Revealing Renter Preferences in Your Metro

As apartment hunters nationwide embark on their search for new homes this summer, it's crucial to understand their evolving preferences. We're continuing our in-depth analyses of rental market data for the following key metro areas (from our previous post Unlocking Rental Market Insights in Your Metro): Milwaukee, St. Louis, Chicago, Tampa, Orlando, Detroit, Cleveland, Columbus, Cincinnati, and Kansas City.

This blog post delves into top neighborhoods and amenity preferences across the metros previously mentioned. By harnessing these insights, you can tailor your approach and stand out in today's competitive landscape.

Get Ahead of the Curve: Rental Market Trends You Need to Know

1. Top Neighborhoods

Location is key for your potential residents, and their preferences vary across metros. Knowing the top three most popular neighborhoods in a metro area offers several advantages such as:

Targeted Marketing: By focusing marketing efforts on these high-demand areas, you can reach potential residents who are actively searching for apartments in those specific locations. This targeted approach saves time and resources compared to a broader marketing strategy.

Competitive Advantage: By understanding what attracts apartment hunters to these neighborhoods, you can highlight similar features in your own listings, even if properties are located outside the top three neighborhoods. For example, this could be emphasizing proximity to trendy shops in a nearby district, walkability to public transportation similar to a popular neighborhood, or highlighting historical charm if it aligns with a top neighborhood's appeal.

Informed Pricing Strategies: Knowing which areas command higher rents allows you to price listings competitively within those neighborhoods. Conversely, it also helps identify areas where it might be useful to offer slightly lower rent to attract potential residents if competition is not as strong.

Below are the most popular three neighborhoods for each of the following metro areas:

• Milwaukee: Historic Third Ward, Lower East Side, and Bay View
• St. Louis: Central West End, Downtown, and Tower Grove
• Chicago: Lincoln Park, Lake View, and River North
• Tampa: Downtown, Hyde Park, and Channel District
• Orlando: Baldwin Park, College Park, and Lake Eola Heights
• Detroit: Downtown, Jefferson-Chalmers, and Indian Village
• Cleveland: Ohio City, Downtown, and University Circle
• Columbus: Downtown, Short North, and German Village
• Cincinnati: Clifton, Hyde Park, and Oakley
• Kansas City: 18th & Vine, Crossroads, and River Market

2. Amenity Demand

Understanding the top three amenities renters want in a given metro holds significant value. Prioritizing the amenities renters want can significantly improve your bottom line. By offering in-demand features like in-unit laundry and on-site parking (in car-dependent areas), you'll attract residents faster, reduce vacancy periods, and boost satisfaction, leading to lower turnover and more revenue.

Staying informed about amenity preferences among renters in your area empowers decision-making that has the power to enhance your competitiveness and profitability.

Below are the top three amenities (in order of demand) for each of the following metro areas:

• Milwaukee: Laundry, on-site parking, and A/C
• St. Louis: A/C, laundry, and on-site parking
• Chicago: Laundry, on-site parking, and A/C
• Tampa: Laundry, A/C, and on-site parking
• Orlando: Laundry, on-site parking, and A/C
• Detroit: Laundry, on-site parking, and A/C
• Cleveland: Laundry, A/C, and on-site parking
• Columbus: Laundry, A/C, and on-site parking
• Cincinnati: On-site parking, A/C, and laundry
• Kansas City: Laundry, A/C, and on-site parking

**Amenity demand insights sourced from our Rental Matchmaking quiz.

Apartment List: Your Partner in Understanding Renter Preferences

By staying informed about renter preferences like the ones mentioned above, you can gain a significant edge in your local rental market. Now that you have these insights, you can feel more empowered to craft a winning leasing strategy – all through data-driven decision-making.

Apartment List is your one-stop shop for all your multifamily leasing needs. Connect with qualified renters and leverage our market insights to make informed decisions and achieve peak performance. Get in touch with Apartment List today and start unlocking the benefits of our Smart Leasing Platform!