Key Highlights

  • Millionacres surveyed 1,500 renters and some 140 landlords to learn what renters want from landlords and what landlords think renters want
  • In many areas, renters and landlords on same page
  • In other areas, there are many discrepancies

If you and/or your clients are either already landlords or are considering becoming landlords, it’s important to know what tenants prioritize and what they don’t. Here are findings from a recent survey done by Millionacres, the real estate investment market segment of The Motley Fool, that may help you and/or your clients know what features tenants prioritize and what features tenants may be willing to pay more for.

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Here are some key findings of this Millionacres tenant-landlord study:

  • Where Landlords and Tenants on the Same Page
    • Convenient location
    • Modern building
    • Nice neighborhood
    • Modern appliances
    • Large size unit
    • Utilities included
    • Safety and security features
    • Reserved parking or parking lot for residence
    • Accessibility features such as elevators and ramps
    • On-site pool and/or gym
    • Central HVAC
  • Where Tenants and Landlords Not on Same Page
    • Renters willing to pay more than landlords thought for convenient payment options, guest parking and flexible lease terms
    • Renters not willing to pay as much as landlords thought they would for pet-friendliness and high-quality nearby schools
    • Nearly 50% of tenants believe that specific features more important than affordability
    • Tenants would like and pay more to have guest parking for their friends and family members when they come to stay and/or visit

For landlords/potential landlords, it’s important to know that tenants value convenience and flexibility…and they’ll pay more for that convenience and flexibility.

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It’s also important to remember that the renter population skews in favor of people who do not have children, as families are more likely to buy than rent. Similarly, 82% of landlords thought renters would pay more for a pet-friendly property and proximity to high-quality schools while just 65% of renters said they would pay more for pet-friendliness and for closeness to a high-quality school.

Thanks to Millionacres, a division of The Motley Fool.

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