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Residency Reshaped

THE FUTURE OF MULTI-FAMILY DEVELOPMENT

Background

Corgan’s multifamily practice, along with Hugo, the firm’s research innovation team, conducted a study in 2024 to understand how renters' needs and preferences for apartment living and amenity spaces, both on-site and in the community, had shifted post-pandemic. This research took a mixed-methods approach, including a literature scan, data scraping, interviews with renters, developers, and building managers, and a survey targeting 1,500 renters in six key U.S. markets in the Sun Belt region, including Texas.

By exploring topics such as remote work, the role and importance of community, and the desire versus actual use of amenities, the research aimed to provide insights into renter decision-making, the desirability of residential design, and the impact of current economic conditions on renting versus owning.

This initial study also aimed to create a repeatable methodology and survey tool that could be used for benchmarking and deployment in various locations. By building an understanding of unique markets, the study intends to provide our clients with valuable insights, enabling them to make informed design decisions. If you would like to do a study in your market, or benchmark against the Sun Belt, please let us know.

Methodology

This study employed a mixed-methods approach to gain a deep understanding of the shifting renter landscape postpandemic, utilizing both qualitative and quantitative research methods. The methodology was structured in four key phases: a literature scan, in-depth interviews, a large-scale survey, and detailed data analysis.

Literature Scan

The initial phase involved a literature scan as secondary research aimed at identifying industry trends nationwide, future forecasts, and the established myths influencing decision-making in the rental market. We gathered insights from various sources, including industry reports, market studies, and renter-focused surveys, to develop a comprehensive view of the current state of renting. Data scraping from platforms such as census data, Redfin, Zillow, and Apartments.com helped identify rental rates, market dynamics, demographic trends, and renter preferences nationwide and in our focused Sun Belt markets.

Interviews

The second phase included 30 in-depth interviews with renters, developers, and building managers (10 each) across the United States, sourced through a third-party platform. These semi-structured interviews explored key factors influencing renter decisions, the significance of community, and the impact of remote work on residential preferences, capturing multiple, differing perspectives. This approach allowed us to identify where these perspectives align or diverge, providing a comprehensive understanding of renter priorities and informing the design of our survey for deeper exploration.

Survey

Building on insights from the literature scan and interviews, we developed and deployed a large-scale, quantitative survey targeting at 1,480 renters across key markets in the

Sun Belt region: Dallas, Austin, Phoenix, Denver, Nashville, and Atlanta. This survey targeted residents aged 25-45 who had rented for at least one year. Its goal was to confirm or challenge the myths and assumptions identified in earlier phases by transforming them into measurable insights gathered directly from renters. It captured key variables, including rental costs, unit sizes, geographic considerations, and demographic information, providing data to confirm or challenge the realities of renter behavior and preferences.

Analysis

The analysis phase combined both quantitative and qualitative data to develop comprehensive insights. For survey data, we used descriptive statistics and chi-squared tests to explore relationships between demographic, geographic, and behavioral factors, identifying significant associations.

In addition to quantitative analysis, we conducted a thorough evaluation of the qualitative data gathered through interviews and surveys. Using thematic analysis, we identified recurring patterns and themes in participants' responses, allowing us to draw insights. By coding and categorizing these insights, we highlighted areas of alignment and divergence across stakeholders, enriching the overall findings and providing context to the quantitative results. This dual approach ensured a robust, data-driven understanding to build valuable recommendations for the industry.

SURVEY

LITERATURE SCAN Secondary

■

■

10

■ Census data

10

ANALYSIS

■ Descriptive statistics

■ Chi-squared tests

■ Thematic analysis

ASSUMPTION/REALITY FRAMEWORK

This phase also aimed to identify prevalent assumptions in the industry regarding renter preferences and how that informs their decision-making and current design. By understanding these narratives, we laid the groundwork to “myth bust” with actual renters in our primary research stages.

Industry Shifts

Secondary Research

A New, RentLed Market

How does the current housing market influence potential buyers and impact perspectives on renting?

The housing market is currently experiencing profound changes driven by the pandemic and fluctuating interest rates. This research explores how these factors are reshaping housing trends, economic conditions, and the overall landscape of living and working environments.

Skyrocketing home prices, changing insurance policies due to climate risks, the rise of remote work, and the burden of student loans were all factors reshaping the rental market and housing demand. Developers have responded by rapidly building affordable housing options to attract renters and meet these evolving needs.

This secondary research and literature review aimed to provide a comprehensive analysis of current market trends and renter behaviors, drawing from credible industry sources, market data, and demographic insights. By exploring the drivers behind these shifts and evaluating perspectives from multiple stakeholders, including industry views and factors influencing renter decision-making, this research established a foundation for understanding the evolving needs of renters.

Additionally, this secondary research offered an understanding of national trends that served as a baseline for comparing specific geographic markets, allowing us to identify how these regions aligned with or diverged from the broader landscape.

Current Industry Trends

MOVING TRENDS

■ Geographic Relocation

■ Drivers for Moving

■ Return to Office + Job Stability

SHIFTING AFFORDABILITY

■ Income vs. Cost of Living

■ Rent vs. Own

■ Interest Rates

■ Insurance Coverage

■ Student Loan Debt MARKET AVAILABILITY

■ Multifamily Market Increase

■ Business-owned Single Family Homes

USER TRENDS

■ Generational Living

■ Renter vs. Landlord Expectations

■ Smart Homes

Moving Trends

Geographic Relocation

According to U-Haul’s Growth Index report, Texas had the highest number of people relocating to the state for the third consecutive year in 2023, while California had the fewest.1 In general, regional population changes in the U.S. in 2023 were led by the South (+1.1%), followed by the West and Midwest (+.2%) with the Northeast as the only region with a reduction in population.2

WHICH OF THE FOLLOWING ARE REASONS FOR YOUR MOVE?

Lower

POPULATION CHANGE BY REGION (2023)

Return To Office + Job Stability

In the post-pandemic period, many companies have implemented return-to-office mandates, significantly influencing relocation decisions. As businesses increasingly require employees to be physically present, some individuals are moving closer to their workplaces. According to a Redfin survey, approximately 10% of home sellers cited office mandates as the primary reason for putting their homes on the market.3 This shift indicates that while remote work once allowed flexibility in location, the return-to-office policies are now beginning to reshape residential choices as people adjust their lifestyles to meet commuting needs.

Job stability concerns, particularly in the tech sector, are also impacting these trends. A survey by JUST Capital found that 85% of participants feel tech layoffs have affected their sense of job security, and 71% believe these layoffs impact the overall economy.5 With hiring rates in 2024 remaining lower than pre-pandemic levels, many workers are opting to stay in stable positions, even if it means complying with office return mandates. As a result, relocating closer to economic hubs or office locations becomes a strategic move for job security.

Drivers for Moving

Recent surveys reveal a range of factors influencing why people choose to relocate and what they seek in their new locations. According to Redfin, around 21% of home sellers moved in 2023 to reduce their cost of living, while nearly 20% cited safety concerns as reasons for leaving their current location.3 'Clever Real Estate Moving Trends' reported that Americans are most often moving for a better quality of life (24%), lower cost of living/home prices (23%), upsizing (22%), work flexibility (22%), and living closer to friends and family (21%).4

7.

Graphics adapted from Clever Real Estate Move Trends, December 2022 (survey of 1,000 Americans who moved in 2022) 4

When selecting a new place to live, Americans prioritize several factors as the most important, including a safe neighborhood, affordability, access to a good school district, proximity to work, proximity to things to do, followed by proximity to family and friends.4 This trend reflects a proactive shift toward seeking environments that align with financial, social, and personal needs, rather than merely escaping negative conditions – resulting in renting becoming an increasingly appealing option, offering flexibility and accessibility to desired environments.

Data sourced from LinkedIn’s Workforce Report 6,7,8, 9, 10

While the housing market shows signs of recovery, growing by an estimated 3.7% in home prices, the job market lags behind.11 Experts predict it may not reach pre-pandemic unemployment lows of 3.5% until after 2025, creating an uncertain labor environment. This imbalance between the housing and labor markets drives relocation as individuals prioritize stability and adapt to evolving work requirements. With office returns and economic unpredictability, many may seek locations that offer both career opportunities and alignment with their commuting and lifestyle needs.

Shifting Affordability

In 2022, when the Federal Reserve began raising interest rates, economists predicted a major shift in the housing market. Higher borrowing costs were expected to make home buying and construction more expensive, resulting in reduced demand, a slowdown in construction, and lower prices.12 Initially, this prediction held true as construction activity declined and prices dipped. However, as demand persisted, home prices started to climb again despite the higher interest rates, contributing to a volatile and unpredictable market.

Homeowners who secured lower interest rates before 2022 have benefited from appreciating property values without the burden of increased borrowing costs. Conversely, those who have yet to purchase a home are facing the dual challenge of high rents and escalating home prices, making affordability a critical issue in today’s market.

