2018 PRESENTATION OF TENANT SURVEY RESULTS - Amy Erixon Principal and Managing Director, Avison Young - Real ...
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
2018 PRESENTATION
OF TENANT SURVEY
RESULTS
Amy Erixon
Principal and Managing Director,
Avison Young
Top 5 Reasons This Report & Dashboard Matter 1. CUSTOMER SERVICE BENCHMARKING Google Reviews and Social Media Management and Internal Quality Control 2. CAPITAL EXPENDITURE MANAGEMENT Pay Back Calculation, Prioritization of Improvement, Customer Service / Rental Fixes 3. MARKET RENT COMPARISON AND BENCHMARKING Revenue Management, Market Suite Comparison, Ability to Segment Renters and Budgets 4. PROPERTY MANAGEMENT AND SERVICE PERFORMANCE Better Service for Tenants and Understanding of Issue, Insights on Communications Preferences 5. AMENITY, TECHNOLOGY AND PREFERENCE VALUE ANALYSIS Creating Value for Development and Repositioning in Addition to Existing Property Improvement Programs
2018 Report Card
• A+ - Focus on Green /
Technology / Operations /
Development
• A+ - Once Again Involve Industry
in Questions Providing New
Insights
• B+ - Increase Geographic Reach
• C+ - Increase Condo Tenant
Respondent Base in 2018
• BONUS: Price Indication For
Amenities, Technology,
Sustainability and Preferences
New Excel Interface – Allowing for Easier Analysis Speak to sarah.segal@informa.com to purchase your copy of the trends report & dashboard and filter the responses in this report by age, income, rent, geographic area, pets, dependents, future plans etc.
2018 Macro Updates
2018 Data Includes:
Larger Response Group
Values Prescribed For Amenities and Features
More Forward Looking Questions
Worked alongside
Responses From Over
Gold Sponsors
+12,000 Canadians Responded
Participating Companies
70% Completion Rate
Various Channels
More Questions Also On
Technology, Automation, Comfort
Integration of these systems in rental units
Geographic Make-Up
21% 5% or Less
Toronto Brampton Mississauga
Burlington Montreal
16% Cambridge Oakville
Edmonton Grande Prairie Other
Guelph Red Deer
14% Halifax Regina
Ottawa Hamilton Saskatoon
Kingston Vancouver
9%
Kitchener Victoria
Calgary London
CANADIAN RENTER STATISTICS
Type Of Rental Surveyed
Interesting Facts:
• Condo Tenants: Vancouver 29%, Calgary 16%, Edmonton13%
and Toronto10%.
• Purpose Built Rental Properties Built >5 Years Old: Toronto
73%, Edmonton and Calgary 55% and Vancouver 53 %.
Household Make-Up
Households? Relationship?
33% Single (25% 2017) 37% Single (30% 2017)
42% 2 People (40% 2017) 44% Married/Common Law
24% 3+ People (21% 2017) (50% 2017)
13% Divorced/Separated
(11% 2017)
Dependants?
17% - 1 Dependant (16% 2017)
17% - 2+ Dependants (21% 2017)
66% - 0 Dependants (60% 2017)
Employment
58% Employed Full Time (67% 2017)
59% Above $50K HH Income
41% Under $50K HH Income
Demographic Findings
Gender? Age? Move In Year?
58% of Overall 33% 18-30 Years Old 12% - 2018
Female 40% 31-50 Years Old 59% - 2017-2015
Respondents 27% 50-70 Years Old 30% - Before 2014
Type?
64% > 5 Yr Apt
9% Condo
26% Other
Pets?
45% Own a PetSurprising Renter Profile Findings
49% 78% of Those Surveyed 58% have dependents
of Canadians Surveyed Have 1 Bathroom under the age of 20
Rent 2+ Bedrooms 71% Require A Bathtub 41% under age of 10
Would Not Rent Without Essential + Nice To Have
• Washer/Dryer in Building • Soundproof Walls
• Elevator Access • Washer Dryer in Unit
• Designated Parking Space • Patio/Balcony
• Parking Lot • High Speed Internet2018 NEW FINDINGS
2018 New Questions – Select Examples New Perspectives and New Results to Guide Your Decisions • Many more preference and amenity additions for ranking and allocating value • How much would tenants pay for features and amenities • Did the building amenities attract you and do you use them? • If you had two bathrooms what set up would you prefer? • Can premium shared outdoor space replace need for balcony? • Preference on controlling unit with Google Home etc. • Comfort level with Amazon key and the like • Questions around electric vehicles, ownership and preferences • What are your reasons for renting versus owning? • Why have you chosen select type of rental? • What year/month did you move in? • Do you worry the owner of your condo will sell their unit? • Ratings for current condition of building and rental • Management change and service level changes
Focus on New Build and Bathrooms
Worry Condo Owner Will Sell? 2 Bathrooms?
