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RESEARCHInsight. Empowerment. Advantage.
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B D F P J C T D C L F b Y F L D G M B J J M F a ä k P D B H D C L b Y L B G H d å Q G R d N C OL B G N R F a ä [ P D B H D C L b Y G C T K N L C D F F M G H I N C D F Q N L IN C T N U N T A G R R S L G N R J B D T H J C C D H L N U N L S G C T ¡ R A D L J J L I J P L N J C Fa k ì P D B H D C L b W� � � þ � ý � ÿ � þ � � � � � � þ � þ � ÿ � þ � ú@ I D M D L D J B N H B N F D J K J C R N C D F I J P P N C O N F D U N T D C L K B J M L I DF A B U D S Y Q N L I f [ P D B H D C L J K B D F N T D C L F B D P J B L D T R S B D H D N U N C OL Q J J B M J B D P G H d G O D F G M J C L I G L I J M D W @ I N F D i A G L D FL J G L R D G F L ì ] ô P G H d G O D F V D N C O T D R N U D B D T J C G k \ \ g A C N LP B J P D B L S P D B M J C L I W_ F J Q C D B F G C T M G C G O D B F F L B A O O R D L J d D D P A P Q N L I L I DB G P N T R S O B J Q N C O U J R A M D J K P G H d G O D F Y M J B D L I G C [ ]P D B H D C L J K L I J F D P J R R D T N C T N H G L D T L I D S P D B F J C G R R S I G U DD � P D B N D C H D T P B J V R D M F å G C T J B N C D K K N H N D C H N D F Q N L IB D H D N U N C O L I D N B P G H d G O D F G L L I D N B H J M M A C N L N D F Wl R J F D L J I G R K a ä ì P D B H D C L b J K B D F N T D C L F O G U D L I D N BH J C F D C L L J N C g A C N L T D R N U D B S J K P G H d G O D F V S J C g F N L D F L G K K W@ I N B L S g J C D P D B H D C L J K B D F P J C T D C L F G B D Q N R R N C O L J P G S K J BG [ ä å ] g G H H D F F N V R D P G H d G O D R J H d D B Wò · º � ² ° ñ � ¯ ò · ê é · ê_ d D S K N C T N C O J K J A B P B D U N J A F F L A T N D F N F L I G L P G B d N C O N FL I D C A M V D B J C D H J M P R G N C L J K B D F N T D C L F C G L N J C Q N T D W{ N C T N C O G F P J L L J P G B d N F C J L G F L B A O O R D B D C L D B F Q G C L L JI G U D D G H I T G S W@ I D J U D B Q I D R M N C O M G � J B N L S J K B D C L D B F a f ] P D B H D C L b J Q CJ C D H G B Y Q I N R D G C J L I D B [ � P D B H D C L J K G R R B D C L D B F J Q C1 2 3 4 5 6 4 4 6 7 6 8 4 9 : �
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E D F P J C T D C L F B D P D G L D T R S D H I J D T L I D N M P J B L G C H D J KK J H A F N C O J C � D E F G H F I J K G H I F L G M I H N O P I Q I R Q L I E F G R SN T T G H I F Q E T T E R U G R Q I J G N J O E G R Q I R E R H I V I K I J W Q X G R S I L F IG F Y G R U N Y U J I F F G R S Q N E Q Q J E H Q R I Y Q I R E R Q F Z R N Q I [ G F Q G R SJ I F G U I R Q F Z � F G N T J C D W¡ D F N T D F L I D F D L I D M D F Y B D F N T D C L F G R F J U J N H D T G H J C H D B CK J B V D L L D B F J A C T P B J J K N C O G C T J K K D B N C O G M D C N L N D F K J BK G M N R N D F Q N L I H I N R T B D C Y F A H I G F P R G S O B J A C T F W¬ ° ± ó ³ ® ² °@ I D F L A T S \ X I ] I [ Q ^ I R _ P E J Q O I R Q ` \ X I \ I H X R N L N S WE R U a G T I F Q W L I b J I T I J I R H I F N T c G T T I J I R Q ^ I R I J E Q G N R N Td I R Q I J F N C K J B M F M G C G O D M D C L H J M P G C N D F G C TT D U D R J P D B F G V J A L L I D L D H I C J R J O S Y R N K D F L S R D Y G C T T D F N O CP B D K D B D C H D F J K L J T G S e F G C T K A L A B D B D C L D B F W � L D H I J D F L I DU J N H D J K ì ä Y � [ ä B D F N T D C L F C G L N J C Q N T D Y L I D I N O I D F LP G B L N H N P G L N J C N C G � { � l J C H D P L l J M M A C N L S F L A T S L JT G L D W@ I D V J L L J M R N C D J K L I N F D � I G A F L N U D F A B U D S N F L I G L B D C L D B FG B D A C T J A V L D T R S H J F L H J C F H N J A F Y L I D S T J C J L Q G C L G C SG T T N L N J C G R N C H B D G F D N C L I D N B B D C L F W @ I D N B Q N R R N C O C D F F L JP G S K J B H D B L G N C G M D C N L N D F N F T B N U D C V S H J C U D C N D C H Da B D F D B U D T H G B F P J L Y [ ä å ] P G H d G O D R J H d D B F b Y G F D C F D J KF D H A B N L S a O G L D T H J M M A C N L S b Y G C T F L G S N C O I D G R L I S G C T K N La K N L C D F F H R G F F D F G C T F L D G M B J J M F b WE D F N T D C L F G B D M J B D T N F H D B C N C O Y L I D S T J C e L Q G C L L JB D H A B B D C L R S P G S K J B T D F N O C A P O B G T D F F A H I G F I G B T K R J J B FJ B R G B O D H R J F D L F Q I N H I G B D G J C D g L N M D N C U D F L M D C L K J BL I D T D U D R J P D B F WE D F N T D C L F T D F N B D F M G B L I J M D A P O B G T D F L I G L F G U D L I D MM J C D S W � G � J B N L S J K L I D B D F N T D C L F I G U D D � P B D F F D T GT D O B D D J K C D O G L N U N L S L J Q G B T F G F I J B L g L D B M B D C L G R M J T D RR N d D _ N B V C V W{ J B i A D F L N J C F Y H J C L G H L ' ) 2 ) & ' % . e f * 3 ' + ) ' ' ) 2 ) & ' % . / % $ 61 2 3 4 5 6 4 4 6 7 6 8 4 9 : � à
