Why renters move: affordability and how your property can compete
With rising inflation and rent costs, budget concerns are causing renters to start looking for new places. Property teams can address growing concerns and keep demand high by showing the value they offer renters.
Home seekers have laundry lists of needs when deciding on that final place. Yet, research has found one major deciding factor that is common among renters — affordability. Skyrocketing rent rates, big grocery bills and higher cost of living are hitting home seekers during this time of high demand for finding a new home. In a new survey from Redfin,1 64 percent of renters said that inflation is affecting their moving plans, and 62 percent shared that they are concerned about rising rent costs.