Understanding your renters is the foundation for innovation, especially when it comes to creating customer experiences that meet their rapidly changing expectations. Do you know what makes multifamily renters different from renters in single-family homes or smaller apartment buildings? Our latest research offers valuable renter insights, including:

• Which demographics are specific to multifamily communities, including data on Gen Z and millennials
• What sets multifamily renters apart from renters of other property types
• How multifamily renters search — with whom, for how long and with which tools
• What these renters want in a community, building and neighborhood

In Zillow Group Consumer Housing Trends Report 2019 survey data, we uncovered exclusive insights specific to the multifamily industry. The report examines the characteristics, aspirations and home-related priorities of more than 13,000 households and includes findings on multifamily renters.¹

Here’s what you should know to understand today’s multifamily renter.

They're young, diverse and educated

The median age of the multifamily renter is 32, and nearly half (43%) of all multifamily renters are millennials (ages 25-39). Like renters as a whole, multifamily renters are ethnically diverse and well-educated: 45% of them identify as a person of color, and 55% have at least a two-year or technical degree.

Most live on their own

Less than 1 in 4 (22%) multifamily renters is married or partnered,² less than 1 in 6 (15%) live with roommates or other renters, and about the same share (14%) have one or more kids in the home. Nearly half (46%) live with at least one pet.

They tend to stick with renting and don’t move far

When looking for a new home, more than 1 in 5 total renters (22%) say they hope to rent an apartment in a multifamily building.³ And most multifamily renters (69%) enter their new apartment search — which takes an average of 2.2 months — hoping to rent a multifamily unit.

When they change residences, multifamily renters are likely moving from one rental to another. Nearly three-fourths (71%) rented their prior home. And when they do move, they don’t go far: 51% move within the same city.

They value budget, comfort and style in the home

The top three apartment characteristics multifamily renters deem very or extremely important are that the rental is within their budget (81%), comes with air conditioning (81%) and has their preferred number of bedrooms (70%).

Multifamily renters differ from renters as a whole in placing higher importance on the floor plan (51% said this was very or extremely important), square footage (50%), and preferred finishes (39%). They also differ from single-family renters in placing lower importance on having outdoor space (only 35% call it very or extremely important, compared to 55% of single-family renters) and being allowed a pet (46% compared to 58% of single-family renters).

Features that are more or similarly important to multifamily renters over single-family renters include a fitness center (35% said this amenity was very or extremely important), recreational space (19%), other shared amenities (28%), a rooftop deck (16%), and having smart home capabilities (13%). Overall, though, these features are of fairly low importance.

A safe neighborhood is their top priority

All renters want to feel safe in their home, and multifamily renters mirror other renters in this desire. More than three-fourths (80%) say that a safe neighborhood is very or extremely important, which is similar to total renters who indicate the same (77%). 

They want location, location, location … and convenience

More than half (52%) of multifamily renters want a rental in their preferred neighborhood. They also want a convenient commute to work or school — 68% say it’s very or extremely important — and to live in a walkable neighborhood (60%). Most (55%) want to be close to shopping, services and/or leisure activities, and 42% want proximity to public transportation.

Understanding who multifamily renters are, what they want and how they want to live in your units can go a long way to honing a marketing strategy that attracts more of them and gets them to stay.

1. “Renters” refers to households who moved in the past year and rent their home
2. Zillow analysis of the U.S. Census Bureau, American Community Survey, 2017
3. “Multifamily” is defined as an apartment building with at least 50 units