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2 : 6 5 6 ; 2 < 6 5 8 = 8 4 2 > 6 5 2
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@ I D J U D B Q I D R M N C O M G � J B N L S J K B D C L D B F a f ] P D B H D C L b J Q C J C D H G B Y Q I N R D G C J L I D B [ � P D B H D C L J K G R R B D C L D B F J Q C L Q J W_ C J L I D B C N C D P D B H D C L N C T N H G L D T C J L J Q C N C O G H G B Wh D M J O B G P I N H G R R S Y � D C õ D B F J Q C L I D M J F L H G B F G M J C O G R R O D C D B G L N J C F a k [ P D B H D C L J Q C L Q J J B M J B D H G B F b K J R R J Q D T V S¡ G V S ¡ J J M D B F a k � P D B H D C L J Q C L Q J J B M J B D H G B F b W @ I D B D O N J C F H J B N C O L I D M J F L N C L D B M F J K C J H G B J Q C D B F I N P N F L I D� J B L I D G F L æ k \ P D B H D C L J K B D F P J C T D C L F N C � J B L I D G F L N C T N H G L D T L I D S T J C J L J Q C G H G B W1 2 3 4 5 6 4 4 6 7 6 8 4 9 : í Â
2 : 6 5 6 ; 2 < 6 5 8 = 8 4 2 > 6 5 2
The residents indicating “Yes” were asked the following
No
Yes
Millennials
Gen X
Baby Boomers
Silent Generation
0% 20% 40% 60% 80% 100%
84%
84%
89%
95%
16%
16%
11%
5%
Do you plan on buying an electric vehicle in the next five years?
How much more would you be willing to pay per month to have a charging station on-site?
No 85% Yes 15%
$0
6%
$5 $10 $15 $20
42% 18% 21%
Bloomberg forecasts that electric vehicles (EV) will represent 35 percent of global new car sales by 2040. But in the near term the outlook for them is not so robust. Only 15 percent of residents polled plan on buying an EV in the next five years. The vast majority (85 percent) of residents have no plans of buying an EV in the next five years.
Out of the 15 percent who intend to buy an EV in the next five years, 58 percent would be willing to pay at least $5 a month in rent for a charging station on site, while 40 percent would pay at least $10 for a charging station.
13%
Given the EV buying aspirations of some of the renters, the owners may want to consider future proofing their properties.
Interest in EVs is higher among the younger demographics—16 percent of Millennials and Gen Xers expressed interest in buying an EV. Meanwhile, the older generations were less enthused by this idea –11 percent of Baby Boomers and five percent of the Silent Generation intend to buy an EV in the next five years. Regionally, the West (18 percent) and Northeast (17 percent) showed the most interest.
THE NEXT GEN APARTMENT
J TURNER RESEARCH14
Ranking of amenities for which renters are willing to pay a premium
HEALTH ANDFITNESS AMENITIES
New constructions often boast of a rich menu of health and fitness amenities to attract a diversity of demographics. This survey focused on a variety of health and fitness amenities to identify the ones that demand a premium, if any. While pools and fitness centers are somewhat expected, three amenities stood out from the pack as offering owners the highest rent premiums: fitness instruction classes, steam rooms, and walking trails. Millennials were the most enthusiastic about these amenities, followed by Gen Xers.
Another noteworthy trend observed with regards to health and fitness amenities is that for some amenities residents are willing to stretch their dollar. For amenities such as stretching and mobility equipment and classes, cycle studios/spin, yoga room with variable temperature, and golf simulator almost an equal percentage of residents are willing to pay $5 and at least $10 a month in rent.
0% 10% 20% 30% 40% 50%
46%
43%
42%
38%
36%
34%
27%
26%
20%
19%
Fitness Instruction Classes (like Zumba)
Steam room
Walking trails/track
Functional modality equipment and classes and Fitness machineswith individually tailored connectivity and blue tooth options
Stretching and mobility equipment and classes
Cycle studios/spin
A yoga studio with a screen for on-demand video instructions
Dietary classes
Variable temperature yoga room
Golf simulator
J TURNER RESEARCH 15
THE NEXT GEN APARTMENT
Steam room
$0
$5
$10
$15
$20
Fitness instruction classes (like Zumba)
$0
$5
$10
$15
$20
0%
20%
40%
60%
80%
100%
Overall Millennials Gen X Baby Boomers Silent Generation
54%
18%14%
5% 5%
49%
19%15%
6% 6%
57%
18%13%
4% 4%
66%
15%11%
2% 3%
81%
11%5%
1% 1%
0%
20%
40%
60%
80%
100%
Overall Millennials Gen X Baby Boomers Silent Generation
57%
19%
12%
4% 4%
51%
21%
13%
5% 4%
62%
18%
11%
3% 3%
73%
13%8%
2% 2%
83%
10%4%
1% 1%
Fitness instruction classes like Zumba is the number one amenity for which residents are willing to pay an additional rent. What premium do renters place on this amenity? Eighteen percent of renters were willing to pay $5 additional in rent per month, and 24 percent of all renters were willing to pay at least $10.
