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 10 percent — or nearly 1,500 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 85 percent of student renters, price is one of their top considerations.

The majority of students (60 percent) are relying on their own income or savings, at least in part, to cover their rent costs, while nearly half (48 percent) are using financial aid, and 44 percent get support from parents or other family members.

And like other renters, students expect to see transparent pricing in their rental search. The overwhelming majority of student renters (90 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. Forty-three percent say that amenities are among their top considerations in selecting a place. That’s significantly more than renters generally, only 38 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 ranked third among students and is considered a necessity for 46 percent of them.

Students are 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. Nearly seven in 10 (69 percent) rank location as one of their top considerations, and that means living close to the places that matter to them.

Easy access to classes is at the top of the list, with 63 percent of student renters saying they only consider places close to school. Driving is students’ top means of getting to campus, but 29 percent rely on walking, and 25 percent take public transit. 

Most student renters want to live within 30 minutes or less of campus. For those who drive, a 23-minute is the average commute considered acceptable, compared to 19 minutes for walking and 29 minutes for public transit.

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 50 percent of student renters.

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 55 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. Forty-three percent say they only look for places close to bus stops or train stations. That’s compared to just under a third (31 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. Half of student respondents 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 (83 percent), and millennials are the next largest group (15 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 (72 percent), by phone (66 percent), and in person (56 percent). But compared to the average renter, they’re more likely to want to text with a leasing agent or use chat or instant messaging (43 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 6 to 7 percent of the student population — and 5 to 6 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 96 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. Eighty-five percent are interested in taking a self-guided 3D tour and touring virtually with a leasing agent (83 percent). 

Student renters are also slightly more likely than the average renter to use online tools in their search, such as online listing websites, search engines, and social media. While 27 percent of students say they use — or plan to use — social media in their rental search, 24 percent of renters generally do so.

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.