Yes - 17% (V-64%, T-32%) 22% Had +2 Bathrooms
No – 83% (E-92%, C-91%) 41% want 1 full & 1 powder room
36% 2 full and 24% do not care
Value of an Extra Bathroom?
Did Amenities Attract You? 34%– Said $0; 38% Said $50-
65% Condo Yes $150; 9% Said $25-$50; 5% Would
78% Purpose Built Rental Yes pay $300+
En-Suite?
Do You Use the Amenities? 24% Essential - 54% Nice to Have
76% Condo Yes 42% would pay extra for en-suite
81% Purpose Built Rental Yes Shower or Tub In 1 Bathroom? 71%
shower/tub, 15% just showerFocus on Balcony and E-Commerce
46% Balcony is Nice to Have 79% Shop Online
43% Balcony is Essential, Would Where are orders delivered to?
Not Rent Without 78% Their Rental,
11% Does Not Matter 19% Pick-Up Center, 16% Work,
9% Friend/Family
40% want private balcony 8% Originating Store, 4% Other
39% like shared space but prefer
balcony Is There Sufficient Storage Space /
15% do not care & Systems For Packages?
5.5% prefer shared space 54% NO
(When you filter for age it matters) 46% YES
Pay More For a Patio/Balcony? 40% would feel comfortable with
25% Would pay $1-$25/mth Amazon Key – 49% for those under 30
25% Would pay $25-$100/mth & 27% for those over 50
(Roughly same for Google Home)Focus on Electric Vehicles
1% have an electric vehicle 7% of tenants
Most of these in said their building
Vancouver had charging stations
11% plan to buy one 4% said their building
provides priority parking for electric
In next 1-3 years
vehicles
2% of tenants said
a charging station
7% said they would pay $1-$25
was essential for charging stations. 3% said they
they would not rent without would pay $26-$50 more a monthEnergy Certified Building Value
80.0% 75.8%
70.0%
60.0%
50.0%
40.0%
30.0%
20.0% 17.1%
9.5%
10.0%
4.4%
1.7%
0.0%
$0 $1-$25 $26-$50 $51-$100 $101-$500+What Would People Pay More For Per Month?
In-Suite Kitchen Bathroom
Laundry Renovation Upgrade
$25-$38 $19-$30 $22
New Hardwood Designated
Building Floors Parking Spot
$21 $20 $18
Smart Stainless Steel Common
Thermostat Appliances Area
$17 $16 $12DECISION PRIORITIES
Why Rent Where?
1 Grocery Store
2 Near Outdoor Space / Park
3 Bus Station
4 Retail and Restaurants
5 Close to Work
Interesting Facts:
• In Toronto the order changes to: Grocery Store, Bus/Streetcar,
Subway, Park/Outdoor Space, then Place of work.
• In Edmonton the order changes to: Grocery Store, Bus/Streetcar,
Place of Work, Park/Outdoor Space, Children’s SchoolReasons for Renting Vs. Owning?
Hassle-free Lifestyle
Flexibility Of Being Able To Move
Like The Neighborhood But Can’t Afford To Purchase
Saving For A Down Payment
2017 Change
Not Ready To Own
Interesting Facts:
• 34% of respondents would prefer a rental in a new purpose
built rental
• 24% of respondents said they prefer a house / townhouse
• 14% of respondents said they prefer a condoWhat % Of Your Income Do You Pay In Rent?
