- Apartment residents want to be active participants in their community and support local organizations in the neighborhood, according to a new survey of 1,500 renters from Venn, a proptech firm focused on creating local connections.
- More than 80% of renters want to live in a neighborhood with a thriving business community, while about 75% said they want to grow their network and socialize with neighbors. Almost three out of four respondents wanted to volunteer locally and improve their neighborhoods.
- When renters develop local connections, they’re more likely to renew their lease. If a resident has five or more close relationships in their neighborhood, they are one and a half times more likely to stay in their building, according to Venn. Fifty-seven percent of renters mentioned at least one neighborhood factor when describing why they decided to renew.
While the apartment industry has been engaged in the amenity wars over the past decade, neighborhoods still matter a lot.
Seventy-eight percent of renters who live in buildings with top-notch amenities and who are highly satisfied with their neighborhoods said they were likely to renew their leases, according to Venn. Only 34% with top-notch amenities and low neighborhood satisfaction said they would renew.
“Landlord investment in experiences like new building technologies and common spaces are worthwhile steps, but as our report shows, the amenity that makes the biggest impact is the neighborhood,” said Or Bokobza, co-founder and CEO of Venn, in a press release.
Although fewer than two out of five renters said that their apartment community's tech or physical amenities were top factors in their renewal decisions, some building spaces provide opportunities for making a connection — helping people develop a sense of community.
At Atlanta-based apartment owner, manager and developer Wood Partners’ buildings, social gathering areas are valued, according to Steve Hallsey, executive vice president of operations for Atlanta-based Wood Residential Services, the management arm of large developer Wood Partners.
“As a builder and manager of Class A assets, our amenity packages are very important,” Hallsey said.
Hallsey says Wood spends a lot of time thinking about and designing business centers, rentable office space and social areas such as speakeasies, game rooms, podcast rooms and dog parks. “Also, cabanas at pools are important to allow people to gather,” he said.
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