Tag Archives: entrata

Renters on the Move: Entrata Survey Studies Renter Behaviors During a Landmark Year

Posted on by
Reply

Renters report plans to move, a desire for month-to-month payments, COVID-19’s impact and more

Lehi, UT – May 20, 2021 (PRNewswire) – Entrata, the multifamily industry’s most comprehensive property management software provider, today announced a new study, which reveals that 22% of American renters moved to a larger apartment with more space in the last year,  with a further 56% planning post-pandemic moves. The survey gives a unique view into the rental market during an industry and world-shifting year.

“2020 was a life changing year for people, industries and businesses across the globe,” said Chase Harrington, Entrata’s president and chief operating officer. “Our survey of U.S. renters shows that many moved to larger spaces to accommodate work from home needs, moved back to hometowns and some even moved to the city to take advantage of lower rental rates. We’re seeing a shift in the industry as renters look for more flexible leasing options and think differently about apartment amenities.”

Key findings from the survey include:

To Rent, or To Buy?

Many people’s plans changed in 2020, and renters were no exception. Out of American renters:

  • Nearly 22% moved to a larger apartment with more space in the last 12 months, possibly to accommodate pandemic-imposed work-from-home needs.
  • A good section of the younger generation went back to their roots with 14% of Gen Z reporting that they moved back in with parents this last year.

The main reasons Americans stated for currently renting instead of owning are cost related, with the inability to afford a down payment on a home (39%) and home ownership being too expensive (33%).

Where and Why Renters are Moving

The pandemic has pushed renters in two distinct directions, either to the city or to the suburbs. Some are still planning their moves and others have already made the change.

The top reasons for renters to move during the last year were:

  • The cost of rent (27%)
  • Needing more space (24%)
  • Needing a change of pace (18%)
  • The COVID-19 pandemic (16%)

Of those who’ve moved in the last year, one-third (33%) said their move this past year is short-term, with 61% stating that it will last more than a year. That said, younger generations are more likely to say that their move during the last 12 months was short-term compared to older generations.

COVID-19’s Impact

More than half (54%) of renters who moved in the last year say they experienced moving difficulties due to COVID-19, with some of the top hardships including:

  • Difficulty finding rental units in their price range (24%)
  • Family and friends being unavailable to help with moving (20%)
  • Inability to tour rental units (18%)

Because of the pandemic, nearly half (47%) of American renters switched to month-to-month payments. Of those, 42% say the pandemic affected their rental rate, and for many (34%), it increased their rate. Out of all American renters, nearly one in five (19%) say their interest in month-to-month rent payments has increased in the last year, however 53% of them say they aren’t willing to pay more in rent in order to have month-to-month payments.

How Amenities Have Changed

According to renters, 61% of rental properties on-site amenities have been closed or are now strictly regulated due to COVID-19. With many amenities going away or being limited, only 14% of renters say their rent was decreased because of those restrictions. However, 79% of those whose on-site amenities have been closed or regulated due to the pandemic think that their rent should have dropped.

Twelve percent of American renters say that compared to before COVID-19, on-site amenities make or break rental properties for them now, while 45% say that they still want good amenities but will ultimately choose a property based on location or price.

To read the full survey summary, click here. For more information about Entrata and its technology, please visit www.entrata.com.

ABOUT THE RESEARCH
Entrata conducted this research using an online survey prepared by Method Research and distributed by Qualtrics among n=1,000 adults in the United States who currently rent and have moved in the last 3 years. The sample was balanced across age, gender and geography. Data was collected from March 9 to March 29, 2021. 

ABOUT ENTRATA
Founded in 2003, Entrata® is the only comprehensive property management software provider with a single-login, open-access Platform as a Service (PaaS) system. Offering a wide variety of online tools including websites, mobile apps, payments, lease signing, accounting, and resident management, Entrata® PaaS currently serves more than 20,000 apartment communities nationwide. Entrata’s open API and superior selection of third-party integrations offer management companies the freedom to choose the technology and software that best fit their needs. For more information, go to www.entrata.com.

SOURCE Entrata

Study: Pains and Gains in the Apartment Hunt

Posted on by
Reply

Survey Says Renters Put as Much Stake in an Apartment’s Online Presence as Its Physical Appearance; Apartment Communities Are Falling Behind at Making the Search Easier

Lehi, UT – Oct. 16, 2018 (PRNewswire) A new survey shows renters are becoming more reliant on online photos and virtual tours than on traditional, in-person guided tours when selecting an apartment. This study, which was conducted by Entrata, multifamily real estate’s fastest-growing technology company, shows that apartment hunters are turning to a variety of online options to eliminate the need to physically visit the apartment.

Entrata (PRNewsfoto/Entrata)

Entrata (PRNewsfoto/Entrata)

“Today’s technology is changing the way people search for rental properties,” said Chase Herrington, president and chief operating officer at Entrata. “Online photos, virtual 360-degree walkthroughs, video feeds—options such as these are making it easier and quicker to find the perfect rental property. These online tools are making it possible for a renter to sit at a computer and virtually tour a dozen different apartments in a single afternoon.”