Millennials at 51 percent are most likely to pay extra for fitness classes. Surprisingly, for this cost-conscious demographic, 15 percent of Millennials would be willing to pay $10 extra per month for fitness classes. Fitness classes are also a hit with Gen Xers, 43 percent would be willing to pay more for this amenity, and 13 percent would even pay $10 additional per month.
Somewhat surprisingly, with 43 percent of respondents willing to loosen their purse strings for a steam room, it ranked as the second premium amenity. Nineteen percent of all renters indicated they would pay $5 more per month for a steam room, while another 20 percent would pay at least $10.
Millennials were the most upbeat about a steam room, with 21 percent willing to chip in $5 more per month, 13 percent saying yes to $10, and nine percent saying that they would go as high as $15 or more per month.
THE NEXT GEN APARTMENT
J TURNER RESEARCH16
Track/Walking trail
$0
$5
$10
$15
$20
$0
$5
$10
$15
$20
Track/walking trail is the third premium fitness amenity—42 percent of respondents would be willing to pay extra for this amenity. While 18 percent of renters would pay $5 extra per month, 20 percent would pay at least $10 for access to a walking trail or track.
Millennials were most excited by the prospect of a track/walking trail, 19 percent would pay at least $5 and 22 percent would pay at least $10 a month for this amenity.
0%
20%
40%
60%
80%
58%
18%
12%
4% 4%
53%
19%
13%
5% 4%
62%
17%
11%
3% 3%
68%
15%
9%
2% 2%
75%
14%
7%
1% 1%
Overall Millennials Gen X Baby Boomers Silent Generation
Functional modality equipment and classes (Such as CrossFit)
0%
20%
40%
60%
80%
100%
62%
14%11%
4% 4%
56%
15%12%
5%5%
64%
14%10%
3% 4%
77%
91%
10%6%
2% 2% 4% 3% 1% 1%
Overall Millennials Gen X Baby Boomers Silent Generation
J TURNER RESEARCH 17
THE NEXT GEN APARTMENT
$0
$5
$10
$15
$20
$0
$5
$10
$15
$20
Functional modality equipment and classes such as CrossFit and Fitness machines with individually tailored connectivity and Bluetooth options both tied for the fourth place as amenities offering rent premiums to owners. Thirty-eight percent of respondents would pay additional rent for these features. In terms of rent premium, one feature has a slight edge over the other. While, 17 percent of renters would pay $5 for fitness machines with individually tailored connectivity and Bluetooth options, 14 percent would pay the same amount for functional modality equipment and classes.
Stretching and mobility equipment and classes rank fifth in order of premium amenities among residents. More than one third (36 percent) of residents are willing to pay extra for this feature. Surprisingly, at 16 percent, the percentage of renters willing to pay $5 additional is same as the percentage willing to shell out at least $10 for this amenity.
Fitness machines with individually tailored connectivity and Bluetooth options
0%
20%
40%
60%
80%
100%
62%
17%11%
4% 4%
58%
18%12%
4%4%
64%
16%10%
3% 3%
74%
83%
13%8%
2% 2%8%
5%1% 1%
Overall Millennials Gen X Baby Boomers Silent Generation
0%
20%
40%
60%
80%
Stretching and mobility equipment and classes
64%
16%10%
3% 3%
61%
17%
10%
4%4%
66%
16%
9%
3% 3%
70%75%
15%
7%
2% 2%
14%
7%
1% 1%
Overall Millennials Gen X Baby Boomers Silent Generation
THE NEXT GEN APARTMENT
J TURNER RESEARCH18
Cycle studios and spin was a close second to stretching and mobility equipment and classes. With 34 percent of respondents putting a premium on it, cycle studio ranked sixth among premium fitness amenities. Sixteen percent of respondents would pay $5 and 15 percent would pay at least $10 for access to a cycle studio/spin amenity.
With more than a quarter (27 percent) of residents willing to pay an additional rent per month for a yoga studio with a screen for on-demand video instructions, it ranked seventh among premium fitness amenities. Fourteen percent of residents will pay at least $5 for a yoga studio.
$0
$5
$10
$15
$20
$0
$5
$10
$15
$20
0%
20%
40%
60%
80%
100%
Cycle studios/spin
66%
16%
9%3% 3%
61%
18%11%
4%4%
70%
15%
8%2% 2%
80%
91%
11%5%
1% 2%5%
2% 0% 1%
Overall Millennials Gen X Baby Boomers Silent Generation
A yoga studio with a screen for on-demand video instructions
0%
20%
40%
60%
80%
100%
73%
14%7%
2% 2%
68%
16%9%
3%2%
76%
12%6%
2% 2%
83%
91%
9%5%
1% 1%5%
2% 1% 0%
Overall Millennials Gen X Baby Boomers Silent Generation
J TURNER RESEARCH 19
THE NEXT GEN APARTMENT
$0
$5
$10
$15
$20
$0
$5
$10
$15
$20
Dietary classes ranked eighth out of all options for premium health and fitness amenities among residents, with 26 percent of residents putting a premium on it.
Variable temperature yoga room ranked ninth in order of premium fitness amenities with 20 percent of residents willing to pay extra for it.
