Renter migration is the sleeping giant that apartment communities won’t want to ignore. In a November 2021 survey conducted by RentPath, 60% of renters indicated that they planned to seek a different apartment or home within the next six months.
The shift toward remote work is one of the biggest factors contributing to new moves across the country. Working from home is the new normal for many companies, with 70% of renters saying they will continue to work remotely as often, if not more, in the future. This allows renters to have more flexibility when it comes to their living situation and opens up new possibilities in different regions of the country. For example, Idaho property management companies are seeing an influx of new renters from out of state as people look to take advantage of the state’s affordable cost of living and scenic landscape.
With more people working remotely, there is also an increased demand for apartments with amenities that promote health and wellness. Community gardens, dog parks, and fitness centers are just some of the amenities that are now being sought after by renters. Apartment communities that can offer these types of amenities will be better able to attract and retain tenants than their competitors.