2024 is the year of the fast and savvy renter

Forget the days of dragging out your apartment hunt for months. Data shows that renters in 2024 are all about speed and efficiency. 

Here are the highlights from the RentFacts. 2024 Renter Preferences Report and strategies multifamily marketers must use to keep up with fast-moving renters.

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Renters find places even faster than they expect.

When asked how long they expected the apartment search to take compared to actual search time, most renters found a place months ahead of schedule. While nearly half of renters expected their search to take at least four months, a surprising 86% found a home in just three months or less. 

This year's search process has also been smoother, with fewer renters reporting difficulties compared to the previous year.

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Renters book tours quickly and widely prefer automated scheduling.

A majority of renters book tours on the same day they discover a property, with over 60% requesting a tour within 24 hours and nearly 25% reaching out within just a few hours.

Renters crave convenience, and automated tour scheduling is a top choice. A significant 41% of renters across all age groups prefer using automated tools to book tours, with this preference reaching 59% for those aged 18-24.

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The search for a new place is broad, multichannel, and undeniably digital.

It's clear that renters are casting a wide net, often exploring multiple platforms to find their ideal home. Renters shared that ILS, the property website, ratings & reviews, and search engines heavily influenced their decision process. 

Rental listing websites are still the primary starting point for most, with a staggering 91% of renters utilizing them in their search.

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Social is on renters’ radars, but property presence is sparse.

Social media is a vibrant landscape for renters, but it's an underutilized territory for multifamily marketers. While platforms like Facebook have established a presence in the rental space, newer platforms like TikTok, Instagram, and Snapchat offer a unique opportunity to connect with a younger, digitally-savvy audience. 

Despite their immense popularity, these platforms are relatively untapped when it comes to property information–meaning less competition for multifamily advertisers. It's a prime moment for forward-thinking property marketers to maximize their presence on social channels where they can reach new audiences without getting lost among the crowd.

Only 9% of renters remembered seeing property information on Instagram.
47% of U.S. adults use Instagram.

Only 5% remembered seeing property information on TikTok.
33% of U.S. adults use TikTok.

Only 2% remembered seeing property information on Snapchat.
27% of U.S. adults use Snapchat.

Find out how your property can keep up with fast-moving renters

Download your copy of the RentFacts. 2024 Renter Preferences Report for full data on the latest trends and what renters said they want most in their search for a new place.