Dietary classes
Overall Millennials Gen X0%
20%
40%
60%
80%
100%
74%
12%6%
2% 2%
72%
13%7%
2%3%
75%
12%6%
2% 2%
80%84%
11%5%
1% 1%
9%4%
1% 1%
Baby Boomers Silent Generation
Overall
Variable temperature yoga room
0%
20%
40%
60%
80%
100%
80%
10%5%2%2%
76%
11%6%
2%2%
82%
9%5%
1%2%
90%96%
5%3%1%1% 2%1%0% 0%
Millennials Gen X Baby Boomers Silent Generation
THE NEXT GEN APARTMENT
J TURNER RESEARCH20
Golf simulator was the least likely health and fitness amenity for which residents were willing to pay extra.
$0
$5
$10
$15
$20
Golf simulator
0%
20%
40%
60%
80%
100%
81%
8%5%
2% 2%
79%
8%5%
2%2%
83%
8%4%
1% 2%
87%93%
6%3% 1% 1% 3% 2% 1% 1%
Overall Millennials Gen X Baby Boomers Silent Generation
J TURNER RESEARCH 21
THE NEXT GEN APARTMENT
SHORT TERM RENTALS
Home sharing or short-term rental model that has become synonymous with Airbnb, the company most often associated with this model, received a lukewarm response from the survey respondents. The majority of renters have reservations about living in a community that allows such rapid subletting.
One fourth of the respondents (25 percent) answered “definitely not” to living at a community that allowed residents to rent out their units for a day/week, similar to the Airbnb model. Additionally, 21 percent of respondents are “less willing” to rent at such communities, while another 18 percent expressed ambiguity, saying they’d be “somewhat willing”. All told, more than 64 percent of all renters expressed a degree of negativity toward short-term rentals.
This negative perception is somewhat balanced by 25 percent of respondents who say the presence of short-term rentals is not a factor in their decision making, while 11 percent of respondents answered that they are “more willing” to live at such communities.
The older generation is the most opposed to this idea, with 47 percent of the Silent Generation and 40 percent of Baby Boomers rejecting it outright. Millennials at 13 percent are more likely to accept the idea of temporary neighbors.
“Please don't allow people to rent out their apartment temporarily. The people that live here are sufficiently disrespectful of the property as it is. My "home" is not a hotel.”
0% 10% 20% 30% 40% 50%
25%
21%
18%
11%
25%
18%
21%
21%
13%
26%
31%
22%
15%
8%
25%
40%
21%
12%
5%
23%
47%
17%
8%
4%
24%
Would you be more or less willing to live in a community that allowed residents to rent out their units for a day/week (like AirB&B)?
Definitely not
Less willing
Somewhat willing
More willing
Not a factor for me
Overall Millennials Gen X Baby Boomers Silent Generation
THE NEXT GEN APARTMENT
J TURNER RESEARCH22
PACKAGE DELIVERY
10%
0%
5%
15%
20%
25%
30%
How many packages do you receive in a typical month?
Have you experienced any problems/inefficiencies with receiving your packages?
No73% Yes 27%
12
10
14
19 19
2625
26
30 30
20 2019
18
20
1314
1211
10
89
87 7
1011
9
67
3 3 3 32
1 1 1 10
12
1 1 10 0 0 0 0
2 2 21 1
4 4 4
2 2
0
2
1
3
4
5
6
7
8
9
10
More than10
Overall Millennials Gen X Baby Boomers Silent Generation
The meteoric rise of online shopping is driving the industry to incorporate solutions that ensure a seamless e-commerce experience for its residents. The enormity of the problem of package delivery is evident from our survey. Property management companies are struggling to find a satisfactory resolution to this issue.
More than a quarter (26 percent) of residents receive one package a month, 20 percent receive two, and 21 percent receive five or more packages a month. Overall, 62 percent of residents receive two or more packages a month at home. This equates to at least 875 packages being delivered on a 300-unit property per month.
As owners and managers struggle to keep up with the growing volume of packages, 27 percent of those polled indicated that they personally have experienced problems/and or inefficiencies with receiving their packages at their communities.
J TURNER RESEARCH 23
THE NEXT GEN APARTMENT
Overall Millennials Gen X BabyBoomers
SilentGeneration
31%
44%
26%
25%
48%
27%
29%45
%
26%
25%
51%
24%
27%
48%
25%
Would you allow in-unit delivery of packages by on-site staff?
Close to half (48 percent) of residents gave their consent to in-unit delivery of packages by on-site staff. At 51 percent, Millennials are the most in favor of this arrangement.
As grocery delivery services continue to spring up all over the nation, the delivery of perishable items need special handling. Will residents allow in-refrigerator delivery of these items by on-site staff? Convenience rules! More than a third, 39 percent of all respondents said yes to this service. Millennials at 42 percent favor this the most, followed by the Gen Xers at 37 percent. At 34 percent, both Baby Boomers and the Silent Generation also gave in to the convenience of in-unit delivery of perishable items.
Not SureNo Yes
Overall Millennials Gen X BabyBoomers
SilentGeneration
41%
34%
25%
34%
25%
42%
37%
25%
38%
42%
25%
33%
39%
25%
36%
Not SureNo Yes
Would you allow in-refrigerator delivery of perishable items by on-site staff?
(10 - Very Important)
How important is it to you to have a 24/7-accessible package locker?
Millennials Gen X Baby Boomers Silent Generation Overall
6.08 5.23 4.06 2.86 5.54
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Fearing the loss of critical employee productivity time in receiving and handling packages, management companies have begun enforcing strict package delivery policies. For instance, some companies do not accept tenant packages in their management offices. Instead, renters can receive packages at their doorstep without a signature, pick up packages themselves, or have their goods shipped to another address*. Others reportedly use electronic lockers on some of their properties. Yet, some others are pilot testing the Amazon locker program**.
