A survey of Boston residents commissioned by the National Multifamily Housing Council found that local renters most often move because of their finances, square footage needs and personal or professional changes. iStock illustration

Understanding your renters – what their concerns are, how they make decisions, and what you can do to help them in the leasing and renewal processes – earns their trust and can lead to long-term relationships.

For Boston residents surveyed in the 2024 National Multifamily Housing Council and Grace Hill Renter Preferences Survey Report, determining where to live and whether to stay in their current rental residence comes down to a variety of factors. These considerations largely center around their finances, square footage needs and personal or professional changes.

Of the 22 percent of renter respondents in the Boston survey who are planning to move to a new rental property when their lease expires a majority are motivated, at least in part, by affordability. In fact, 57 percent of those who plan to move when their current lease expires said that they’re seeking a lower rental rate.

Following cheaper rent, Boston renters’ next-most frequently cited reasons for moving were plans to move to a new city and seeking more space, both at 21 percent of renter respondents. However, nearly as many (20 percent of those planning to move at lease expiration) were Bostonians seeking a better management company in their next rental property or community.

This insight provides an opportunity for owners and property managers to listen to their residents and address their needs, which could have a positive impact on retention.

What Features Matter Most

Following closely on the list was renters’ desire to improve their everyday setting, with many renter respondents also citing that they are seeking a better neighborhood (18 percent) and/or better home features or property amenities (14 percent).

For Boston renters, the most desirable apartment features included an in-unit washer / dryer (96 percent), air conditioning (95 percent), soundproof walls (91 percent) and high-speed internet access (90 percent). The most desirable community amenities were reliable cell reception (87 percent), secure and self-service 24/7 package access (83 percent), controlled property / amenity access and non-smoking buildings (both at 78 percent).

Boston respondents also cited a change in a relationship, job or family status as a big move motivator. Among those who responded with this reason, 55 percent had gotten or were anticipating getting a new job, 21 percent were moving in with a partner or getting married, 6 percent were going through a divorce or relationship break-up and 5 percent had lost or quit a job, resulting in a change in their circumstances.

Wrapping up the reasons for a move, Boston renters cited a desire for a better floorplan (10 percent), a newer building (7 percent), moving away from an undesirable neighbor (7 percent), moving in with a roommate (4 percent), moving away from a roommate (2 percent) and moving in with a relative or family member (2 percent).

Sarah Yaussi

Interest in Membership Programs

But for the majority of renter respondents who said they planned to stay put when their current lease expires, they have definite preferences about how they want to handle the process of renewing. More than half of those intending to renew (51 percent) said that they want an online-only renewal process, while another 19 percent said that they prefer a face-to-face lease renewal. Fewer than a third (30 percent) said that they didn’t have a preference for how to renew.

It’s clear that, for today’s renters, how they feel about where they live – and whether they want to continue living there – is as much about the experience with the property management brand as the physical unit or community amenities.

To this end, it’s interesting for developers and investors to note the responses to the survey question that asked renter respondents, “Would you ever consider joining a rental housing membership program that would allow its members the flexibility to move between communities within a brand’s network of properties (similar to a vacation club)?”

Nearly half (45 percent) of respondents answered “Yes.”

This suggests that there’s a potential opportunity for property owners with portfolios that encompass multiple properties to capitalize on their brand power for a new leasing experience.

Regardless, knowing and understanding your renters is the key to predicting their needs – and knowing how to meet them. Digging into renter data and insights gives you an edge as you conceptualize future offerings.

Sarah Yaussi is the vice president of business strategy at the National Multifamily Housing Council.