Income vs. Cost of Living

The U.S. defines affordable housing as housing that costs no more than 30% of an occupant's gross monthly income, but about 1 in 4 renters said they spend half their income or more on housing 13

Those who spend over 30% of their income on housing are considered costburdened, and when housing and utilities consume at least half of their income, they fall into the severely cost-burdened category. While homeowners tend to have higher incomes than the average household, income growth has not kept pace with the rise in home prices. Between 2012 and 2017, the percentage of households earning over $100,000 among homebuyers increased from 30.4% to 38%.14 Furthermore, the share of homebuyers earning more than all of U.S. households rose from 59.8% in 2012 to 62.7% in 2017. Despite these increases, house prices surged by 50% between 2012 and 2019, while median household incomes only grew by 11.3%, from $53,921 to $60,000. This disparity highlights the growing affordability challenges faced by both renters and potential homeowners as housing costs continue to outpace income growth.

PRICE-TO-INCOME RATIO

Over the past 40 years, renters have been dedicating a larger share of their income to housing, as rent growth has outpaced income growth by 7%.15 For example, from 1985 to 2021, the median monthly rent in the U.S. jumped by 42%, increasing from $817 in 2009 to $1,163 in 2021.15 The markets analyzed in our study have all seen rent increases that surpass the national average during this timeframe:

Rent vs. Own

Adapted from Statista19

The monthly cost of buying is 38% more than renting.16

In today's housing market, the decision to rent versus buy is increasingly driven by affordability challenges. Home prices soared over 40% during the pandemic and continue to climb, making homeownership difficult for many.12 Although rents are increasing as well, it is still more economical to rent than to buy a home.

There has been a rise in decision-making tools that help renters compare the costs of renting versus buying. For example, The Times’s Upshot calculator provides insights based on future home prices and rents, illustrating that, for many, renting remains the more economical choice.17

Interest Rates

The homebuying market is facing significant challenges due to rising interest rates.

Average rates for a 30-year fixed mortgage have risen to 7%, up from under 3% in early 2021.17

This increase is mirrored in other mortgage types, including 15-year fixed rates and 5-year ARMs, both of which have also seen substantial rises. Variability and unpredictability of rates create uncertainty for potential buyers, making it difficult to determine the optimal time to purchase a home. This volatility is prompting many buyers to delay their decisions, waiting for more stable and favorable market conditions.

INTEREST RATES OVER TIME

Insurance Coverage

The increasing frequency and severity of extreme weather events due to climate change are driving up insurance costs for homeowners, even for those outside of the most affected areas.20

Insurers are spending more to cover these disasters, resulting in higher premiums that, combined with rising mortgage rates, place a significant financial burden on homeowners. In some regions, insurance companies are pulling back coverage entirely, making properties uninsurable and impacting real estate values.20 As a result, many individuals are turning to renting as a more cost-effective option, avoiding the high expenses and risks associated with property ownership and insurance costs. This trend highlights how the uncertainty in the insurance market is becoming a key factor encouraging renting over buying.

I believe we’re marching toward an uninsurable future in many places.

DAVE JONES, FORMER INSURANCE COMMISSIONER OF CALIFORNIA, CURRENT DIRECTOR OF THE CLIMATE RISK INITIATIVE AT UC BERKELEY20

Student Loan Debt

Student debt significantly impacts housing decisions, particularly for Gen Z and Millennials, who still carry substantial student loan burdens and often need to pay down their debt before they can afford to buy a home. From 2007 to 2020, student debt rose from 4.4% to 10.7% of total household debt, a 143% increase, outpacing in-state tuition hikes.21

Approximately half of renters and 39% of buyers have postponed buying a home due to student loan debt.21

Many borrowers on income-based repayment plans have less than 28% of their monthly income left for housing costs after loan payments, making them ineligible for most mortgages.21 Studies suggest that reducing student debt by $10,000 could enable around 1 million people to afford a mortgage, directly linking debt relief to housing affordability.21 The growing burden of student debt is increasingly contributing to the financial barriers that prevent many from entering the housing market.

Market Availability

The housing market is currently constrained by limited availability and high prices as many homeowners choose to stay put. However, increasing investment in development, particularly in multifamily, is expected to fill the gap. This expansion aims to stabilize the rental market, making renting a more viable and stable housing option in the near future, especially as many single-family homes are being bought by businesses.

In the U.S., there is a shortage of 3.8 million housing units.16

Multifamily Market Increase

This creates significant challenges for those seeking to buy a home - rising interest rates have reduced demand, yet prices remain high due to a decrease in housing supply.12 Many homeowners are unwilling to sell this in this market, especially retired baby boomers who are preferring to stay in their homes rather than move to retirement communities. In response, new-home construction has stepped in to fill some of these gaps.

Despite the rising borrowing costs, new-home sales remained relatively strong during the pandemic as limited existing home inventory pushed buyers toward new builds. Large developers, who secured favorable loans before rates increased, have been driving an increase in multifamily construction. However, the sustainability of this trend is uncertain; some developers have already pulled back on activity, and if interest rates stay high, it may become increasingly difficult to maintain.12

The multifamily housing market is currently experiencing a notable influx of new apartment supplies in regions like the Sun Belt, which is benefiting from rapid population growth.22 This surge is largely attributed to lower interest rates that prevailed three years ago, facilitating an increase in construction.23 However, recent hikes in interest rates have dampened new construction activities.24 Despite this, supply deliveries are expected to grow by approximately 3.1% in 2025. Nonetheless, a slowdown is anticipated in 2026 with a 5% drop in completions.25

User Trends

Generational Living

In a survey of 1,000 Americans who moved in 2022, 37% are still renting, while 30% own a home. With rising inflation, many people opted to move in with family or friends to avoid paying rent; 22% of respondents stated they are living rent-free with family or friends.4

Generational trends among recent movers reveal distinct differences. Among baby boomers, 50% chose to upsize, compared to just 32% of millennials. In contrast, while 31% of boomers downsized, a higher percentage of millennials—40%—were compelled to make the same choice due to circumstances outside of their control.4

18% of landlords think renters value specific features more than affordable rent.

Business-owned Single Family Homes

The rise in demand for Build-to-Rent single-family homes has surged by over 300% since 2019, with rapid growth particularly evident in Sun Belt markets like Phoenix, Dallas, Atlanta, and Austin. Investors capitalized on the pandemic housing boom in these regions, with a forecasted 45,400 Build-toRent homes to be delivered between 2024 and 2025 in the Sun Belt alone.26

In addition to new builds, investors have been buying up hundreds of thousands of homes to rent out to families across the country since the pandemic. In 2022, one in every four properties went to wealthy corporations with $110 billion set aside to purchase or build single-family rentals.27 As the housing market becomes more unaffordable, it introduces more barriers for first-time homebuyers as they have to compete with investment firms and their all-cash offers.

But it is important to know what renters want – renters say getting the features they want is a higher priority than paying less. 28

Renter vs. Landlord Expectations

A recent survey by The Motley Fool explored whether landlords accurately understand what renters prioritize. The survey compared responses from both renters and landlords, identifying key areas of alignment and disagreement. Both groups agreed on the importance of convenient locations, modern buildings, nice neighborhoods, reserved parking, pools and gyms, accessibility features, modern appliances, spacious layouts, central air conditioning, included utilities, and safety and security features.28 However, there were notable differences. Renters placed higher importance on flexible payment options, flexible lease terms, and guest parking—features that many landlords underestimated in their value.28

Smart Homes

A survey conducted by Rent in 2022 found that nearly half of respondents (49%) do not currently have any smart home devices.29 Among those who do, 20% have one device, and 12% have two. Despite this, interest in smart home technology is high, with 82% of participants expressing a desire to have at least one smart device in their homes. However, most renters are not seeking a fully integrated smart home system; they prefer specific, purposeful devices.

The most common smart home features currently found in rentals are voice control systems and smart appliances, present in about 41% of units. When it comes to what renters desire most, smart thermostats top the list, followed by smart locks, keyless entry systems, smart appliances, and smart lights. The least important features according to renters include package lockers, voice control systems, and smart outlets.

This literature review highlights key nationwide trends shaping the U.S. housing and rental markets, directly impacting decision-making for those in the rental sector. Limited market availability, rising debt levels, and general affordability challenges have made homeownership increasingly unattainable, prompting renters to adapt and redefine the rental market. This report focuses on understanding these dynamics in specific Sun Belt markets and the evolving needs of renters in these regions.

City Profiles & Moving Trends

City Profiles & Moving Trends

The Sun Belt region has become a crucial focus in understanding the shifting dynamics of the U.S. housing market. With rapid population growth compared to the rest of the country, increased housing development, and significant investment in rental properties, these markets are at the forefront of nationwide trends.

