Stove
$44
17%
$48
18%
$46
17%
Wi-Fi-enabled Video Doorbell
$53
16%
$55
14%
$54
15%
Sound System With Bluetooth
$59
11%
$61
11%
$60
11%
Concrete Floors
$63
9%
$63
9%
$63
9%
Bedroom Balcony
9%
9%
$79
$68
9%
$73
Mud Room
8%
$53
$55
6%
$54
7%
THE WAVERLY Seattle, WA
46
47
RESPONSES REGARDING COMMUNITY AMENITIES, BY NEIGHBORHOOD TYPE Respondents in urban neighborhoods were significantly more likely than those in suburban neighborhoods to say that secured community access and rooftop amenity space are very high priorities . Urban respondents assigned significantly larger rent premiums to reserved parking and swimming pools than did respondents in the suburbs.
Top 5 Very High Priority Percentage Top 5 Average Rent Premium
Percent of Respondents Assigning a Very High Priority
Average Rent Premium
ALL 27% 29% 32% 41% 44% 11% 13% 14% 14% 15% 17% 17% 19% 19% 22% 26%
Urban Suburban
ALL $66 $70 $39 $62 $67 $50 $74 $51 $56 $46 $47 $36 $49 $61 $48 $50 $59 $41 $53 $53 $42 $54 $39 $37 $54 $50 $48 $36 $63
Urban Suburban
Secured Community Access Pool
$51 $66 $52 $60 $50 $50 $37 $48 $65 $51 $54 $63 $45 $56 $57 $45 $58 $41 $38 $55 $56 $51 $37 $77 $42 $69 $72 $73 $74
$50 $68 $48 $53 $43 $43 $35 $50 $58 $46 $48 $54 $38 $51 $49 $40 $51 $38 $37 $54 $46 $47 $35 $60 $37 $54 $61 $61 $66
3% 4% 6% 6% 7% 8% 8% 7% 8% 9% 9% 11% 8% 11% 12% 14% 13% 15% 18% 15% 21% 20% 21% 19% 26% 26% 31% 42% 40%
5% 5% 7% 8% 7% 8% 8% 10% 9% 10% 10% 7% 12% 11% 13% 13% 15% 14% 14% 20% 16% 18% 23% 26% 34% 33% 32% 39% 50%
Reserved Parking Package Lockers Rooftop Amenity Space Recycling Program Sustainability / Green Certifications Community Dog Park Additional Storage Outside Unit Community Wi-Fi Valet Trash Service Clubhouse Barbecue Grills Outdoor Recreational Facilities Fitness Classes Pet-washing Station Concierge Services Playground Outdoor Kitchen Fitness Trainer Wi-Fi Café Secured Bike Storage Business Center Community Vegetable Garden Movie Theater Conference Room Car-charging Station Laundry Lockers Valet Parking
4% 5% 6% 7% 7% 8% 8% 8% 9% 9% 9% 9% 9%
THE HARTLEY North Atlanta, GA
48
49
RESPONSES REGARDING APARTMENT FEATURES, BY BUILDING TYPE High-rise residents are more likely than others to assign a very high priority to floor-to-ceiling windows. Respondents living in high-rise communities assigned larger average rent premiums than other respondents to all apartment features, and much larger rent premiums to floor-to-ceiling windows and balconies.
