CREJ

May 2021 — Multifamily Properties Quarterly — Page 29 www.crej.com L ast month marked one year since we began dealing with a pandemic. Not only have our way of life and priorities changed, but also this year made us more aware of how we assess our surroundings – starting with our homes. To find out how or if the pandemic affected renters’ preferences and moving plans over the past year, our firm ran a survey among more than 10,000 responders. To get a better per- spective of how the past 12 months influenced the renters’ attitude, they also were asked about moving con- cerns and their apartment selection process during the ongoing pan- demic. The survey shows the most desired features now are open-air amenities (21%) and more space (20%) as renters are looking for a change of scenery and lifestyle improvement. In con- trast, a 2020 survey listed a good price as the main preference amid the nov- elty that was then the coronavirus. It goes to show that spending so much time at home has prompted renters to review their rental preferences. Subsequently, this shift might prompt a newfound renter appreciation for the suburbs. n Lifestyle improvement – a prior- ity after months of staying at home. The survey started by asking renters whether they moved during the pan- demic. This revealed that those who moved earlier in the pandemic were prompted by necessity rather than a need for change. A lease expiration was the main reason 26% moved, while 32% were concerned about their ability to pay rent. However, for those who didn’t move and spent the past year staring at the same walls, lifestyle improve- ment became the main motivator for changing house. Months of pan- demic led to an increased need for space and open- air amenities, but also for “better deal opportunities.” For them, 29% said the main reason for moving now is getting a better deal when it comes to size, location and overall quality, while 25% are doing it for a “change of scenery.” Likewise, lifestyle and housing improvement was the motivator when it comes to selecting the most essential amenities one year into the pandemic. In fact, despite widespread work-from-home practices,WFH amenities such as good internet con- nection (10%) or having a home office (5%) did not score high among renter preferences. n The suburbs offer a wide rental pool and Colorado is no exception. The survey showed 90% of renters looking for long-term leases, preferably in the same city. This inclination toward sta- bility contributes to making lifestyle improvement the main goal for mov- ing one year into a pandemic.With renters in need of a change of scenery and eyeing better deals in the same city, the suburbs can be a haven in a time when crowded urban hubs are to be avoided. Another study we conducted ana- lyzed the suburbs that built the most new apartments in the last five years. It turns out that as apartment devel- opment continues to rise, the rental housing inventory across U.S. suburbs also is experiencing a boom. Since 2016, suburban Colorado delivered almost 21,700 rentals, 93% of which are in garden-style commu- nities across the state. In fact, nation- wide, Colorado is second only to Texas, with three suburbs in the top 20 states with the highest number of apartments built in the past five years – Longmont, Parker andWestminster. In the last five years, these three suburban areas delivered more than 2,100 new rental apartments each. Two other Colorado suburbs made their mark at state level with more than 1,100 new units delivered since 2016 – Englewood and Lone Tree. As an increasing number of renters look for generous square footage and open-air amenities, the suburbs have an undeniable appeal – especially now, as densely populated hubs are to be avoided. But regardless of area, moving during a pandemic poses various health and safety concerns. However, it looks like renters are less concerned about this aspect during the moving process compared with one year ago, soon after the outbreak. Now, only 9% said they were con- cerned about whether it was safe to move. If 12 months ago a feasible price trumped any other preference, one year of staying inside made people reevaluate what they need from a rental. Some renters change homes fueled by the need for something dif- ferent, others by necessity, while oth- ers by the newfound ability to work remotely. Regardless of the reason for making the move, more living space, access to outdoor amenities and fea- tures that make a home even homier seem to have become priorities for those moving during the pandemic. s alexandra.ciuntu@yardi.com Open-air features, space top 2021 renter wish list Alexandra Ciuntu Research analysts and real estate writer, RentCafé Renter Trends