UNDERSTANDING THE NEW RENTER NMHC-Kingsley 2013 Survey of Apartment - - PowerPoint PPT Presentation

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Mar 09, 2023 169 likes •462 views

UNDERSTANDING THE NEW RENTER NMHC-Kingsley 2013 Survey of Apartment Resident Preferences 2014 NMHC Annual Meeting David C. Smith, Vice President and COO Kingsley Associates PROJECT OVERVIEW First annual NMHC-Kingsley Survey of Apartment

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UNDERSTANDING THE NEW RENTER

NMHC-Kingsley 2013 Survey of Apartment Resident Preferences 2014 NMHC Annual Meeting David C. Smith, Vice President and COO Kingsley Associates

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in partnership with Kingsley Associates

PROJECT OVERVIEW

First annual NMHC-Kingsley Survey of Apartment Resident Preferences:

Conducted in August-September 2013 Received 14,690 responses from 1,426 communities Reports available for 22 different markets Twelve (12) participating firms own / operate over 550,000 units

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AMENITIES, FEATURES & ACTIVITIES

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RESIDENTS ASKED TO INDICATE INTEREST IN VARIOUS FEATURES, AMENITIES AND ACTIVITIES

93% High Speed Internet 18% On-site Childcare

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RESIDENTS ASKED TO INDICATE INTEREST IN VARIOUS FEATURES, AMENITIES AND ACTIVITIES

93%

High Speed Internet

#1 or #2 amenity regardless of class Highest in San Antonio – 96% At or above 90% for all but three markets

 Austin – 89%  San Diego – 88%  Las Vegas – 87%

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RESIDENTS ASKED TO INDICATE INTEREST IN VARIOUS FEATURES, AMENITIES AND ACTIVITIES

More interest exists at class C communities Highest in Miami – 28% Interest highest for residents with children

 Single with children – 36%  Spouse / partner with children – 51%

18%

On-site Childcare

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APARTMENT FEATURES MAKE UP 13 OF THE TOP 15 RATED ITEMS

Apartment Features Community Amenities Community Activities 24 16 7

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GREATEST INTEREST IN HIGH SPEED INTERNET ACCESS AND PATIO / BALCONY

76% 78% 80% 83% 84% 85% 88% 88% 93% 93% High Speed Internet Access Patio / Balcony Washer / Dryer in Unit Garbage Disposal Microwave Fitness Center Refrigerator with Water / Ice Dispenser Ceiling Fan Package Delivery Room / Holding Area Washer / Dryer Hookups

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3.6% 3.5% 3.0% 2.8% 2.8% 2.7% 2.5% 2.4% 2.3% Class A Class B Class C

Microwave Crown Molding Package Delivery Room Granite Counter Hardwood Floors Wine Tasting Kitchen Island Valet Trash Vaulted Ceilings

CLASS A: RESIDENTS MORE INTERESTED IN INTERIOR UPGRADES

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6.2% 4.8% 4.7% 3.7% 3.2% 2.4% 2.1% 2.1% 2.1% Class A Class B Class C

On-site Childcare Satellite TV Washer / Dryer Hookups Pet- washing Station Game Night Fireplace Cable TV Movie Night Organized Field Trip

CLASS C: MORE INTEREST IN COMMUNITY ACTIVITIES AND TELEVISION ACCESS

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FEMALE RESPONDENTS MORE INTERESTED THAN MALES IN FITNESS CLASSES

Fitness Classes 22.2% Crown Molding 12.6% Pet Move-In Gift 11.8% Walk-In Pantry 10.7% Pet Store Coupon 10.4% Book Club 9.4% Valet Trash Service 8.7% Hardwood Floors 8.6% Alarm System 8.5%

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49% 39% 43% 34% 30% 21% 47% 54% Under $40,000 $41,000 - $50,000 $51,000 - $74,000 $75,000 - $100,000 $101,000 - $150,000 More than $150,000 Movie Night Ice Cream Social Organized Field Trip Wine Tasting

