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Software Advice IndustryView: What Renters Want in Micro Apartments

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“Micro-apartments”—apartments typically no more than 400 square feet—have been a controversial topic in the last few years. Software Advice surveyed U.S. renters to find out who is most likely to choose a micro-apartment and what considerations would factor into their decisions.

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Software Advice IndustryView: What Renters Want in Micro Apartments

  1. 1. Software Advice IndustryView: What Renters Want in Micro Apartments
  2. 2. Who Wants Micro-Apartments and Why? “Micro-apartments”—apartments typically no more than 400 square feet— represent a solution to the increasing population in urban areas and the associated increasing costs by offering smaller but cheaper living spaces where demand is high. ! It’s a controversial topic, as many believe these kinds of apartments cause more problems than they solve. Either way, by most accounts, micro-apartments are here to stay. So, we decided to survey U.S. renters to find out who is most likely to choose a micro-apartment and what considerations would factor into their decisions.
  3. 3. 31 Percent Would Consider Renting a Micro-Apartment A combined 31 percent showed at least “minimal” interest in renting a micro-apartment. Sixty-nine percent were “not likely at all.” 69% Not at all likely 15% Minimally likely 11% Moderately likely 5% Extremely likely
  4. 4. Youngest, Middle-Aged Most Likely to Rent Micro-Apartment 18-24 25-34 35-44 45-54 55-64 65+ 0% 20% 40% 60% 80% 100% Extremely likely Moderately likely Minimally A combined 55 percent of 18-24-year-olds were either “moderately” or “extremely likely” to consider a micro-apartment. Least likely are those in the 35-44 group.
  5. 5. More Men ‘Extremely Likely’ to Consider Micro-Apartment 59% Male 41% Female Of those who said they were “extremely likely” to consider renting a micro-apartment, 59 percent were male, while just 41 percent were female.
  6. 6. Most Would Use Online Reviews to Research Micro-Apartments 50% Ratings and reviews sites 40% Apartment’s website 10% Apartment’s social Most respondents (50 percent) said they would do their research on online ratings and reviews websites, while 40 percent would use the apartment’s website.
  7. 7. Younger Renters Prefer to Research Micro-Apartments on Ratings Sites Ratings and reviews sites Apartment's website Apartment's social media 0% 20% 40% 60% 80% 100% 18-24 25-3 35-44 45-54 55-64 65+ The youngest age group (18-24) are most likely to research micro-apartments on ratings and reviews sites, such as Apartments.com or Zillow (37 percent).
  8. 8. Counter Space, Patio Most Preferred Features Counter space Patio Large windows Large closet 0% 20% 40% 60% 80% 100% Male Female Men preferred kitchen counter space more than women (58 percent versus 42 percent), and women preferred large closets more than men.
  9. 9. One-Third Would Prefer to Live Near Grocery Store, Public Transit 29% Grocery store 29% Bus/train station 23% Cafes or restaurants 19% Shopping Grocery stores and bus or train stations ranked at the top, each at 29 percent. Slightly further behind were cafes or restaurants (23 percent).
  10. 10. About Two-Thirds Would Rent Micro-Apartment to Save Money 67% rent To save money on 33% location To live in desirable Sixty-seven percent of respondents said they would be most motivated to choose a micro-apartment in order to save money on rent.
  11. 11. Learn More About Apartment Property Management Software Read the full report Get free price quotes on top apartment property management software Get unbiased reviews & free demos on top apartment PMS software Read Report Get Free Quotes Get Free Demos
  12. 12. @SoftwareAdvice /company/software-advice /SoftwareAdvice @SoftwareAdvice Software Advice™ is a trusted resource for software buyers. The company's website, www.softwareadvice.com, provides detailed reviews, comparisons and research to help organizations choose the right software. Meanwhile, the company’s team of software analysts provide free telephone consultations to help each software buyer identify systems that best fit their needs. In the process, Software Advice connects software buyers and sellers, generating high-quality opportunities for software vendors.

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