This section explores individual city profiles within the Sun Belt to provide deeper insights into their unique characteristics and how they compare with each other and the broader national landscape. We examine city size, moving patterns, and the renter versus homeowner dynamics to identify both similarities and differences. By doing so, we aim to uncover the specific factors shaping each market and how they contribute to the broader rental and housing trends observed across the region.

City profiles are developed using data from the U.S. Census in 2020, the 2022 American Community Survey (ACS), and Redfin data, which together provide a view of local demographics, mobility, and housing trends. The ACS survey is conducted annually and collects detailed information on social, economic, housing, and demographic characteristics.

Profile Overview

CITY captures general market highlights.

CITY TABS indicate which market is being focused on in the current city profile.

MOVING TRENDS

conveys geographic mobility by showing where population growth originates, tracking changes in moving patterns over time, and displaying current occupancy levels. 30, 31, 32, 33, 34, 35, 36, 37

CITY OVERVIEW

summarizes key market demographics, including population size, average age, and average household income.38

LOCAL RENTER MARKET

details unit availability, rent-to-income ratios, and the age distribution of renters. It also covers work-from-home trends, average occupants per room, and average length of stay.30

LOCAL HOMEOWNER MARKET

details unit availability, average home values, monthly cost of ownership, and the age distribution of homeowners. It also covers occupancy rates and current mortgage prevalence.30

Renting

United States

The U.S. shows distinct mobility patterns between renters and homeowners, with the overall national mobility rate at 12.6%. Most people moving are choosing to rent, with a renter geographic mobility rate of 24.1%, compared to 7.9% for homeowners. The national per capita income is $41,804, influencing affordability in these markets. Sun Belt markets, however, see even higher mobility rates and greater demand, resulting in elevated home values and rental prices compared to the national average. This contrast highlights differing dynamics between rent and homeownership, driven by economic conditions and regional growth patterns.

Owning

Nationwide, nearly half of renter households—over 21 million—are costburdened, spending more than 30% of their income on housing in 2023. Additionally, 9.7% of renters work primarily from home either full-time or in a hybrid setup. Rents in Sun Belt markets tend to be higher than the national average, further increasing the financial pressures faced by renters in these regions.

64% of all housing units are owner-occupied nationally, with 99% of homeowner units occupied. Homeownership rates among households under age 35 have had a meaningful decline over the past decade. Home values and monthly rental costs in Sun Belt markets tend to be higher than the national average. MEDIAN

RENT-TO-INCOME RATIO

Renting

With a per capita income of $61,617, Atlanta’s income level is notably higher than the national average, showcasing the city's economic appeal. Georgia’s renter mobility rate is 22.3%, slightly below the national trend, while the homeowner mobility rate is 8.3%, indicating higher movement among homeowners. Despite these higher income levels, many Atlanta residents, including families with children, prefer renting. The city attracts newcomers from both coasts, the Midwest, and the South, adding to its diverse population and fueling demand in its rental market.

In Atlanta, 19.8% of renters work primarily from home, either on a full-time or hybrid basis, higher than the national average, reflecting the city's growing remote work culture. Additionally, 49.7% of renters in Atlanta spend more than the recommended 30% of the income on rent with 37% of all renters being Gen X or older.

MEDIAN RENT-TO-INCOME RATIO

Owning

In Atlanta, the median monthly ownership cost to own a home with a mortgage is $1,305, lower than many Sun Belt cities. The median home value in Atlanta is 1.4 times higher than the national average of $281,900. Additionally, 42% of all homeowners in Atlanta are Millennials or younger.

Austin’s per capita income of $60,120 reflects its economic growth and appeal, sitting well above the national average. Texas’s renter mobility rate is 25.8%, higher than the national trend, while the homeowner mobility rate matches the national average at 7.9%. Despite the higher income levels, a majority of Austin’s population, including families with children, resides in rental units. The city continues to attract newcomers from both coasts, the Midwest, and the South, contributing to its diverse population and strong demand for rental housing.

People are moving to Austin from

RELOCATION TRENDS

In Austin, the median monthly ownership cost to own a home with a mortgage is $2,445, a higher amount compared to many Sun Belt cities. The median home value in Austin is 1.6 times higher than the national average of $281,900. Additionally, 38% of all homeowners in Austin are Millennials or younger.

In Austin, 18.8% of renters work primarily from home, either on a full-time or hybrid basis, higher than the national average, reflecting the city's growing remote work culture. Additionally, 47.1% of renters in Austin spend more than the recommended 30% of

of

RATIO

Dallas’s per capita income is $44,729, which aligns closely with the national average. Texas’s renter mobility rate is 25.8%, higher than the national trend, while the homeowner mobility rate matches the national average at 7.9%. In Dallas, the majority of residents live in rental units; however, families with children predominantly own their homes. The city attracts newcomers mainly from the West and East Coasts, fueling population growth and influencing the local housing market.

In Dallas, 10.2% of renters work primarily from home, either on a full-time or hybrid basis, only slightly higher than the national average. Additionally, 50.0% of renters in Dallas spend more than the recommended 30% of the income on rent with 35% of all renters being Gen X or older.

MEDIAN RENT-TO-INCOME RATIO

In Dallas, the median monthly ownership cost to own a home with a mortgage is $2,068, a higher amount compared to many Sun Belt cities. The median home value in Dallas is 1.04 times lower than the national average of $281,900. Additionally, 28% of all homeowners in Dallas are Millennials or younger.

Denver’s per capita income is $59,271, reflecting its strong economic position. Colorado’s renter mobility rate is 30.9%, significantly above the national average, while the homeowner mobility rate stands at 8.3%. Housing units in Denver are evenly split between rentals and owner-occupied, but the majority of families with children choose to rent. The city continues to draw newcomers primarily from the coasts and Texas, contributing to its diverse and growing population.

In Denver, 18.9% of renters work primarily from home, either on a full-time or hybrid basis, higher than the national average, reflecting the city's growing remote work culture. Additionally, 46.8% of renters in Denver spend more than the recommended 30% of the income on rent with 32% of all renters being Gen X or older.

MEDIAN RENT-TO-INCOME RATIO

In Denver, the median monthly ownership cost to own a home with a mortgage is $2,262, a higher amount compared to many Sun Belt cities. The median home value in Denver is 1.9 times higher than the national average of $281,900. Additionally, 39% of all homeowners in Denver are Millennials or younger.

of homeowners with a mortgage

Nashville’s per capita income is $47,049, reflecting the city’s economic appeal. Tennessee’s renter mobility rate is 24.2%, slightly below the broader trend, while the homeowner mobility rate is consistent at 8.3%. Despite the majority of housing units being owner-occupied, families with children are more likely to live in rental units, indicating a strong rental market presence. Nashville attracts newcomers primarily from the coasts, contributing to its diverse and expanding population.

In Nashville, 13.5% of renters work primarily from home, either on a full-time or hybrid basis, slightly higher than the national average. Additionally, 51.2%, over half, of renters in Nashville spend more than the recommended 30% of the income on rent with 34% of all renters being Gen X or older.

MEDIAN RENT-TO-INCOME RATIO

In Nashville, the median monthly ownership cost to own a home with a mortgage is $1,722, a midrange amount compared to many Sun Belt cities. The median home value in Nashville is 1.2 times higher than the national average of $281,900. Additionally, 35% of all homeowners in Denver are Millennials or younger.

of homeowners with a mortgage

Phoenix’s per capita income is $61,617, highlighting its economic strength. Arizona’s renter mobility rate is 25.8%, while the homeowner mobility rate is 9.6%, both above the national averages. Although most housing units in Phoenix are owner-occupied, families with children predominantly rent, which contrasts with broader trends where families typically own homes. The city attracts newcomers primarily from the West Coast, Texas, and the Midwest, contributing to its growing and diverse population.

People are moving to Phoenix from

In Phoenix, 12.3% of renters work primarily from home, either on a full-time or hybrid basis, slightly higher than the national average. Additionally, 49.1%, almost half, of renters in Phoenix spend more than the recommended 30% of the income on rent with 40% of all renters being Gen X or older.

MEDIAN RENT-TO-INCOME RATIO

In Phoenix, the median monthly ownership cost to own a home with a mortgage is $1,695, a a midrange amount compared to many Sun Belt cities. The median home value in Phoenix is 1.2 times higher than the national average of $281,900. Additionally, 33% of all homeowners in Phoenix are Millennials or younger.

of homeowners with a

PHOENIX

Revealing Renter Preferences

Primary Research

Understanding the Audience

This section explores primary research aimed at understanding renter preferences in six key Sun Belt markets: Dallas (257), Austin (257), Phoenix (253), Denver (256), Nashville (204), and Atlanta (253). Using a mixedmethods approach, we conducted in-depth interviews with developers, building managers, and renters, followed by a large-scale survey targeting over 1,480 renters aged 25-45

In this report, means are represented by M (e.g., M=3.4), with the significance level set at ≤0.05 for all highlighted findings. Percentages may not total to 100% due to rounding.