Kingston 38.3%
Ottawa 35.3%
Vancouver 34.0%
Toronto 33.9%
Edmonton 32.3%
Calgary 31.3%
0.0% 10.0% 20.0% 30.0% 40.0% 50.0%
PercentCurrent Monthly Rent Current Rent 2017 2018 Toronto Edmonton $1,001-$1,500 48% 59% 45% 68% $1,501-$2,000 26% 20% 37% 8% < $1,000 17% 16% 7% 24% > $2,001 9% 6% 12% 0% Key Findings: • Largest Grouping was $1,100 nationally and the largest group jumped to $1,350 when filtered for Toronto only
Top Current Monthly Rent – Breakdown By City
$1,650 at 8% $1,350 at 11%
Vancouver (CMA) Other
$1,450 at 6% $1,050 at 9%
Toronto (Metro) Kingston
$1,200 at 10% $1,050 at 9%
Edmonton Ottawa
$1,050 & $1,200 at 11% $950 at 18%
Calgary LondonWhat Would Your New Budget Be If Looking Today
Budget Canada Toronto Edmonton
$1,001-$1,500 47% 47% 53%
< $1,000 35% 17% 42%
$1,501-$2,000 14% 27% 4%
> $2,001 4% 9% 0%
Interesting Facts:
• 59% pay $1,000 - $1,500 a month versus 47% budgeted
• 20% pay $1,501 - $2,000 a month versus 14% budgeted
• 16% payDirect Comparison Current to Budget Rent
70%
60%
50%
40%
30%
20%
10%
0%
< $1,000 $1,001-$1,500 $1,500-$2,000 > $2,000
Budget Rent Current RentHow Many Cars
2017 2018 Toronto Edmonton
1 50% 58% 49% 62%
0 40% 29% 44% 23%
2 9% 12% 7% 14%
3 1% 1% 1% 1%
Interesting Facts:
• 44% of respondents in Toronto reported not owing a car down
from 51% last year
• 44% of renters in Vancouver reported not owing a car down from
48% last yearCommute Method To Work/School
TOP THREE Interesting Facts:
• 78% said that living close to
49% Drive work was important to them
29% Public Transit • 26% said that living close to
work was so important to
11% Walk
them, they would not rent
BOTTOM THREE without
1.9% Bike
0.5% Uber (Ahead of Taxi)
0.4% Taxi
Source: Nata Metlukah, https://giphy.com/gifs/people-morning-crowd-l3q2ERR1AvgpuYypaCommute Time
Time 2017 2018 Those with dependents spent
more time on the road than
0-10 mins 29% 31% those without
10-20 mins 28% 31% • 27% for those between
20-30 mins 21% 17% 0-10 mins,
• 13% for those between
30-45 mins 12% 12% 30-45 mins and
• 11% for those between
45-60+ mins 8% 9%
45-60+ mins
Source: https://www.autofreaks.com/2016/102058/malaysians-lament-the-state-of-the-commute-ford-survey-shows/RENTAL MARKET DYNAMICS
Time To Find Your Rental
Actual Time to Find Rental
Time Line 2017 2018 How Far Time Line 2018
In
< 1 month 54% 61% Advance < 1 month 7%
Do You
1-2 months 32% 23% 1-2 months 22%
Start
2-6 months 10% 14% Looking? 2-6 months 33%
> 6 months 4% 2% > 6 months 7%
Interesting Facts:
• Vancouver - 40% takingRental Condition How would you rate the current condition of your Unit / Building 43% 42% Average 29% 30% Above Average 15% 14% Excellent 10% 10% Below Average 3% 3% Poor 1% 1% In Total Disrepair
Management/Owner/Landlord Rating
Do they have on-site How likely to recommend to Friends your
property managers? Landlord/Owner/Manager
85% Yes 32% Rated their satisfaction between 9-10
15% No 27% Rated their satisfaction between 6-8
Rating the level of 28% Rated their satisfaction between 1-5
service from on-site
property manager? Satisfaction Level with
Landlord/Owner/Manager
25% Very high quality
29% Rated their satisfaction between 9-10
39% High quality
46% Rated their satisfaction between 6-8
27% Neither high/low
25% Rated their satisfaction between 1-5
7% Low Quality
3% Very Low QualityValue To Being Fully Satisfied
Does their rental fully meet Would they pay more rent for work
their needs? to be fully satisfied?