As owners struggle to find a solution to this perennial and growing problem of package delivery, 24/7- accessible package lockers seem to offer a reasonable alternative. When asked how important package lockers were to them (on a scale of 0 to 10, 10 being very important), respondents rated it at a lukewarm 5.54. Rating it at 6.08, Millennials were somewhat more likely to think it’s important, but not that much.
Source:* http://www.today.com/home/no-more-packages-landlords-push-back-against-online-shopping-onslaught-t51636** http://units.naahq.org/august-2016/amazon-locker-enters-apartment-market
Are residents willing to pay for a 24/7- accessible package locker? An overwhelming majority of renters (69 percent) expect efficient delivery of their packages to be a free, on-demand amenity. Only 31 percent would be willing to pay for it. What price can owners demand for this facility? Twenty percent of respondents are willing to pay $5 a month for a 24/7-accessible package locker. At 23 percent, Millennials are the most willing to shell out $5 for this facility.
“I also really like the idea of storage lockers for package deliveries. This would really help lessen the worry about package theft.”
Overall Millennials Gen X Baby Boomers Silent Generation
0%
20%
40%
60%
80%
100%
How much more per month would you pay to have a 24/7-accessible package locker?
$0
$5
$10
$15
$20
69%
20%
7%1% 1%
64%
23%
8%2%2%
73%
17%
6%1% 1%
81%
88%
13%
4%1% 1%
9%
2% 0% 0%
J TURNER RESEARCH 25
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TECHNOLOGYENABLED AMENITIES
How many times a month would you use a high-definition theater room, where you could plug in your own mobile devices for viewing?
0
2
1
3
4
5
6
7
8
9
10Overall Millennials Gen X Baby Boomers Silent Generation
20%
0%
10%
30%
40%
50%
60%
70%
80%
90%
53
45
58
74
85
2022
18
12
610
1210
645 6
4 31
4 5 42 23 4
2 1 11 1 1 0 00 1 0 0 00 1 0 0 00 0 0 0 01 1 1 0 0
The growth of on-demand music and video streaming is altering the nature of technology-enabled amenities desired by residents. A total of 209.4 billion on-demand streams, up 58 percent year on year were registered by BuzzAngle in the first six months of 2016, more than half being audio streams (114 billion, up from 54.9 million, or 55 percent of total streaming consumption)*. Given this robust growth, it is no surprise that residents, especially the Millennials, are in favor of upgraded amenities that support on demand streaming. The younger generations, both Millennials and Gen Xers are most enthused with a Bluetooth connected speaker in certain common areas such as pool/picnic tables/grilling area.
*Source: http://www.musicweek.com/digital/read/streaming-fuels-us-market-growth/065252
While old-fashioned theater rooms fell out of favor with many apartment developers, it appears renters are still very much in favor of them. Close to half (47 percent) of residents said that they would use a high-definition theater room where they could plug in their mobile devices for viewing at least once a month. At 55 percent, Millennials most desire this amenity.
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20%
0%
10%
30%
40%
50%
60%
70%
80%
90% 0
2
1
3
4
5
6
7
8
9
10Overall Millennials Gen X Baby Boomers Silent Generation
How many times a month would you use Bluetooth connected speakers in certain common areas (pool/picnic tables/grilling area)?
44
34
50
71
87
15 16 159
511 12 10
63
6 8 63 1
6 7 5 3 16 7 5 3
02 2 1 1 01 1 1 0 01 1 1 0 00 1 0 0 03 4 2 1 1
More than half (56 percent) of residents said that they would use a Bluetooth connected speaker in common areas such as the pool, picnic tables, and grilling areas at least once a month. Once again, Millennials (66 percent) lead the charge.
Not ready to let the weather play spoil sport, 55 percent of residents expressed that they would use a weather sealed exterior high definition screen on a rooftop or pool area a minimum of once a month. Millennials at 65 percent, desire this amenity the most.
How many times a month would you use a weather-sealed exterior high-definition screen on a rooftop or pool area?
0
2
1
3
4
5
6
7
8
9
10
20%
0%
10%
30%
40%
50%
60%
70%
80%
90%
Overall Millennials Gen X Baby Boomers Silent Generation
45
35
52
73
88
17 19 1711
511 13
106
36 8
5 3 25 6 5 3 1
5 6 4 2 01 2 1 1 01 1 1 0 01 1 1 0 00 0 0 0 03 4 2 1 0
J TURNER RESEARCH 27
THE NEXT GEN APARTMENT
SMART HOME APPLIANCESAND AMENITIESWhich smart-home appliance/amenity are you most interested in?(1 is most interested)
Free Wi-Fi Connectivity
Smart thermostat
EnergyStar Kitchen Appliances
Keyless electronic entry to front door
Built-in USB charging ports
In unit motion detection camera connected to your mobile device
Motion-sensor lighting
Remote-controlled window shades
Water sensors (hands free faucets)
Video intercom for the lobby
0 1 2 3 4 5 6 7 8
Overall
2.28
3.93
4.02
4.66
4.86
5.83
5.89
6.22
6.27
7.30
As the apartment industry experiments with smart-home appliances and applications, renters are most in favor of features that will save them money, followed by items that offer convenience.
We asked residents which in-unit smart home amenities they are most in favor of, and the top four picks were strikingly consistent across the generations.
The most-desired smart home amenity, regardless of demographic, is free Wi-Fi connectivity, followed by smart thermostats, and EnergyStar kitchen appliances. The fourth unanimous choice among generations was keyless electronic entry, and after that, the consensus pointed toward, in order– built-in USB charging ports, in-unit motion detection cameras, and motion-sensor lighting.
Keyless entry is making its way to the apartment driven by a need for control and convenience. But how important is this feature to the residents today? On a scale of 0-10, with 10 being the most important, respondents rated it at 4.12. It appears that residents are still on the fence about the value of having a keyless entry to their apartment, until it can provide other “services” beyond just opening the door (turning the air on/switching on TV/Music etc.).