Generational cohorts as defined by the Pew Research Center39

TOTAL YEARS RENTING

1

2.4

Validating Assumptions

WHAT RENTERS TRULY WANT

The goal of this section is to validate or debunk industry assumptions about renter desires, identified through secondary research and interviews. The survey collected data on rental costs, unit sizes, and geographic factors to capture measurable insights directly from renters. This "myth busting" approach helped us compare perceptions from industry professionals with the actual experiences and expectations of renters.

Findings reveal important insights into the rental landscape, highlighting both alignments and gaps between industry views and renter realities. This section outlines these results and offers design strategies that reflect true renter preferences, aiming to enhance property appeal and retention efforts in these key markets.

Assumption vs. Reality Overview

ASSUMPTION captures a current idea or belief in the industry regarding renter desires and preferences.

SUPPORTING EVIDENCE conveys conversations, perspectives, and data gathered from secondary sources or primary interviews with developers and senior-level building managers to establish the assumption.

REALITY reflects renters' actual perspectives on the assumption, providing insight into whether it aligns with their actual experiences and expectations.

RENTER INSIGHTS provides supporting evidence from primary surveys and interviews with renters, used to either confirm of challenge the established assumption.

DESIGN STRATEGIES recommended design approaches that address and support renter desires, aiming to enhance the appeal of properties for attracting and retaining residents.

Amenity demand has surged

as renters

live, work, and play onsite.

From a developer and property manager perspective, the demand for on-site amenities has grown as renters increasingly seek communities that support a “live, work, play” lifestyle. They observe that, especially for renters without children, upscale suburban communities that blend urbanstyle amenities with suburban comforts have become highly desirable. This group perceives that amenities like fitness centers, pools, laundry facilities, and outdoor spaces have become essential, as residents look for convenience and cost-saving features within their residential environment.

With many renters working from home, property managers note more frequent usage of these high-traffic amenities, which they feel has shifted attention toward enhancing fitness centers, social areas, and parking to keep pace with demand. However, features like golf areas, seasonal pools, and movie theaters are seen as less essential, as practical, accessible options seem to resonate more with today’s renters than luxury or occasional-use amenities.

"Typically, people are most interested in amenities like the fitness center, swimming pool, and dog park." 44, FEMALE, PROPERTY MANAGER

Renters value essentials that offer convenience and reduce external costs.

Our survey examined renter preferences for amenities across three scales: shared on-site amenities, in-unit amenities, and nearby neighborhood assets. A Kano Model analysis distinguished between renter desires and expectations to better predict attraction and usage, identifying which amenities most impact satisfaction.39 This approach helped identify which amenities are most likely to impact satisfaction, guiding a strategic approach to investment based on functionality and user satisfaction.

SHARED ON-SITE AMENITIES

The Kano model analysis showed that none of the shared, on-site amenities are seen as "attractive" features by renters; rather, they fall into must-have, performance, or indifferent categories. This suggests a unique opportunity for properties to innovate and introduce fresh, unexpected features that could set them apart in the market. Currently, these amenities are viewed as essential or functional basics, fulfilling established expectations without significantly enhancing appeal. Addressing emerging needs and unique preferences could help properties stand out.

With most amenities classified as must-have or performance, the focus should be on creating reliability, quality, and convenience to meet or exceed expectations. Amenities like pet washing stations, coworking spaces, and scenic views, marked as indifferent, could gain appeal through strategic enhancements, such as high-tech coworking areas or multifunctional spaces with broader utility.

The Kano Model differentiates and prioritizes features based on the degree of their impact on user satisfaction.40 The size of the dot indicates level of importance.

Attractive – delightful, unexpected features that increase satisfaction. Performance –desired features that directly impact satisfaction. Must Have – fundamental and expected features which negatively affect satisfaction if absent or missing. Indifferent – features that are considered neither good nor bad and do not impact satisfaction.

What are the three shared amenities you use the most and least frequently in your current building or property?

MOST USED

1. Gym/Fitness Center

2. Swimming Pool

3. Shared Laundry

4. Garden/Rooftop Garden

5. Business Center/Coworking Space

In order to understand the impact of amenity inclusion on perceived value for renters, survey participants were asked to specify how much extra they would be willing to pay per month for an apartment that includes their desired amenities across three scales: Neighborhood Assets, Shared Amenities, and In-Unit features.

The data reveals a willingness among renters to invest in targeted amenities that elevate daily life and reduce their external expenses, with notable consistency across the three amenity scales. Respondents demonstrate a strong preference for incremental rent increases in the $100-$149

LEAST USED

1. Entertainment (Movie Theater, Game Room)

2. Sauna/Spa

3. Sport Courts

4. Leisure Area (Fire Pit, Picnic Area)

5. Fitness/Yoga Studio

and $150-$199 ranges—accounting for a combined 74% of responses—highlighting the significance they place on elevated convenience, community, and personal space. Average values reflect this trend, with renters expressing a monthly premium willingness of $153.64 for Neighborhood Assets, $155.15 for Shared Amenities, and $154.82 for In-Unit additions. Only a limited percentage (4% or less across categories) are unwilling to pay more, suggesting a clear opportunity to align future developments with these moderate premium thresholds, thereby enhancing resident satisfaction through carefully curated, experience-driven amenities.

The Kano Model differentiates and prioritizes features based on the degree of their impact on user satisfaction.40 The size of the dot indicates level of importance.

Attractive – delightful, unexpected features that increase satisfaction. Performance –desired features that directly impact satisfaction. Must Have – fundamental and expected features which negatively affect satisfaction if absent or missing. Indifferent – features that are considered neither good nor bad and do not impact satisfaction.

01 — Design Strategies

Enhance Essential Amenities

Many shared amenities are "must-have" or "performance" items, so quality and convenience are crucial. Upgraded fitness centers, interactive technology, or flexible scheduling can boost functionality and meet high expectations.

Introduce Distinctive Features

Stand out with wellness and fitness recovery spaces or modular workspaces with privacy. These exclusive features add appeal and cater to personalized experiences.

IN-UNIT AMENITIES

The Kano analysis of in-unit amenities shows that renters prioritize essentials like storage and central air as "Performance" attributes, with satisfaction tied to quality and reliability. Renters find "Attractive" value in features like in-unit laundry, natural lighting, energy efficiency, and high-speed internet—while not necessary, these significantly boost appeal.

In contrast, luxury items like enhanced security, high-end bathrooms, and private balconies are "Indifferent," having little impact on satisfaction. However, spacious layouts are a "Must-Have," highlighting the desire for open, adaptable spaces. Properties should focus on functional essentials with targeted enhancements to appealing, non-essential features for a balanced offering.

Optimize “Indifferent” Amenities

For amenities like coworking spaces and scenic views, consider multifunctional designs, such as coworking areas that double as social lounges, enhancing value without a full redesign.

Align Rent Premiums with Desired Amenities

Renters are willing to pay more for high-impact amenities. Targeted improvements to neighborhood assets, shared spaces, and in-unit features, like upgraded appliances or green spaces, support satisfaction and justify moderate rent increases.

Location is the top attractor for renters—design and affordability follow.

Both developers and building managers agree that location is a critical factor in attracting renters.

Developers prioritize location, emphasizing that a building’s success depends on its placement within desirable areas. They also see design features like larger spaces as important.

Developers shared that when they decide on a location for a new development they consider:

■ Commutability + Transportation

■ Neighborhood Assets (retail, fitness, parks, necessities)

■ Schools

■ Safety Building managers, however, believe that affordability is an even higher priority for renters than location

– only 18% of landlords think renters value specific features more than affordable rent.28 They report that strategies like discounted rates, waived fees, and first-month rent discounts are the most effective ways to attract tenants. While they acknowledge that location remains important, they emphasize that renters are primarily drawn by cost savings and value before considering location and amenities.

Ultimately, both roles agree on the significance of location, but building managers place affordability as the top factor renters consider when choosing an apartment.

"What do they say in real estate?

Location, location, location. What we're talking about is we

need to be very well located in between easily commutable areas. That means major highways, public transportation... Also, it needs to have amenities, retail, and services already in place that can be a selling point to our communities."

Affordability

and amenities are more attractive than location in today’s economy.

In today's rental market, affordability is a key driver as renters search for an apartment, but it is not just about finding the cheapest option. Renters focus on maximizing value—ensuring they get the most for what they pay. While location is still important, it is evaluated based on how well it meets specific needs, such as access to quality neighborhood amenities or space for a home office, rather than simply proximity to work or urban centers. Renters prioritize the quality of the location, ensuring it aligns with their lifestyle and preferences, demonstrating that value and overall satisfaction are more important than price alone.

The research shows that affordability is the top factor for all generations when choosing an apartment followed by amenities. However, preferences differ by generational cohort.