Key findings of the survey include the following:

  • Prospects find that searching for an apartment online is far more practical than taking in-person guided tours.

    • Few people have the time to hunt for an apartment. Online tours are far more efficient, and an increasing number of renters are taking advantage of it.

    • 25% of those polled reported that they had signed a lease without physically visiting the apartment.
  • Hunting for an apartment is time consuming and isn’t convenient to do after business hours. The report revealed that 68% of those polled spent an hour or more per day apartment hunting. And since much of the day is spent at work, apartment hunting can seriously impact productivity in the workplace.
    • 47% of those polled spend at least an hour or more a day searching for an apartment while at work.
  • Apartment community websites lack the online information prospects seek. Respondents reported that leasing offices were unavailable to provide the help they needed 21% of the time. In addition, those polled reported that they couldn’t always find the information they needed online.
    • The price of the apartment was available online only 9% of the time and floor plans and availability were only available 14% of the time.
  • The move to online or automated services, while inevitable, will take time. Many in the study reported they were unable to do such basic things as fill out an application or pay rent online.
    • 40% said they were unable to fill out an application online.
    • 43% said they were unable to pay rent and other fees online.

To read the Entrata survey summary, click here.

Methodology

Generated by Entrata and fielded in July 2018, the survey collected online responses via Qualtrics from 805 U.S. consumers who are over the age of 18 and rent an apartment.

About Entrata

Founded in 2003, Entrata® is a comprehensive property management software provider with a single-login, open-access Platform as a Service (PaaS) system. The platform offers a wide variety of online tools for websites, payments, lease signing, accounting, and resident management. Entrata’s open API and superior selection of third-party integrations offer management companies the freedom to choose the technology and software that best fit their needs. For more information, go to www.entrata.com.

Contact

Zachary Allen
zachary@methodcommunications.com
(801) 461-9751



Study: Apartment Renters Prefer Smart Home Amenities Over Pools

Posted on by
Reply

Residents are willing to pay more rent each month for a high-tech apartment

Lehi, UT – March 29, 2018 (PRNewswire) A new survey reveals the vast majority of residents are willing to increase their monthly rent payment to have more technology in their apartments, including smart home amenities and high-speed internet. Conducted by Entrata, multifamily real estate’s fastest-growing technology company, the survey findings highlight a key opportunity for increased revenue in rent growth and renewal increases for property owners.

Entrata Logo

“While pools and other creative community features have often been seen as the draw for prospective residents, the survey shows that what residents really value upon move-in, and are willing to pay for, are technology add-ons and amenities,” said Chase Harrington, president and chief operating officer. “Shifting the focus of development, marketing and training efforts to these technologies is going to be key for apartments as residents begin to demand living in a smart, connected environment.”

Key findings of the survey include:

  • Electronic payments and living in a secure, smart community are more valuable to residents than a pool or covered parking. Residents’ top amenities they would be willing to pay more each month for are:

1. Basic technology package (e.g., high-speed internet and/or cable TV)
2. In-home laundry services
3. Online rent payments
4. Secure access
5. Gym/fitness center
6. Smart home features (e.g. keyless entry, smart thermostat)

  • The majority of residents are willing to pay more for a smart apartment. More than 3 in 4 residents would pay more for a package of their top three smart home amenities (i.e. security cameras, keyless entry, smart thermostats). More than half of residents (57 percent) are willing to increase their monthly rent by at least $20.
  • Residents’ most requested smart home amenities center on security and convenience. While smart home technology offers a wide range of use cases, residents place the most value on those that provide peace of mind and awareness of what’s happening around them. The most important smart home services to residents are security cameras (e.g., doorbell cameras, ceiling cameras), keyless entry (including special codes for guests), smart thermostats and a security system.
  • Residents are not loyal to smart home devices from one brand. One-third of residents do not have a preference for smart home products from a specific company, providing more flexibility for owners and managers to select the technology they provide in their communities. Among residents with a preference, 16 percent would be more likely to select an apartment community with Google Home, 12 percent with Amazon Echo and 11 percent with Apple’s HomePod.

To read the Entrata survey summary, click here.

Methodology

Generated by Entrata and fielded January 11-16, 2018, the survey collected online responses via Qualtrics from 1,050 U.S. consumers who are over the age of 18 and rent an apartment.

About Entrata

Founded in 2003, Entrata® is the only comprehensive property management software provider with a single-login, open-access Platform as a Service (PaaS) system. Offering a wide variety of online tools including websites, mobile apps, payments, lease signing, accounting, and resident management, Entrata® PaaS currently serves more than 20,000 apartment communities nationwide. Entrata’s open API and superior selection of third-party integrations offer management companies the freedom to choose the technology and software that best fit their needs. For more information, go to www.entrata.com.

Contact

Zachary Allen
zachary@methodcommunications.com
(801) 461-9751