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VIRTUAL REALITY TOUR
Virtual reality tours give tenants an opportunity to view a range of properties without actually setting foot in the property. However, its adoption is still in the nascent stages.
A huge majority (88 percent) of residents have never taken a virtual reality tour of an apartment with virtual reality glasses/headsets. Neither do they seem to think that it’s highly important in the home finding process. When asked about the importance of a virtual reality tour, they rated it at a 3.50. (0-10 scale, 10 being very important) However, the residents who have experienced virtual reality tours perceive its value more positively. The people who had taken a virtual reality tour rated it at 6.00 with Millennials giving it the highest rating at 6.14.
Have you ever taken a “virtual reality” tour of an apartment with virtual realityglasses/headsets?
In your opinion, how valuable is a “virtual reality” tour of an apartment with virtual realityglasses/headsets?(10 - Very Valuable, 0 - Not at all)
Importance of the “virtual reality” tour from the people that indicated having taken one(10 - Very Important, 0 - Not at all)
Don't Recall No Yes
4% 88% 8%
Millennials Gen X Baby Boomers Silent Generation Overall
3.61 3.48 3.13 2.93 3.50
6.14 5.98 5.69 5.21 6.00
Millennials Gen X Baby Boomers Silent Generation Overall
J TURNER RESEARCH 29
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More than half (56 percent) of renters do not own a bike, close to a third (32 percent) of them currently do, and another 12 percent plan to get one. So, nearly 44 percent would potentially have a need for bike storage.
A clear majority of all respondents (69 percent) said they would not pay for bike storage, but this includes the 56 percent of renters who do not own bicycles.
Out of the 32 percent who do own a bike, 20 percent would pitch in an extra $5 per month for bike storage space, while 10 percent would pay at least $10 a month. Overall, more than 30 percent of all renters who own a bike are explicitly willing to pay for bike storage.
BIKE OWNERSHIPDo you own a bike?
This was asked to residents that indicated Yes to owning a bike. How much more would you be willing to pay for extra bike storage space?
Overall Millennials Gen X BabyBoomers
SilentGeneration
8%
33%
59%
12%
37%
51%
13%
31%
56%
12%
32%
56%
2%
14%
84%
I plan to get one Yes No
$0
$5
$10
$15
$20
Overall Millennials Gen X Baby Boomers Silent Generation
0%
20%
40%
60%
80%69%
20%
7%2% 1%
66%
22%
8%
1%2%
72%
18%
7%1% 1%
74% 75%
18%
6%1% 1%
16%
7%1% 0%
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Bike share programs received an unenthusiastic response from the respondents. On a scale of 0-10, with 10 being most interested and zero not at all interested, bike share was ranked at 2.80.
How interested would you be in a Bike Share Program at the community?(10 - Very Interested , 0 - Not at all interested)
3.12 2.62 1.94 1.02
2.80
Overall Millennials Gen X Baby Boomers Silent Generation
Of the bike owners, Millennials lead the interest in bike storage, with 22 percent willing to pay $5 for this facility. Gen Xers and Baby Boomers tied at 18 percent for the $5 premium. The Silent Generation is not far behind; 16 percent would be willing to shell out $5 for access to bike storage.
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THE NEXT GEN APARTMENT
As stated in the executive summary, to help developers assess the opportunity to increase rent for different interior upgrades, we provided respondents with a stock rent increase for certain interior features. During the survey period, we adjusted the price of a feature to determine how the price revision would affect renters’ response. The experts on the MFE panel advised on this rent increase. This rent increase amount helped us determine the value in dollars the respondents place on their choices.
As we tested the price elasticity of different design options, a noteworthy trend that emerged is – every $25 price increase in a feature resulted in a four percent decline in preference and vice versa. Hence, overall, residents are unwilling to pay for design upgrades. Residents are more interested in standard design features, if it will save them money.
Residents were given the option to select between a typical 5’ by 8’ bathroom tub and a large 7’ by 9’ bathroom with glass enclosed shower stall with extra $30 a month in rent. A good majority (61 percent) opted for the traditional bathroom tub. When the rent was increased to $50, the percentage in favor of traditional bathroom tub, the less expensive option, rose to 65 percent.
The majority of each generation opted for the bathroom tub. The percentage of the younger generation, Millennials and Gen Xers in favor of the bathroom upgrade dropped by five percent with the price increase, this percentage drop was greater than their older counterparts. This indicates that the younger generation is a more cost conscious cohort.
DESIGN PREFERENCES
Bathroom
Overall
Millennials
0%20%40%60%80%100% 0% 20% 40% 60% 80% 100%
Gen X
Baby Boomers
Silent Generation
Typical 5' X 8' Bathroom with TubLarge 7' X 9' Bathroom withGlass enclosed Shower Stall: +$30
Large 7' X 9' Bathroom withGlass enclosed Shower Stall: +$50
61%
61%
59%
63%
67%
39%
39%
41%
37%
33%
35%
34%
36%
34%
34%
65%
66%
64%
66%
66%
On the graph below, yellow represents the residents desiring a large bathroom at a $30 increase in rent, the red is a typical bathroom and green is a larger bathroom with a $50 rent increase.
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Overall
Millennials
Gen X
Baby Boomers
Silent Generation
0%20%40%60%80%100% 0% 20% 40% 60% 80% 100%
The kitchen is the central space in any home. A remodeled, upgraded kitchen that is easy to maintain, durable and functional is a top priority for tenants and homeowners alike. Much has been written about the pros and cons of “Corian” or solid surface countertops. Reportedly, while Corian is less durable, easily stained, and is considered to be dated, Granite/Quartz comes with a price tag, but it is low maintenance and it gives a more contemporary look.