Gen Z and younger Millennials prioritize amenities second, then location, while older Millennials place location above amenities. Younger Gen X value both equally. Gen Z and Millennials rank reputation and management fourth, indicating a desire for validation and service. In contrast, Gen X renters prioritize safety and security. Despite these variations, affordability, amenities, and location are consistent drivers across groups.

Design and layout were the least important factor for all groups and markets.

Among renters planning to move when their current lease ends, 31% want a different location to continue renting. Their top ranked reasons include:

■ Want to live in a different neighborhood

■ Live in a different type of unit (e.g., layout, number of rooms)

■ Need more space (additional square footage)

SHIFTS POST-COVID

Participants were asked how their preferences for what they look for in an apartment have changed from before COVID-19 to now. Post-COVID, renters' preferences have shifted from convenience and location to comfort, space, and health. Previously, renters prioritized proximity to work, restaurants, or transit. Now, with remote work, they prefer larger, quieter spaces that support home offices and offer natural light, outdoor access, and better ventilation.

"Back then, I focused on the apartment's location in a bustling area, but now I prefer a quieter neighborhood with more green spaces."

51%

indicated 'location' as one of their top 3 reasons for selecting their current apartment

DEFINING LOCATION

51% of respondents indicated “Location” as one of their top three reasons for selecting their current apartment. Among these, 50% prioritized neighborhood assets such as parks, restaurants, and shops. Other significant factors included proximity to quality schools (47%), proximity to work (46%), and being in a specific part of town (46%).

Respondents could select multiple factors regarding location as part of their apartment selection process.

For those who selected only one factor, the most frequently chosen was proximity to work. However, most respondents considered 2-3 factors when evaluating location. This suggests that renters seek locations that fulfill multiple needs, highlighting the importance of providing varied neighborhood features to attract and retain residents.

The Kano Model differentiates and prioritizes features based on the degree of their impact on user satisfaction.40 The size of the dot indicates level of importance.

Attractive – delightful, unexpected features that increase satisfaction. Performance – desired features that directly impact satisfaction. Must Have – fundamental and expected features which negatively affect satisfaction if absent or missing. Indifferent – features that are considered neither good nor bad and do not impact satisfaction.

02 — Design Strategies

Enhance Walkability and Accessibility

Prioritize developments in locations that offer walkability or quick, barrier-free travel to neighborhood assets such as parks, retail shops, and dining options.

Ensuring ease of access to these amenities aligns with renters' preference for convenience and lifestyle benefits, making the location more attractive.

Incorporate and Highlight Value-focused Amenities

A preference was identified for design developments that feature a diverse range of value-focused amenities such as on-site gyms, saunas, coworking spaces, and communal areas. These amenities not only enhance convenience and reduce residents’ external expenses but also increase the perceived quality of the location.

Create Flexible Apartment Layouts

Include additional dedicated space for personal use, such as home offices or small personal gyms, providing residents with cost-effective solutions and functional spaces that enhance their living experience.

Ensure Management Visibility and Accessibility

Design buildings with visible management offices and welcoming lobby areas to promote passive engagement and accessibility. This approach enhances residents' sense of community and trust in management, addressing younger renters’ emphasis on service quality and responsive management.

Reduced commute, established living, and stable prices encourage renter retention.

In the competitive rental market, building managers and developers understood that there were factors influencing renter decisions regarding lease renewals and non-renewals. Stakeholder interviews suggested that reduced commutes, established living conditions, and stable pricing were viewed as essential drivers for encouraging renter retention.

REASONS FOR RENEWAL

Building managers emphasized that favorable location, convenient commutes, and quality amenities significantly influenced renewal decisions. Renters were more likely to remain in their homes when they felt "settled" in a community they liked and found affordable. Equally important were the relationships renters had with management and other residents. Managers noted that effective communication and quick responses fostered positive interactions, enhancing residents' sense of belonging. Good relationships with neighbors also contributed to a supportive community atmosphere, reinforcing renters’ decisions to renew their leases.

REASONS FOR NON-RENEWAL

On the other hand, non-renewal decisions often arose from price increases and dissatisfaction with neighbors. Managers noted that renters were sensitive to financial changes, making transparent pricing strategies essential. One strategy often taken is to maintain consistent pricing for one or two years while renters get more established to deter renters from exploring cheaper options in the area or elsewhere. Additionally, factors such as relocation for lower living costs or aspirations to purchase a home contributed to non-renewal decisions.

44, FEMALE, PROPERTY MANAGER

"I think one of the main reasons people renew their leases is because they get settled and comfortable here… Sometimes people experience rent increases but start shopping around and find that if they don’t want to compromise on things that are important to them, like space, amenities, or location, moving won’t get them anything different from what they already have with us."

33, MALE, PROPERTY

MANAGER

"Retaining a very consistent pricing structure for at least one or two years helps ensure that the tenant isn’t tempted to seek out a cheaper option."

Renter loyalty is rooted in design, established living, and convenient location.

SATISFACTION

Renter satisfaction with their current apartment is generally high. With 63% describing themselves as being "extremely satisfied," most are those living with a spouse or partner and one or more children. In contrast, individuals living alone show mixed levels of satisfaction, with 17% reporting they are "extremely dissatisfied" or “somewhat dissatisfied,” indicating potential cases of social isolation and loneliness.

Single renters with children have even lower satisfaction rates with only 4% responding "extremely satisfied," possibly due to balancing overwhelming responsibilities and/or financial strains. Roommates also yield a moderate satisfaction level of 51%, suggesting some participants may

be living with people who do not share their own interests, values, and may even having conflicting living practices.

Generational differences are notable; Gen Z renters show higher dissatisfaction (6%), while satisfaction generally increases with age. This pattern suggests that as individuals gain experience renting and maturity in their careers and personal lives, their ability to manage conflicts improves, leading to more favorable rental situations and greater satisfaction. Although the Gen X age group reports the highest dissatisfaction (4%), overall satisfaction remains relatively high.

SATISFACTION BY LENGTH OF TIME IN CURRENT UNIT

4.22/5 overall satisfaction with current apartment

The length of residency significantly influences renter satisfaction levels, with the average tenure being approximately 2.24 years. Those living for 4 or more years report the highest satisfaction, with 54% being "extremely satisfied." In contrast, only 14% of renters in the 0-6 months category express the same level of satisfaction, reflecting the challenges of adjusting to a new community. The 7-12 months group shows 22% "extremely dissatisfied," while those in the 1-2 years category indicate 46% are "somewhat satisfied," suggesting increasing contentment over time. A notable shift in satisfaction often occurs at the one-year lease renewal mark, as longer residency fosters better relationships and a sense of belonging, underscoring the need for support for new residents to enhance their overall satisfaction.

WHAT'S NEXT POST-LEASE

Renters were asked to share their intentions regarding their living situations as they approach the end of their lease terms. The survey results indicated that 42% plan to move to a different rental location, while 27% intend to stay in their current unit, and 31% wish to purchase a home.

The data showed that renters' decisions evolve over time. Among those living in their property for less than 6 months, 41% plan to stay, but this figure drops to 33% for those in the 7-12 months category, with 56% considering relocation. This shift may reflect a period of adjustment where newer tenants are still evaluating whether the property meets their needs.

Additionally, the intention to buy a home increases with longer tenure, peaking at 36% for renters in the 3-4 years range. However, this intent declines to 21% for those who have lived in their property for over 4 years, indicating that individuals who have not transitioned to homeownership may prefer the flexibility of long-term renting. Overall, the findings highlight the dynamic nature of renter decisionmaking as they navigate their housing options.

END OF LEASE DECISIONS BY TENURE LENGTH

KEY FACTORS INFLUENCING RENTER RETENTION

To identify the key factors influencing renter retention, participants who indicated they would either continue renting in their current unit or move to a different rental were asked to rank the reasoning behind their decisions.

DRIVERS FOR STAYING IN CURRENT UNIT

The primary reason renters choose to stay is satisfaction with the size of their unit. Satisfaction with the design of the unit and its convenient location also play crucial roles. Renters prioritize affordability and often express a reluctance to move. Although amenities and relationships with management are important, they are considered secondary to the physical attributes of the rental units.

1. Satisfied with size of current unit

2. Satisfied with design of current unit

3. Location is convenient

4. Rent is affordable

5. Don't want to move

6. Like the amenities

7. Have good relationship with management

8. Feel safe and secure

9. Feel like a member of the community and have friends here

DRIVERS FOR RENTING NEW PLACE

In contrast, the main reason for moving is the incentive of living in a different neighborhood, followed by the need for a different type of unit and additional space. Renters are also motivated by a desire for better amenities and raised concerns about their high rents. Dissatisfaction with management and safety concerns further contribute to the decision to relocate.