IN GENERAL, COMMUNITY ACTIVITIES MORE INTERESTING TO RESIDENTS WITH LOWER INCOMES

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7.4% 6.1% 5.3% 4.9% 5.7% 5.6% 4.8% 9.1% 7.3% Primary Secondary Tertiary

Organized Field Trip Satellite TV Washer / Dryer Hookups On-site ATM Washer / Dryer in Unit On-site Childcare Car Charging Station Pet- Related Move-in Gift On-site Car Wash

RESIDENTS IN “PRIMARY” MARKETS INDICATE HIGHER INTEREST IN ORGANIZED FIELD TRIPS

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MAINTENANCE RESPONSE TIMES

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HALF OF RESPONDENTS INDICATE 2-DAY RESPONSE TIME IS “SUFFICIENT”

Within 3 Business Days (10%) Within 2 Business Days (49%) Within 1 Business Day (42%) 38% 43% 44% 39% 40% 39%

Under 25 25-34 35-44 45-54 55-64 65+

Within 1 Business Day

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12.0% 8.9% 10.8% 8.2% 9.2% 10.8% 13.1%

Less than $25,000 $26,000 - $40,000 $41,000 - $50,000 $51,000 - $74,000 $75,000 - $100,000 $101,000 - $150,000 More than $150,000

Within 3 Business Days is Sufficient

HOUSEHOLD INCOME: RESIDENTS ON EXTREMES ARE MOST COMFORTABLE WITH 3-DAY RESPONSE TIME

Average: 9.8%

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4.0%

10.0%

RESIDENT SATISFACTION IS LOWER WHEN RESPONSE TIMES ARE LONGER THAN 24 HOURS

Within 24 Hours 24+ Hours 2004

6.8%

2007

10.7%

2011

11.0%

2012

9.7%

2013

10.0%

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PACKAGE LOCKER AREA

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TWO-THIRDS OF RESIDENTS INDICATE THAT A PACKAGE LOCKER AREA IS IMPORTANT

Neutral (25%) Important (34%) Very Important (34%) 74% 69% 68% 63% 38% 35% 34% 32% Studio / Efficiency 1 Bedroom 2 Bedroom 3 Bedroom

Important / Very Important Very Important

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72% 70% 69% 68% 60% 53% 38% 37% 35% 32% 29% 20%

Under 25 25-34 35-44 45-54 55-64 65+ Important / Very Important Very Important

OLDER RESIDENTS LESS INTERESTED IN PACKAGE LOCKER AREA

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“GREEN” / SUSTAINABILITY

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MAJORITY OF RESIDENTS INTERESTED IN “GREEN,” BUT NOT A HIGH PRIORITY IN APARTMENT SEARCH

Both (35%) Green Design (14%) No Interest (29%) 36% 30% 30% 33% 36% 37% 37% 37% Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Q3 Q4 % High Priority In Lease Decision ("Green" Practices) Green Practices (23%)

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36% 37% 45% 43% 19% 19% Q1 2012 Q2 Q3 Q4 Q1 2013 Q2 Q3 Q4 High Priority Neutral Low Priority

PLURALITY OF RESIDENTS ARE “NEUTRAL” ON SUSTAINABILITY AS A LEASE DECISION PRIORITY

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FACEBOOK AND ONLINE REVIEWS

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FACEBOOK: LESS THAN A THIRD OF RESIDENTS EXPECT THEIR COMMUNITY TO HAVE A PAGE

No (70%) Yes (30%) 33% 33% 32% 26% 21% 19% Under 25 25-34 35-44 45-54 55-64 65+

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29% 26% 15% 10% 8% Community Website Google / Google+ Apartment Guide Rent.com Apartment Ratings

FINDING YOUR COMMUNITY: COMMUNITY WEBSITE THE PRIMARY SOURCE FOR 3 OUT OF 10 RESIDENTS

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UNDERSTANDING THE NEW RENTER

NMHC-Kingsley 2013 Survey of Apartment Resident Preferences 2014 NMHC Annual Meeting David C. Smith, Vice President and COO Kingsley Associates