The cost of living in America today is much higher than it was 50 years ago. In 1960, just 52 years ago, the average price for a new house was $12,700. Comparatively, as of July 2012, with the same amount of money, you could only rent an apartment for 4.7 months if you paid the average rent in New York City (which is $2,692). It costs more to rent an apartment today than it was to purchase a home 50 years ago! Besides price, what renters want and need is constantly changing and what was popular or on trend 50 years ago is not necessarily the same for today’s renters.
Besides the cost of living, Americans today have a different lifestyle. Renters today are more likely to be concerned about living a “green” lifestyle than previous generations. When they are looking for an apartment, renters today are going to look for places with “green” features such as LED lights, easy access to recycling, and energy-efficient appliances. Not only are these good for the environment, but they also lower energy costs.
Today’s renters are also looking for convenience. A survey found that six in ten people would give up a bigger apartment to live in a convenient neighborhood within walking distance from stores and businesses. Renters today are more concerned with having useful living space than a formal living room and dining room, a feature in apartments and homes that was popular 50 years ago.
Technology has also advanced greatly within the past 50 years. Today’s renters live in a world where they are constantly connected and do everything online. The landlines and home phones of 50 years ago have been replaced with cell phones and Internet access. Today’s renters search for apartments online, pay their rent online, and even access their bills online.
With renters’ views and lifestyle changing all the time, it is important for landlords and rental companies to stay up-to-date with trends in the rental industry. If renters are used to paying things online, offer them the ability to pay their rent online. If the demand for eco-friendly apartments is high, make sure energy-efficient appliances are installed and renters have easy access to recycling. Anything else would be so 50 years ago!