1. Want to live in different neighborhood

2. Want to live in a different type of unit (e.g., layout, number of rooms)

3. Need more space (e.g., additional square footage)

4. Want better/different amenities

5. Rent is too high

6. Dissatisfied with management

7. Feel unsafe

8. Want a newer or more modern unit

03 — Design Strategies

Location Accessibility

developments in areas with easy access to public transportation, shopping, schools, and parks. Design walkable pathways and bike lanes to improve access to local amenities, aligning with renters' needs for convenience.

Incorporate Customizable Design Elements

Offer options for renters to personalize their units with different color schemes, fixtures, and materials. Design

Create adaptable apartment layouts that allow renters to customize their spaces with movable partitions and modular furniture.

Create Engaging Community Spaces

Design shared spaces that encourage social interaction among residents, such as lounges, rooftop gardens, or coworking areas.

Relationships with management and the community matter less to renters.

In discussions with building managers and developers, reputation and management emerged as surprisingly low on their list of priorities for attracting renters. Many cited factors such as amenities, location, and price as being far more influential in drawing potential tenants.

60% of building managers believe their properties foster a somewhat strong sense of community. However, looking ahead, managers anticipate a trend toward less emphasis on community in rental properties, expecting a shift toward more independent, amenity-focused living with reduced use of common social spaces.

"A lot of people are more busy with their day-today lives. They’re occupied with their own business, and especially when you have kids and family priorities, it’s very difficult sometimes to have that sense of community. It is important to some, but there are many everyday families who just don’t have the time to be involved in the apartment complex community." 38, FEMALE, DEVELOPER

Renters value relationships—seeking active engagement over passive amenities.

Renters ranked reputation and management as the 4th most important factor in choosing their current apartment ahead of 'community + lifestyle', 'safety + security', and 'design + layout'. While not a main driver for attracting and retaining renters, it is not the least important as suggested by building managers and renters.

Survey participants were asked to rate their satisfaction on certain areas of building management. The mean satisfaction scores were all consistently close to or above 4 out 5, indicating that renters are generally somewhat to extremely satisfied across most aspects of building management. Areas of higher satisfaction include friendliness and professionalism of staff (4.07/5), quality of maintenance and repairs (4.07/5), and response to maintenance requests (4.06/5). Areas for slight improvement include availability of virtual tours and leasing information (3.99/5), communication with management (4.03/5), and community events and engagement initiatives (4.05/5). While renters currently don’t rate amenities centered around passive social engagement as important, they do look for opportunities to engage with staff and their neighbors through community events and organized gatherings to foster connections.

Overall management of the property

Community events/engagement initiatives

Digital portal vailability for rent payment/service requests

Renters were also asked to provide any specific suggestions they have for how apartment buildings or building management can better meet their needs. Here is a summary of some of the most frequently mentioned themes:

MAINTENANCE (206)

Provide timely responses, thoroughness of repairs, proactive vs. reactive maintenance, cleanliness of common spaces, transparency on progress, and staff availability.

COMMUNITY (164)

Proactively foster connections through regular events and engagement initiatives, creating opportunities for resident interaction.

AMENITIES (145)

Regularly assess, update, and expand amenities to meet evolving resident needs and preferences.

COMMUNICATION (132)

Improve communication with timely responses and accessible contact channels.

SECURITY (132)

Enhance security with additional measures like better lighting, surveillance, and controlled access.

DIGITAL ACCESS (109)

Upgrade digital services with user-friendly portals, expanded online options, and virtual tools for communication and requests.

CUSTOMER SERVICE (103)

Ensure staff are consistently approachable, responsive, and professional to meet high service expectations.

The quantitative data indicates broad satisfaction with building management, particularly in maintenance response, staff professionalism, and communication. However, qualitative insights point to specific areas where proactive efforts could elevate the resident experience. Renters emphasize the need for proactive communication that enhances transparency beyond basic updates, as well as regular, proactive maintenance of shared spaces to ensure cleanliness and upkeep. Addressing these areas could further improve satisfaction by demonstrating attentiveness to resident needs and fostering a more responsive management approach.

04 — Design Strategies

Flexible Amenity Spaces

Design multipurpose rooms with movable partitions and modular furniture to transform spaces for social gatherings, workshops, or quiet relaxation.

Indoor-Outdoor Connectivity

Seamlessly connect indoor and outdoor community areas with sliding glass walls and retractable doors, encouraging socialization in versatile settings.

Open Management Offices

Position management offices centrally with glass walls to enhance staff visibility and approachability, reinforcing management’s role in the community.

Visible Amenities with Sightlines

Place lounges, gyms, and cafes near entrances and high-traffic areas, with windows and sightlines overlooking common areas to encourage social encounters and enhance security.

Renters prefer personal home spaces over use of shared amenities.

Interviews with property managers and developers reveal that renters increasingly favor their personal, dedicated spaces over shared on-site amenities. Despite being designed to foster interaction and passive engagement among residents, these communal spaces are often underutilized and fail to achieve their intended purpose. They feel that many renters, especially those with demanding schedules, rarely gather in these areas, reducing their overall value in creating a sense of community. As a result, developers see shared amenities becoming less of a priority in future properties, except for workspaces tailored to support remote work. These spaces are viewed as more practical and aligned with renters’ evolving needs, making them a key focus in rethinking the design of on-site amenities.

"In urban environments, many are leaning towards having their own dedicated spaces, as shared amenities often aren't heavily utilized. From what I’ve observed, these common areas with amenities are used sporadically and aren’t particularly popular."

"A lot of people are more busy with their day-to-day lives. They’re occupied with their own business, and especially when you have kids and family priorities, it’s very difficult sometimes to have that sense of community. It is important to some, but there are many everyday families who just don’t have the time to be involved in the apartment complex community."

Renters favor shared spaces for individual use over communal interaction.

From our Kano model analysis for shared amenities, the data showed that renters prioritized spaces catering to their individual needs over those designed for passive communal interaction. Frequently used and highly valued amenities included gyms, pools, on-site food and beverage options, bicycle storage, and lounges with highspeed internet. In contrast, amenities like recreation rooms, coworking spaces, rooftops, entertainment areas, and dog parks were met with indifference, reflecting a shift in renter preferences.

While renters reported high satisfaction with most aspects of building management, satisfaction with community events and engagement (4.05/5) lagged behind the friendliness and professionalism of staff (4.15/5). When asked for suggestions for how the property and management can better meet their needs, many renters recommended enhancing community-building efforts through regular events and active engagement initiatives. This highlighted a preference for structured, management-facilitated opportunities to connect with neighbors rather than relying on passive or self-organized interactions in shared spaces.

"I'd

say most of the time I'm hanging out in my living room on my couch. If I'm using amenities in my apartment, I'm at the gym or at the pool. I feel like both of those are very enjoyable and useful."

05 — Design Strategies

Functional, Individual-Oriented, Shared Amenities

Prioritize gyms, pools, bicycle storage, and lounges with high-speed internet, tailoring these spaces to renters' personal needs and routines.

Purpose-Built

Event Spaces

Design flexible indoor and outdoor areas specifically for hosting management-led events like fitness classes, seasonal celebrations, and workshops, ensuring adequate space, seating, and equipment storage with a dedicated social events manager.

Reimagined Communal Spaces

Replace underutilized areas like recreation rooms or rooftops with multipurpose designs that blend individual use and occasional small group activities.

Versatile

Lounge Areas

Design adaptable lounges for dual purposes, such as relaxation and remote work, offering comfortable seating and charging stations.

33, MALE, PROPERTY MANAGER

38, FEMALE, DEVELOPER

GEN Z, FEMALE, RENTER

Remote work reshapes renter needs and expectations of their space.

Post-COVID, the biggest shift noted by developers and property managers is the impact of remote work on apartment design. Dedicated home offices have become a standard expectation, transforming from an optional luxury to a core feature in new developments.

Renters are increasingly looking for larger apartments that can accommodate workspaces, with a greater emphasis on flexibility and functionality. These changes highlight a clear evolution in renter preferences, driven by the growing permanence of remote work lifestyles that increase renter’s time spent on property.

With the additional time spent on property, developers and property managers interviewed shared that this increased time has also resulted to higher maintenance needs, a demand for betterquality spaces, and increased amenity usage. Outdoor spaces and access to fresh air are also in higher demand as renters seek balance while spending more time at home.

38, FEMALE, DEVELOPER

"We're doing a lot of design mockups that include a home office because that is definitely one of the things people are looking for now. Before, it wasn’t necessarily a key space, but it has definitely become a key space for people working from home."

42, MALE, PROPERTY MANAGER

"They want security and safety, but they also expect available maintenance, with timely responses to calls. Amenities like a pool, a gym, and options for social gatherings are also highly valued."

Remote work endures—renters seek separate, comfortable spaces at home.

Survey results highlight the ongoing significance of remote work, with most participants working remotely full-time or part-time. Younger millennials lead, with 53% working remotely full-time and 16% part-time, while older millennials closely follow at 52% full-time and 15% part-time. In contrast, Gen X and Gen Z are more likely to work full-time in the office (42% and 44%, respectively), nearly double the percentage of millennials.