Which kitchen countertops do residents prefer? At $50 extra in rent, 32 percent of residents opted for granite/quartz countertops. When the price was reduced to $30 a month, the percentage in favor of granite rose to 39 percent. This is a potential area where the pricing could be stretched to more than $50 without too much affect on the drop-off of residents’ willingness to pay, especially with the younger cohorts.
Gas cooktops offer a no nonsense cooking solution; they give instant heat and offer more control. However, for the apartment owners it means additional cost of running a gas line, higher maintenance and increased safety risks due to a higher possibility of accidental fires. Electric cooktops are commonplace in rental properties and apartments, due to their low initial and maintenance costs.
At a $15 premium for gas cooktop, the majority of residents (57 percent) opted for the electric cooktop, the standard option. However, Gen Xers (49 percent) and Baby Boomers (48 percent) chose the electric cooktop at a $15 rent increase.
"Corian" type countertopsGranite / Quartz countertops: +$50 Granite / Quartz countertops: +$30
Gas cooktop +$15
Electric
Kitchen Countertops
Cooktop
68%32%
35%
31%
21%
13%
39%
42%
41%
30%
16%
61%
58%
59%
70%
84%
65%
69%
79%
87%
0% 20% 40% 60% 80% 100%Overall
Millennials
Gen X
Baby Boomers
Silent Generation
43%
40%
49%
48%
31%
57%
60%
51%
52%
69%
J TURNER RESEARCH 33
THE NEXT GEN APARTMENT
This study also researched the choice between hardwood floors and carpeting. It is evident that not all renters are created equal when it comes to the kind of flooring they like. The younger the tenant, the more inclined they are toward hardwood flooring.
Residents were given the option to choose between carpeted living floors and hardwood floors with an additional $75 a month in rent. It was a split decision — 49 percent of respondents opted for carpeted floors and 51 percent chose hardwood floors at the $75 price increase. The hardwood floor percentage dropped to 46 percent when the price was increased to $100.
More than half of the younger generation, Millennials and Gen Xers are willing to pay an additional $75 for hardwood floors throughout their living spaces. With a $25 increase in price, the percentage of Millennials wanting this upgrade dropped to 45 percent, 50 percent of Gen Xers still opted for hardwood floors.
Apartment Flooring
Overall
Gen X
Baby Boomers
Silent Generation
Carpeted Living Area FloorsHardwood Floors throughout: +$75 Hardwood Floors throughout: +$100
0% 20% 40% 60% 80% 100%0%20%40%60%80%100%
Millennials
49% 51%
49%51%
48%
60%
74%
52%
40%
26%
54%
55%
50%
59%
75%
46%
45%
50%
41%
25%
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Drive-through CommunityGated Community: +$25
Gated Community: +$50
As observed in the J Turner Research’s 2015 Concept Community study, safety is a paramount concern for residents. Gated communities are perceived as safer. Mirroring this, when asked to select between a drive-through community and a gated community for an additional $25, the majority (54 percent) of residents opted for a gated community. This number dropped to 49 percent when the price was increased to $50.
Overall, more than half of the residents across generations (Gen X at 58 percent, Millennials and Baby Boomers at 53 percent each) are willing to shell out $25 for a gated community.
The willingness to pay higher rents for balcony size draws different reactions from different demographics. A small balcony is defined as one that fits two chairs and a large balcony as one that accommodates an additional outdoor sofa.
With the exception of the Silent Generation, a good majority of respondents across generations chose the regular balcony irrespective of the pricing.
Gated Community vs. Drive-through Community
Balcony
Overall
Gen X
Baby Boomers
Silent Generation
Millennials
0%0% 20%20% 40%40% 60%60% 80%80% 100%100%
Regular Balcony (Fits 2 chairs)
Large Balcony (Fits 2 chairs,a sofa and a fire pit) +$75
Large Balcony (Fits 2 chairs,a sofa and a fire pit) +$50
Overall
Gen X
Baby Boomers
Silent Generation
Millennials
0%0% 20%20% 40%40% 60%60% 80%80% 100%100%
J TURNER RESEARCH 35
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46%
47%
42%
47%
58%
54%
53%
58%
53%
42%
51%
52%
48%
51%
62%
49%
48%
52%
38%
49%
63%
62%
62%
70%
85%
37%
38%
38%
30%
15%
59%
57%
58%
63%
81%
41%
43%
42%
37%
19%
Overall Millennials Gen X BabyBoomers
SilentGeneration
41% 46%
13%
43%
45%
12%
39% 46%
15%
39% 47%
14%
40% 47%
13%
Reserved Carport: +$75Reserved Spot: +$25 Open Parking
Large, customizable, well-lit closet spaces are preferred design features for all tenants and homeowners alike.
Nearly half of all renters are willing to pay more per month for larger closets (10 feet by 6 feet) rather than try to fit their belongings into standard-sized closets (4 feet by 6 feet) for a lower rent. Demographically, the younger generations, both Gen Xers and Millennials are willing to pay a premium as compared to the other generations. However, Gen Xers are the most keen on larger closets irrespective of the higher rent increase.
Closet Space
Regular Closets (4x6 ft.)
Large Closets (10x6 ft.) +$75
Large Closets (10x6 ft.) +$100
Millennials
Gen X
Baby Boomers
Overall
0%0% 20%20% 40%40% 60%60% 80%80% 100%100%
Silent Generation
As mentioned earlier, a key finding of our previous studies is that parking is the number one complaint of residents nationwide. Finding a parking spot is not a struggle renters want to have each day.
