Student Renters: What Multifamily Properties Need to Know

Student renters make up a small but significant slice of the renter population. Compared to adults in full-time employment, students are much more likely to rent. And they can be a powerful force in rental markets with nearby colleges and universities.

In the latest Apartments.com survey of prospective renters, full-time students constituted about 6 percent — or just over 1,200 respondents. While student renters have much in common with the larger renter population, they also differ in crucial ways. From what they prioritize to how they search for housing, student renters have unique needs that apartment owners and operators need to understand.

Whether your properties are focused on student housing or just located near a college or university campus, here’s what you need to know about student renters and what they’re looking for.

Student renters are just as price sensitive as other renters

In survey after survey, renters report that price is one of their top considerations when choosing a place. In the latest Apartments.com survey of 20,000 renters, 82 percent said that price was a top consideration.

Students, too, are extremely price conscious. Price ranks as the #1 factor that student renters weigh when selecting a place to live. For 83 percent of student renters, price is one of their top considerations.

And like other renters, students expect to see transparent pricing in their rental search. The overwhelming majority of student renters (87 percent) express a preference for rental advertisements that list the total price, including all applicable fees.

Amenities are more important than extra space

For student renters, features matter more than floor plans. Amenities rank as a top priority, after price, location, and safety. Nearly half of student renters — 45 percent — say that amenities are among their top considerations in selecting a place. That’s significantly more than renters generally, only 39 percent of whom prioritize amenities.

So what amenities are students looking for? Student renters’ must-haves are similar to the amenities preferred by renters generally — with air conditioning and in-unit laundry at the top of the list — but a few differences stand out.

For many students, the thought of washing the dishes by hand is an unwelcome prospect. Students are more likely than the average renter to consider a dishwasher to be nonnegotiable. This feature is a necessity for a full 50 percent of student renters.

They’re also more likely than non-students to want an onsite fitness center or gym. This community amenity is a must-have for 23 percent of student renters.

On the other hand, student renters have more flexible expectations when it comes to space. Compared to the average renter, student renters are less likely to consider square footage and number of bedrooms in their decision, and they’re less likely to report needing a larger space in their upcoming move.

Location is about convenience

Real estate is all about location, and that’s no less true for student renters. Six in 10 rank location as one of their top considerations, and that means living close to the places that matter to them.

Many student renters, even if they study full time, also hold down a job. With limited time to spare between classes and work, student renters don’t want to travel long distances between work and home. Living close to their own jobs — or a family member’s workplace — is a must-have for 54 percent of student renters.

Easy access to classes is also near the top of the list, with 51 percent of student renters saying they only consider places close to school.

And like renters generally, students want easy access to the local supermarket. Nearly tied with work, the grocery store comes in a close second, with 53 percent of student renters looking to live near this essential neighborhood amenity.

Compared to other renters, students are more likely to rely on public transit to get around. Over a third (34 percent) say they only look for places close to bus stops or train stations. That’s compared to just over a quarter (26 percent) of renters generally.

And location isn’t just about what’s nearby. It’s also about how safe renters feel in a given place. Nearly half of student respondents (48 percent) ranked safety and security as a top consideration in their search.

Students are tech savvy but still crave human connection

Nearly all student renters are under the age of 40. Gen Z makes up the majority of this population (76 percent), and millennials are the next largest group (19 percent).

These renters have grown up with technology and the internet, and as digital natives, they’re typically comfortable relying on online tools in their rental search.

But that doesn’t mean they don’t appreciate the human or real-life element.

For example, over half of student renters are interested in communicating with properties via email (74 percent), by phone (64 percent), and in person (53 percent). But compared to the average renter, they’re more likely to want to text with a leasing agent (47 percent) or use chat or instant messaging (41 percent).

But the human element is key. While they’re happy to text or chat with a leasing agent, student renters have little interest in using an automated text-based service or virtual agent to get their questions answered. Only 5 percent of the student population — and 5 percent of renters overall — are interested in these approaches to communicating with a property they’re considering.

And when it comes to touring, student renters are enthusiastic about in-person options. A whopping 97 percent are interested in touring with a leasing agent in person. Just as many are interested in taking a self-guided tour in person.

At the same time, however, student renters are also interested in virtual alternatives. Over 80 percent are interested in taking a self-guided 3D tour (88 percent) and touring virtually with a leasing agent (84 percent). 

Student renters are also more likely than the average renter to use online tools in their search, such as online listing websites, search engines, and social media. In fact, 33 percent of students say they use — or plan to use — social media in their rental search, compared to only 26 percent of renters generally.

Looking to reach more student renters?

Get maximum exposure to drive more student renters to your properties. Check out Apartments.com’s Campus Network, the network that gives you visibility on up to seven leading websites and highlights your properties on the off-campus housing websites of local universities.