72% of renters work remotely either full-time or part time

Nearly half of renters (46%) use a dedicated home office for remote work, making it the most common setup. Other popular locations include a desk or workstation in another room (23%) and shared or multipurpose spaces on the property (23%). Smaller percentages work at dining tables or kitchen counters (6%) or in separate spaces like coffee shops or outdoor areas (2%).

Top preferences for remote work setups include highspeed internet (52%), a private workspace (36%), and separation from living spaces (34%). Additional needs like physical comfort (32%), natural light (30%), and sufficient outlets (30%) underscore the importance of functionality and comfort in effective remote work environments.

Renters prefer remote work close to home, whether within their apartment or on the property. Postpandemic, the focus has shifted from finding any available spot to creating a sustainable, comfortable workspace with clear separation from personal life.

"It was very important for me to have a space that is separate from where I sleep and do things for fun. In a previous apartment, which was a studio, I had no separation between work and home life. So as I continue to rent, the one thing I really focus on is making sure I have a dedicated space for work , with the ability to open and close a door to that space."

GEN Z, FEMALE, RENTER

TOP 3 PREFERENCES FOR A REMOTE WORK SETUP

06 — Design Strategies

Dedicated Workspaces

Add

Enhanced Amenities

Design

Smart home technology is not a driver for renter decision making...yet.

Building managers and developers are divided on the importance of technology integration to renters and their properties in general. Some see it as crucial, particularly for attracting younger residents who value the convenience and control that smart technologies offer in their living spaces. These proponents believe tech-savvy features enhance property appeal and resident satisfaction. On the other hand, some express concerns about security, viewing smart technology as a potential risk to resident safety and privacy as well as an expense they don’t want to take on. The largest group takes a neutral stance, considering technology as a nice addition but not a core requirement for property management. Overall, while they believe smart home technology can add appeal, it is not yet a pivotal factor in renters’ decision-making.

"I see some smart technology integrations, but we're not at a place where people are expecting smart thermostats. If they want a Ring doorbell situation, they’d have to buy that themselves. Those things may happen in the future, but I don't really see many people expecting that right now."

"I think personalizing is nice and I don't mind providing [smart home technology] either. I can go either way here, but I don't think it's super important. It's a niceto-have. People can also bring their own technology and smart home solutions if they want."

Renters demand for tech is current, not future-driven.

In today’s rental market, smart home features are increasingly in demand, with high-speed internet standing out as the most essential—73% of respondents already have it. This connectivity supports other popular smart devices, such as appliances (61%) and lighting (61%), which renters value for convenience and energy efficiency. Voice-activated assistants like Amazon Alexa or Google Assistant are also widely used, present in 57% of homes, indicating a growing preference for seamless connectivity.

Security features, including smart locks and security systems, are installed in over 55% of respondents' homes, highlighting a need for safety and controlled access. Additionally, energy-conscious options like home automation and smart thermostats are gaining traction, though only half of renters have adopted these technologies to date.

57, FEMALE, PROPERTY MANAGER

MALE, DEVELOPER

Gen Z leads in overall smart home device adoption, though other age groups also show strong usage with distinct preferences. For example, many millennial renters report having smart lighting, voice-activated assistants, and smart appliances—often provided by property management.

Interestingly, 79% of renters stated they did not have additional devices beyond the ones listed. However, for properties aiming for distinction, offering a wider variety of smart features could attract tech-savvy renters seeking a more integrated living experience.

Inaddition to what they currently have, renters participating in the survey were asked to specify what smart home devices they would like to have in the future. Overall, there is a strong, generalized interest in additional smart home technology among renters, with future demand consistently surpassing current ownership across nearly all device types. This trend indicates that renters are open to adding more smart devices without a strong preference for any specific type.

Some of the most desired devices in the future currently have the lowest levels of adoptions. Properties can meet renters' growing expectations by providing smart home devices or the necessary infrastructure for smart thermostats, energy management systems, and home automation. These features align with renters' desires for convenience and sustainability.

Future interest in smart home technology is similar across generations, unlike current adoption, where younger renters lead. This creates an opportunity for properties to provide or promote smart home features to meet the growing demands among older renters seeking tech integration.

07 — Design Strategies

Smart Home Integration

Surveyed renters were also asked to list any new spaces, technologies, or innovations they would like to see in their apartment buildings. There were 5 main areas of interest:

SMART MOBILITY SOLUTIONS

Renters are asking for properties to include electric vehicle charging stations and automated parking systems, making eco-friendly transportation more accessible and convenient.

SUSTAINABLE LIVING INNOVATION

Renters are looking for eco-friendly amenities, such as water-efficient fixtures, comprehensive recycling options, and spaces for indoor gardening, to support sustainable living.

HIGH-SPEED CONNECTED ENVIRONMENTS

Renters desire fast, reliable internet and integrated smart home technologies, allowing for a seamless and efficient living experience – not just stand-alone smart home devices.

SECURE AND CONVENIENT HABITATS

Renters seek enhanced safety features, including secure access systems and smart locks, to create a safe and comfortable environment within their homes.

ENERGY EFFICIENT AND SECURE HOMES

Renters desire energy-efficient technologies, such as smart lighting and home energy management systems, to help reduce costs and environmental impacts in their living spaces.

Install smart appliances, lighting, and energy management systems that allow residents to control their environment via mobile apps, promoting convenience and sustainability.

Enhanced Security Features

Implement smart locks and video doorbells to create a secure living environment, allowing residents to monitor access and ensure peace of mind.

Flexible Unit Design

Create adaptable layouts that allow for easy upgrades to accommodate emerging smart technologies, ensuring properties remain relevant in a rapidly evolving market.

Seamless Connectivity Solutions

Utilize interoperable systems that enable residents to manage all smart home devices from a single platform, enhancing the user experience and promoting a cohesive living environment.

Current needs for rental parking outweigh additional or future-focused features.

With 63% of renters owning one vehicle and 33% owning two or more, the primary focus in rental property development remains on providing sufficient parking to meet renters' immediate needs. Interestingly, while only 26% of landlords believe offering guest parking would add value, 50% of renters stated they would "probably" or "definitely" pay more for nearby guest parking, highlighting a disconnect between renter preferences and perceived priorities by landlords.28

Although interest in electric vehicles is growing, 97% of renters in Dallas, TX do not currently own an EV or hybrid vehicle, resulting in limited infrastructure development.41 Currently, 33% of renters report their community lacks EV chargers, and only 30% are satisfied with existing on-site charging setups, reflecting a secondary focus on EV infrastructure compared to general parking needs.41

Sun Belt prioritizes driving but plans to transition to EVs soon.

When asked how they currently commute to work or school, survey participants primarily reported by car (63%), followed by public transportation (27%), with less than 10% stating that they carpool, rideshare, walk, bicycle, or ride a motorcycle. This creates a strong demand for parking and being located near public transportation. Currently, renters primarily own either a gas-powered vehicle (40%) or an electric vehicle (27%). Notably, interest in electric vehicles is rising, with 61% of respondents planning to own one within the next three years, highlighting a need for expanded EV charging infrastructure.

Renters were asked to rate the importance of access to various parking amenities, such as on-site parking features and dedicated parking for different modes of transportation. Survey participants rated reserved parking (4.11/5), covered parking (4.07/5), and having a dedicated parking spot (4.03/5) as being the most important. Overall, the level of importance for parking amenities was consistently high across the board, indicating that while features like reserved parking and covered spaces were top priorities, other amenities such as assigned visitor parking, EV charging stations, and bike storage were also valued by renters. Renters’ responses reveal a focus on parking amenities that meet immediate needs while preparing for evolving preferences, like EV infrastructure.

08 — Design Strategies

EV Charging Infrastructure

Install EV charging stations and pre-wire parking areas for future expansion, addressing growing demand in the next 3 years.

Diverse Parking Options

Offer a range of parking spot types, including reserved, covered, and visitor parking, to accommodate diverse renter needs.

Renters want more kid-friendly buildings for families seeking affordable housing options.

Interviews with developers and property managers reveal a growing trend of families renting instead of purchasing a home, shaping the need for more family-oriented rental properties. Features like playgrounds and safe play areas are becoming more widely requested and used on properties. Outdoor spaces for children to play and areas designed for family activities are increasingly valued, reflecting a shift in what renters seek in a family-friendly community.

From a survey of landlords and renters by The Motley Fool, 72% of landlords believed renters would pay more for high-quality schools in their local area, yet only 55% of the renters surveyed expressed a willingness to do so.28 This result highlights a gap in what renters consider an added benefit versus a fundamental expectation.

44, FEMALE, PROPERTY MANAGER

"We may see more people raising their families while renting because they don’t want to wait for a house, not knowing when that will happen. This is shaping rental properties, as many are now advertising as familyfriendly, with features like playgrounds, safe areas for kids to play, and proximity to schools and transportation."