Top 5 Very High Priority Percentage Top 5 Average Rent Premium
Percent of Respondents Assigning a Very High Priority
Average Rent Premium
ALL High-Rise Mid-Rise Garden
ALL High-Rise Mid-Rise Garden
Additional Soundproofing
$70
$62
$67
$75
51%
58%
59%
55%
Premium Washer And Dryer
$67
$73
$65
$61
36%
44%
39%
38%
Living Room Balcony
$60
$71
$94
$74
29%
30%
34%
31%
Hardwood-like Floors
$63
$67
$77
$68
28%
31%
30%
33%
Stainless-steel Appliances
$56
24%
$60
$68
$59
29%
27%
30%
Pre-installed Wi-Fi
$50
$51
$54
27%
$51
24%
26%
25%
Non-key Secure Access
$51
20%
$51
$57
27%
$52
25%
23%
Smart Thermostats
$48
21%
$48
$54
22%
$49
23%
22%
Premium Countertops
$56
20%
$59
$66
22%
$59
23%
21%
Device-charging Stations
$39
21%
$39
$43
20%
$40
20%
21%
Floor-to-ceiling Windows
14%
21%
$76
$94
$74
$61
20%
36%
Alarm System
$56
21%
$58
19%
$66
$58
17%
20%
Gas Stove
$42
16%
$49
17%
$51
$46
18%
17%
Wi-Fi-enabled Video Doorbell
$52
17%
$55
14%
$61
$54
13%
15%
Sound System With Bluetooth
$58
11%
$59
11%
$68
$60
12%
11%
Concrete Floors
$59
9%
$64
10%
$68
$63
10%
9%
Bedroom Balcony
9%
8%
9%
$73
$92
$76
$66
9%
Mud Room
7%
$53
$52
6%
$60
$54
7%
7%
THE SMITH Boston, MA
50
51
RESPONSES REGARDING COMMUNITY AMENITIES, BY BUILDING TYPE
Top 5 Very High Priority Percentage Top 5 Average Rent Premium
Respondents in high-rise communities were far more likely than others to say that rooftop amenity space is a very high priority . Residents of high- rise communities also assigned much larger rent premiums to reserved parking than other survey respondents.
Percent of Respondents Assigning a Very High Priority
Average Rent Premium
ALL High-Rise Mid-Rise Garden
ALL High-Rise Mid-Rise Garden
Secured Community Access Pool
$50 $74 $51 $56 $46 $47 $36 $49 $61 $48 $50 $59 $41 $53 $53 $42 $54 $39 $37 $54 $50 $48 $36 $63 $39 $62 $67 $66 $70
$52 $68 $58 $65 $56 $57 $38 $54 $73 $58 $65 $70 $50 $61 $65 $52 $66 $50 $40 $62 $64 $55 $41 $85 $48 $76 $91 $83 $81
$47 $71 $49 $56 $47 $45 $37 $48 $62 $45 $53 $57 $43 $54 $54 $41 $54 $40 $37 $56 $54 $51 $36 $63 $41 $64 $68 $70 $73
$52 $56 $46 $53 $42 $42 $34 $47 $55 $45 $47 $51 $37 $49 $47 $38 $49 $37 $36 $51 $43 $44 $34 $60 $34 $49 $57 $57 $62
3% 4% 5% 5% 6% 8% 7% 7% 8% 8% 8% 12% 6% 11% 11% 14% 13% 13% 18% 13% 22% 20% 21% 13% 26% 25% 31% 40% 39%
10% 10% 6% 10% 11% 13% 13% 15% 15% 17% 20% 16% 19% 22% 26% 27% 33% 32% 41% 51%
7% 7% 9% 12% 9% 8% 10% 9% 11% 12% 12% 6% 19% 11% 15% 14% 17% 17% 12% 24% 13% 18% 23% 26% 43% 32% 29% 40% 47%
11% 13% 14% 14% 15% 17% 17% 19% 19% 22% 26% 27% 29% 32% 41% 44%
Reserved Parking Package Lockers Rooftop Amenity Space Recycling Program Sustainability / Green Certifications Community Dog Park Additional Storage Outside Unit Community Wi-Fi Valet Trash Service Clubhouse Barbecue Grills Outdoor Recreational Facilities Fitness Classes Pet-washing Station Concierge Services Playground Outdoor Kitchen Fitness Trainer Wi-Fi Café Secured Bike Storage Business Center Community Vegetable Garden Movie Theater Conference Room Car-charging Station Laundry Lockers Valet Parking
4% 5% 6% 7% 7% 8% 8% 8% 9% 9% 9% 9% 9%
4% 5% 7% 8% 7% 7% 8% 9% 9%
EVO Arlington, VA
52
53
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