Connect Dallas Multifamily Panelists Discuss Changing Trends Among Renters

Since the Covid pandemic, multifamily developers have had to rethink the size, shape and contents of new developments. At a recent Connect Dallas Multifamily event, a panel of analysts tried to look into the future and discuss the newest trends.

Michael Broder from RCKRBX shared some statistics that illustrate a disconnect when it comes to the type of room renters want, “Stats show only 18% of all prospective renters want a 1-bedroom unit, but the supply is 53%. Developers need to take a serious look at the mix of units they are building.” He went on to say that “room configuration far outweighs amenities” when it comes to preferences among renters. Renters are renting longer and want more space.

TruAmerica’s Richard Sodeke agreed with that assessment, saying, “Paring back amenities is what tenants want.” The “shock value” of flashy amenities, like pickleball courts or work-from-home spaces, wears off after a while and is not as popular with his company’s renters.

The list of favored features among renters has changed dramatically over the past five years. Panelists now say better soundproofing, safety measures like cameras in corridors, washers and dryers, and private yards/patios have all moved up in importance to tenants. In fact, since 2015, safety and security cncerns have risen to number two on the priority list, just below the cost of rent.