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Five Tips for Addressing Evolving Tenant Expectations in Property Management
January 7th, 2025 | By: Paletz Law Press
As more rental properties become available, multi-family, single-family, and manufactured housing landlords will have to pay attention to trends to meet the evolving expectations of renters who will no doubt continue to be locked out of buying a home for the foreseeable future.
In 2024, the Detroit area had 124,049 rental properties, a 51% increase from 2021. The average rent is $1,104 per month.
The Zillow survey found interesting trends (demands) in what renters want from their landlords and the properties they are interested in.
The Zillow 2024 Rental Consumer’s Survey showed that as of last summer, more multifamily units were on pace to be completed nationally than at any time in the past 50 years. This is moving property owners to add options for renters as demand and competition increase.
As we’re seeing across the country and as detailed by a Zillow Group Population Science report, landlords and property owners are making new and increased concessions to renters and changing how they do business.
Generational Trends in Rental Populations
The share of renters considering home ownership dropped 64% this year, but the median age has risen from 36 in 2000 to 42 in 2024. However, while the age of renters has risen, those who moved in the past year are getting younger.
According to Zillow, almost half (47%) of renters who moved last year are Gen Z (18-29), followed by Millennials (30-44) at 25%. The poll reflects the expectations of this younger age group.
Competition requires landlords to take extra steps to meet today’s renters’ evolving expectations. Here are 5 simple ways to start.
- Renters Are Budget-Conscious
Not surprisingly, renters’ top priority is budget. Ninety-five percent said staying within their means was essential, higher than any other rental characteristic Zillow asked about.
The key here is that property owners need to keep tabs on their rental competition and price units carefully, especially in areas where the building of new properties has been strong.
TIP: Show current and prospective renters comparable units and demonstrate the added value of your unit, location, and amenities.
- Renters Want Financial Transparency
The most unified response to the Zillow survey was that 94% wanted financial transparency. They expect listings to list all fees clearly, and 90% think they should be able to opt out of fees for services they do not use. In addition, 77% said that property managers should include all rental fees in the total rent rather than charged separately.
TIP: Review your listings and highlight that all charges are as published, with no hidden fees.
- Renters Love Their Pets
58% of renters in the survey said they had a pet, while only 33% said they had children. Younger tenants are forgoing children and buying pets; many (44%) noted in the survey that they had passed on a particular property because it prohibited pets. In addition, 60% said they consider it essential that a unit allow pets when deciding whether to rent, with the same percentage of tenured renters citing pets as the reason they renewed a lease.
TIP: Evaluate your leases for pet provisions and determine where you can expand allowances for pets. Compare similar rentals in your area on the following:
- Vaccinations: Require pets to be inoculated in accordance with local and state law.
- Sanitary Expectations: Require pet owners to dispose of waste in designated areas and remove all removable pet waste.
- Leashed Requirements: List clear rules for how pets can be in shared spaces.
- Renters Want to See More Online
Renters increasingly want comprehensive, mobile-first experiences with online applications and the opportunity to look at photos (79%) and a floor plan (49%) on the online listing. They would also like to see lease terms (66%), rent amount, and all fees listed online, and transparency (94%) is key.
TIP: Review listings and provide details that add value: more photos, floor plans, lease terms, and total fees.
Adding detailed information saves property managers’ by turning away potential renters who would not ultimately be a good fit for the property.)
Nearly one in five (19%) recent renters decided not to tour a rental unit before making a decision. The number of those who reported taking five or more tours dropped from 16% in 2018 to 9% in 2024.
The typical renter in the 2024 survey reported taking only one in-person tour, suggesting that most of the selection had been completed using online information. A thorough listing is key to attracting new renters.
5. Renters Want to Sign and Pay Online
Though in-person lease signing is most common for renters, the practice has declined, with only 51% of property owners using that option. Electronic lease signing and online rent payments have become increasingly important for renters, with 43% wanting to sign their lease online and 73% not wanting to have to pay their rent in person.
TIP: Offer online applications, lease agreements, and online payments.
While we expect that many of our clients have already beaten the trends to offer many of these services and wants, many of you might want to make some changes knowing what the expectations are of prospective renters.
Not all are feasible for all properties, and some may not be practical. However, as the rental landscape keeps evolving, these tips from our analysis of the Zillow survey will be helpful to you as you plan your future rental marketing and tenant acquisition strategies.
The Bottom Line: Ask not what renters can do for their landlords. Ask what landlords can do for the renter.
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