Forget Pools and Gyms. Today's Renters Demand Neighbor Happy Hours and Pet Turfs
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The list of amenities that renters value most has some surprises: Rental buildings that feature gyms or pools actually tend to underperform, while social-living perks like happy hours and co-working spaces are apparently in vogue.
Gyms and pools, which have long been considered two of the most-desired amenities in a luxury building, are losing their appeal with today’s renters, according to a recent report from home search site Zillow that considered data from about 5.6 million listings.
Zillow says the number of "saves" on a listing is a proxy for demand and can suggest that an apartment will rent faster. Its findings? Listings that boast building happy hours draw a 50% increase in saves, and ones that mention turf pet areas get 76% more saves than other units.
Meanwhile, listings mentioning fitness centers are saved 26% less often than comparable units, and there's a 10% drop-off for listings with pools.
“Renters are rethinking what they want and need in a home, looking beyond buildings with traditional rental amenities in favor of those with features and services that better suit their lifestyle and budget,” according to the report.
Nationally, rents are up 3.4% year over year and are 33.6% higher than before the pandemic, Zillow reports. Given these steep increases, some renters are re-evaluating their housing budgets and priorities.
Amenities like pools and gyms tend to come at a cost. A 2019 report from Hotpads.com found that the typical premium renters pay for apartments with pools was $70 and $62 for gyms. It's unclear if these amenities themselves have fallen out of favor with renters or if the issue is simply the higher price tags for units with these upscale amenities.
Semi-regular happy hours and pet-friendly spaces, on the other hand, appear to add a lot of value for renters and likely have a much lower cost for the building.
“[Renters] are prioritizing practical amenities while also seeking community-focused perks like co-working spaces and social events,” Emily McDonald, rental trends expert at Zillow, said in the report. “These features offer a balance of convenience and lifestyle enhancement.”
Some other popular amenities are more stylistic. Most notably, "modern farmhouse features," including butcher-block countertops and barn doors, are among the top apartment features desired by renters.
Top 10 rental amenities on Zillow
Here are the 10 most popular amenities in 2024 based on how frequently listings are saved on the home search site:
- Off-street parking: 85% saves per day increase
- In-unit laundry: 76% increase
- Turf (pet area): 76% increase
- Air filtration: 72% increase
- Finished basement: 72% increase
- Butcher block (countertops): 58% increase
- Barn door: 56% increase
- Reserved parking: 52% increase
- Modern farmhouse: 51% increase
- Happy hour: 50% increase
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