Last modified on May 2nd, 2022
By Stacy Holden
Over the last two years, Miami renter preferences have changed drastically, To see just how much, we surveyed them. The full breakdown of their survey results is available in the 2022 Miami Resident Motivations report, but we’ve also curated top report findings into one helpful infographic.
Read on for additional context into the infographic’s insights.
Key insight #1: Miami renters love Miami and want to stay
Even though 60% of Miami renters said they plan on moving in the next 12 months, more than 72% surveyed said they want their next home to still be located in the Miami metro area. That’s because Miamians love Miami.
When we asked, “What’s the best part about living in the Miami metro community?” survey participants said:
- “Our community is close knit, neighbors look out for one another.”
- “It is the most dynamic city in the world.”
- “I love the culture and the climate.”
- “The sunshine and beaches.”
But just because renters love and want to stay in Miami doesn’t mean they don’t have options. In order to retain them, property managers must understand how exactly their expectations have shifted and grown, as we’ll explore next.
Key insight #2: Miami renter expectations have grown and are among the highest
Out of the five metro areas we recently surveyed, Miami renters’ expectations had grown the most over the last two years and were among the highest in the nation.
Specifically, when we asked Miami renters how their values had changed, they indicated that responsiveness, flexibility, technology, and community were now a priority:
|Compared to before the pandemic, how important are each of the following factors to you now?||
|My property manager proactively communicating time-sensitive updates about my rental unit or community||
|My property manager offering flexible payment plans||
|My property manager promptly resolving maintenance issues||
|My property manager offering digital tools (e.g., mobile app) to manage my rental||
|My property manager planning social events||
However, as we’ll see next, Miami residents’ increased expectations aren’t unachievable for property managers and owners. Instead, these new priorities should be used as a North Star for where efforts can be prioritized.
Key insight #3: Property managers can exceed expectations with empathy
When we asked residents how their property management company or landlord exceeded their expectations over the last year, the results were telling. By far and away, the most common answer involved property managers and owners showing empathy and understanding. Some real feedback provided included:
- “Flexible and forgiving on late fees if rent was paid a few days after specified in lease.”
- “Just their willingness to assist if needed.”
- “They come to fix issues no matter what time I call.”
Showing empathy and understanding are among the quickest yet most overlooked ways to exceed resident expectations in Miami. But it’s never too late to nurture these traits, especially when residents have said it’s key to keeping them.
Want more ideas and insights on how to retain your Miami area renters in 2022 and beyond? Let’s chat. Our product experts are ready to give you a comprehensive, customized walkthrough on how AppFolio Property Manager can help you exceed your residents’ expectations.
Comments by Stacy Holden