Renting is becoming a bigger market, especially because the market for buying homes is so competitive that affordability is getting farther and farther away. So, many agents are focusing on renters and what amenities renters want most, only to find that what they really want is an affordable place to live.
With cities becoming more crowded, landlords have the power to boost rental prices way above what the actual value of the place is, just based on location and the desire for space. Rentpath surveyed 3,750 renters between 2017 and 2018, and the two most significant things that people were looking for the most in rentals were price and location. In addition, most people indicated that they searched for price over location, looking to find a place that fit their budget. Finally, price and locations were the two factors that those surveyed said they were least likely to compromise on.
But, the process of renting is also an extremely emotional one, because renters know the power that landlords have. Over 46% said that the main emotion they experience while looking for a new rental is stress, because they don’t think they will be able to find anything in their price range. Another big chunk of the respondents also cited remorse upon signing a lease, with 31% wishing they had toured more properties. This is because many feel pressured to sign on the day they view the property, and they don’t get to know important details about the place like what the neighbors are like, how the inspection will go, and what the property management is like.