38, FEMALE, DEVELOPER

"People are always looking for a way for their kids to burn off steam before going into the house. They like the idea of letting their kids be outside rather than on a screen all the time. So, you always find people with their kids in that area."

Renters

expect inclusivity and accessibility, without an increase in cost.

Renter demographics are evolving, reflecting a need for properties that accommodate diverse household compositions while maintaining affordability and providing desired amenities. More families are choosing to rent longer-term, with 59% of survey respondents living with a spouse/partner (34%) or with a spouse/partner and children (26%). Additionally, 6.7% live in nontraditional setups, such as single parents (3.4%) or individuals with adult relatives (3.3%).

Indoor and outdoor play areas, along with pools, were identified as essential amenities in the Kano analysis. These features support families while also appealing to other renters seeking shared spaces and recreational opportunities.

LIVING ARRANGEMENTS

NUMBER OF BEDROOMS VS LIVING ARRANGEMENT

Of the survey participants living with roommates or families, the majority share their households with either two (38%) or three other people (35%). Most renters occupy 2-bedroom units (59%) due to their balance of affordability and flexibility, accommodating small families, couples, and roommates. Three-bedroom units (26%) cater to larger families, while 1-bedroom units (15%) are popular among solo renters and young professionals. Studios (0%) and 4+ bedroom units (1%) serve niche audiences, such as individuals seeking affordability or large families requiring extra space. Renters expect rental properties to offer inclusivity and functionality for diverse household types without increasing costs.

09 — Design Strategies

Flexible Layouts with Storage

Provide adaptable spaces with sliding partitions and layouts suited for multigenerational households and small families with ample storage.

Family-Oriented Amenities

Incorporate playgrounds, pools, and proximity to schools to cater to the significant number of families renting long-term.

Renters prioritize quality rental experiences as homeownership costs rise.

Developers and building managers recognize that many renters are increasingly drawn to homeownership as a path to financial stability and investment. High rent prices, rising interest rates, and the appeal of building equity are pushing renters to consider buying a home. Aware of this trend, these stakeholders see the risk of losing renters not only to homeownership but also to more affordable rental options.

In response, they are working to differentiate their properties by enhancing amenities, fostering community, and offering flexible payment options. Developers assume that today’s renters seek more than just a temporary stop; they want a quality of life within their rental experience. By creating a rental environment that provides stability, with comparable affordances and lifestyle, developers aim to make apartment living an appealing long-term choice—one that stands on its own merit and competes effectively with the benefits of homeownership in this market.

"Since COVID with the rise of interest rates… there have been many more people that are looking to rent. I think people can't afford to purchase houses, so they're looking to rent and they're willing to pay quite a high price for it."

Most renters find stability in renting over financial gain in buying.

Majority of renters plan to continue renting, with 42% intending to stay in their current unit and 31% planning to move to a different rental property. While most renters plan to continue renting, a significant difference emerges between younger age groups who are just entering the housing market and renting as they establish themselves in their careers and older generations who have had more time to consider homeownership. The aspiration of homeownership is highest among Gen Z (42%), who are newest to the market, while older Millennials (20%) and Gen X (23%) who have spent longer in the rental market, exhibited a more moderate interest, perhaps reflecting a gradual comfort with the familiarity of the rental sector. Younger Millennials fall in between at 24%, balancing early career needs with a desire for stability and equity.

For renters planning to purchase a home when their current lease ends, respondents were asked to rank their reasons in order of importance. The main drivers for purchasing a home are financial security, space, and stability. For all generations, the top reasons for transitioning from renting to buying include building equity, needing more space, and stability. While all generations share these top priorities, the order varies: younger Millennials prioritize space, while Gen Z, older Millennials and Gen X focus on building equity and stability.

Drivers For Buying

1. Want to build equity/make an investment

2. Need more space

3. Want more stability

4. Rent is too high and greater housing stability desired

5. Want to be a part of a community or neighborhood

6. Want to customize living space

7. Want a yard or outdoor space

8. Want more privacy

Only 27% of surveyed renters indicated that they plan to purchase a home when their current lease ends

10 — Design Strategies

Offer Home-like Affordances

Design units with spacious, flexible layouts that allow renters to personalize and customize their surroundings, providing a sense of ownership similar to a home.

Create Tenured Renter Experiences

Offer options that promote stability and comfort, such as flexible lease terms, predictable payment plans, and the ability for renters to make minor customizations, helping them feel more settled and invested in their living space.

Conclusion

Residency Reshaped

Key Renter Insights

01

DESIGN DRIVES RETENTION, NOT SELECTION

While design itself does not drive a renter’s choice of where to live, its ability to meet their needs ultimately determines whether they stay. Renters prioritize functionality, adaptability, and quality in their spaces, seeking layouts and amenities that align with their daily routines, from remote work to personal relaxation. Meeting these needs creates long-term satisfaction and builds loyalty.

04

VALUE FOCUSED SHARED SPACES

Shared amenities, such as gyms, pools, and lounges with high-speed internet, are most valued when they cater to individual routines rather than communal interaction. Renters prefer these spaces to enhance their personal lives and save costs on external alternatives, reflecting a shift away from communal expectations toward individualized functionality.

02

REMOTE WORK RESHAPES DESIGN PRIORITIES

Remote work has reshaped renter expectations for living spaces, driving a permanent shift in design priorities. Spacious layouts, private work areas, and features like high-speed internet and natural lighting have become essential to meet the demands of a remote or hybrid lifestyle. The focus has shifted from proximity to work to creating living environments that seamlessly support productivity and well-being.

05

AFFORDABILITY AND FUNCTIONALITY ALIGN WITH RETENTION

Renters increasingly view affordability and functionality as core priorities when evaluating their homes. Properties that offer a balance of well-maintained spaces, stable rent structures, and adaptable layouts are more likely to retain tenants, especially as renters consider long-term rental as an alternative to homeownership.

03

ACTIVE COMMUNITY OVER PASSIVE AMENITIES

While renters are often indifferent to passive communal amenities like recreation rooms and coworking spaces, they value opportunities for management-facilitated engagement. Structured events, such as fitness classes and seasonal celebrations, offer active ways to build community, promoting connections without relying on passive or organic interactions.

06

THE FUTURE IS CLOSER THAN WE THINK

Emerging technologies like electric vehicle (EV) infrastructure and smart home features are quickly becoming renter expectations. With the majority of renters planning to own an EV within three years, properties must prioritize EV charging stations, smart locks, and energy-efficient systems. Future-ready developments that embrace these advancements will stay competitive and meet evolving demands.

Limitations + Next Steps

In this study, we focused on the shifting needs and preferences of renters in the post-COVID multifamily housing landscape, capturing insights through survey responses, interviews, and secondary data analysis. While this mixed-methods approach provided valuable perspectives, there are key limitations that should be addressed in future research.

One limitation of the study is the reliance on self-reported data from renters, developers, and property managers, which may not fully reflect actual behavior or amenity usage. Observational studies or longitudinal tracking of amenity utilization and satisfaction would provide a deeper understanding of the gap between renter intentions and actions for specific properties.

Additionally, the study targeted renters in high-end, multifamily properties, excluding insights from other property types, such as mid-range or affordable housing. This focus limits the generalizability of the findings to a broader renter demographic. Expanding future research to include a wider range of property types would provide a more inclusive understanding of renter behaviors and preferences. Further, while the study centered on Sun Belt markets, the findings may not be representative of renters in other geographic areas or diverse housing markets. Expanding research to include broader national or international markets could yield more comprehensive insights and allow for more granular benchmarking.

This initial study also aimed to create a repeatable methodology and survey tool that could be used for benchmarking and deployment in various locations. By building an understanding of unique markets, the study intends to provide our clients with valuable insights, enabling them to make informed design decisions. Future research could further refine and expand this methodology, tailoring it to specific markets or property types.

Acknowledgments

Thank you to everyone involved in this study. Your collaboration, insights, and thoughtful contributions have been invaluable in driving our research forward. This project and the resulting report were made possible through the support and resources provided by Corgan.

Corgan

HUGO RESEARCH AND INNOVATION TEAM

Melissa Hoelting, Assoc. AIA, WELL AP, Associate and Assistant Director of Hugo

Weijia Wang, Design Researcher (Information Design)

Junling Zhuang, Design Researcher (Information Design)

Mahdi Afkhami, PhD, LEED Green Associate, RESET AP, Design Researcher (Environmental Design)

CORGAN MULTIFAMILY TEAM

Stephen Lohr, Multifamily Studio Leader, Associate Principal

GRAPHIC DESIGN

Graziella Detecio Marketing, Graphic Designer

ADDITIONAL SUPPORT

Emad Alyedreessy, ARB, PhD, Senior Design Researcher (Human Experience)

Samantha Flores AIA, NCARB, RID, Vice President and Director of Hugo

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