The overwhelming majority of renters, 67 percent own one car, while another 21 percent of all renters own two. Nine percent indicated they do not own a car. Are renters willing to pay for a dedicated spot? What about a dedicated carport with a roof, how much is that worth to them?
The majority of respondents (59 percent) indicated that they would pay more for a dedicated spot, versus open parking. While 46 percent of renters would shell out $25 for a dedicated spot, only 13 percent would pay $75 for a reserved carport. .
Parking
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51%
50%
49%
56%
60%
49%
50%
51%
44%
40%
55%
56%
52%
58%
64%
45%
44%
48%
36%
42%
30% 42%
28%
Fountain/Seating/Reading GardenOutdoor Swimming Pool Rock Formation Fire-Pit Gathering Space
Resort Style Gathering RoomLarge Fitness Center with More Equipment Nicely Equipped Business Center andComputer lab / WiFi
Larger Living Room/Picture WindowSmall Balcony
Among the common area outdoor amenities, an outdoor swimming pool is most popular among all generations, followed by rock formation fire-pit gathering space, and at third spot is fountain/seating/reading/garden.
Unsurprisingly, the quieter spaces such as fountain/seating/reading garden are more popular among the older generations with the Silent Generation leading the pack. The fire-pit feature is more popular with the younger generations, especially Millennials.
Overall, all residents, with the exception of the Silent Generation, prefer a large fitness center with more equipment.
When it comes to a nicely equipped business center and computer lab with WiFi, overall 29 percent of all residents have expressed their preference for it. This feature is equally popular among all generations.
Though resort style gathering room, drew an overall 27 percent response, it is more popular with the older generations (Baby Boomers at 32 percent and the Silent Generation at 36 percent).
When given a choice between a small balcony and a larger living room/picture window, the latter wins hands down with residents across generations. Sixty-one percent of residents opted for the larger living room as opposed to 39 percent who opted for the small balcony.
Common Area Outdoors
Fitness and Business Center
Living Room
33% 42%
24%
28% 42%
30%
23
%
41%36%
19%
39%
43%
Overall Millennials Gen X BabyBoomers
SilentGeneration
29%
44%
27%
29%
45%
26%
28
%
44%
29%
28%
41%
31%
29% 35%
36%
Overall Millennials Gen X BabyBoomers
SilentGeneration
61%
39%
62%
38%
63%
37%
58%
42%
56%
44%
Overall Millennials Gen X BabyBoomers
SilentGeneration
J TURNER RESEARCH 37
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THE NEXT GEN APARTMENT
J TURNER RESEARCH38
The study The Next Gen Apartment: The Technology and Lifestyle Preferences of Different Generation of Renters informs management companies and developers about the technology, lifestyle, and design preferences of today’s and future renters. It echoes the voice of 84,924 residents nationwide, the highest participation in a MFE Concept Community study to date.
Overall, renters are undoubtedly cost conscious, they DO NOT want any additional increase in their rents. They are interested in amenities and upgrades that save them money. Residents’ choices are also influenced by convenience and a sense of security.
The following comments by the survey respondents summarize their sentiments.
Overall
“Rent is already expensive. I would focus on energy and cost efficient life style. You will receive a return on your investment as soon as the units are rented.”
“You are trying to do too much and increase the price of already expensive apartments. I'm not for that. The overall profit that you would make from some of these prices you suggested is in the millions. It's not in my favor.”
“A lot of these things should be standard in today’s rental environments and should not come with an "upcharge" as proposed above.”
“You need to balance livable with affordability.”
Parking and Electric Vehicles
“All tenants should be provided with one parking spot as close to their rental unit as possible at no additional charge.”
“We need larger parking spaces, carport spaces are too close together especially if there are two SUV's parked side by side.”
Health and Fitness
“A workout room with more weight machines and elliptical/treadmill/stationary bikes would be good.”
“A steam room in an apartment would definitely set a new community apart from others.”
“Fitness center with smart phone mirroring/USB connections in certain TVs so I can use workouts like p90x in the fitness center.”
SUMMARY
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Short Term Rental
“Airbnb is a criminal and discriminatory business that hurts both its customers and the communities where it is rampant. I will move out if this becomes a practice in my building. You are already a gross developer that drives up affordable rent in areas for working families, but if you start allowing Airbnb into your communities as well you may as well just admit that you are actively ** as well.”
Package Delivery
“Accept packages. It has been the biggest nightmare always having to go down to the city post office to receive packages. The post office to which our complex's packages are re-routed to is ridiculous. It takes a minimum of 45 minutes to get a package. It has been incredibly frustrating ever since the complex stopped accepting packages.”
Smart Home appliances and Amenities
“Anything that makes living affordable - like smart thermostats means cheaper electricity bills.”
“Energy efficient windows to cut on energy cost.”
“Free Wi-Fi is a huge plus as well as having set rate utilities so I don't have to worry month to month.”
Design Preferences
“Hard floors will reduce your costs over time. These things sound great. But don't price me out of my home.”
“Enough closet space is crucial. There can never be too much.”
“Make gas cooking a must for all apartments - food tastes better and cooks better with gas cooking, Google it. Hardwood flooring, easier to clean, maintain and no carpet mess (keep carpet only for bedrooms) - or keep it a mix (carpeted vs. hardwood flooring - people's choice varies).”
“All apartments should have a coat closet and walk-in shower instead of over sized tubs.”
“Balcony is so important! Fresh air is important and I hate feeling closed in.”
“Granite countertops are nicer and more durable. The most important thing would be to update the infrastructure (air-conditioning) and make sure you can control it by room.”
RESIDENT COMMENTS CONTINUED