67% Yes 56% Would pay more
33% No 14% Would pay $50
10% Would pay $100
5% Would pay $10, $20, or $25
If they paid more rent to
have a renovated unit, With minimal upgrades would the
would they be fully unit they are renting meet their
satisfied? needs?
85% Yes 71% Yes
15% No 29% NoNeeds Analysis
What is the reason their rental Do the number of bedrooms
does not meet their needs? meet their needs?
32% Lack of Space 75% Yes
31% Lack of Appliances 18% No
I cannot afford more rent
25% Other 8% No
I am actively looking to move for more bedrooms
11% Lack of Service
How much is an extra bedroom
2% Location worth? Only 9% said $0
23% Said $100 a Month
12% Said $50 or $200 a Month
10% Said $150 a Month
2 Bedroom – 1,132 sf; Georgetown Crossing, Savannah GAPurchase Plans a House or Condo?
22% Do not want to be a home/condo owner
19% In the next 6-12 Months
41% In the next 5 years
7% In the next 10 years
Already purchased and waiting to move in
4% In the next 6 month
Will consider a unit but longer than 10 years
69% of respondents said they were not planning to move in the next
12 months.UNIT / BUILDING FEATURES
86 Preferences and Amenities Surveyed
• Bathtub (versus shower only) • Washer/Dryer in Unit • Dog washing stations
• Color Changing LED lighting • Washer/Dryer in Building • Dry cleaning pick-up and delivery
• Device Charging Stations • Large Laundry Room • Winter and Summer tire change
• En-Suite Bathroom • Wider Doorways • Car Washing Station
• Garbage Disposals in unit (Garburators) • New Building • Energy efficient lighting
• Gas Stove • Guest parking • Energy certified buildings (LEED, Well
• Heated Floors • Garbage Shute so you don't have to walk it to Building Standard etc.)
• High Speed Internet Access a bin • Fitness Classes
• Abundant natural light • Additional Storage space outside of unit • Fitness Facilities
• Designated parking place space • Games Room
• Carpets • BBQ for Tenants Use • Guest Rooms
• Wood or plank flooring • Private BBQ's • Indoor common areas
• Updated kitchen with stone counters, newer • Bike sharing • Outdoor common areas
appliances, ample counter space • Convenient, secure bike parking in the • Outdoor playground
• In-Suite Storage room building • Grass space outdoors
• Open plan Kitchen-Living-Dining • Building Events and Socials • Parcel delivery service
• In-Unit Speaker/Sound System • Building Digital Portal for Communications • Parking lot
• Lower Accessible Kitchen/Bathroom and social functions • Electric Car/Motorcycle charging stations
Counters • Business Center • Personal Shopping Services
• Elevator access • Car sharing • Personal trainer available to tenants
• Storage unit close to rental suite • Common Lounge • Private Bathrooms in co-sharing living space
• Storage outside of rental suite • Conference Rooms / meeting space • Sauna/Spa
• Microwave • Party Room • Security Guard and/or System
• Non-Key Secure access • Daily, Weekly, Monthly Housekeeping • Toddler/Family Room
• Non-smoking building • Daycare in Building • Tri-Slot Garbage
• Patio or balcony • Daytime concierge (Compost/Recycle/Garbage)
• Refrigerator with ice dispenser • 24 hour concierge • Valet Parking
• Shower Support Bar • Ability to receive packages during work hours
• Smart Thermostats • Ability to receive packages 24 hours a day
• Wide Corridors • Designated Uber Drop off and pickup areas
• Soundproof Walls • Designated outdoor dog area
• Air barriers so smells do not enter common • Dog grooming
areas and other people's suites • Dog treats in lobby
• Walk-in closet • Dog walkingEssential Would Not Rent Without Features
53% Washer Dryer in Building Interesting Facts:
• 2017 had high speed internet,
51% Elevator Access patio/balcony and soundproof walls as
Designated Parking the top three
45%
Space • In 2018 we combined our lists into
44% Parking Lot one macro list – more choices were
present showing real preference
43% Patio or Balcony choices
43% High Speed Internet • Smart Thermostats rated 7.5% for
essential but 60% for important – this
34% Abundant Natural Light
is up from 5% and 50% respectively in
32% Soundproof Walls 2017
29% Guest Parking • For Families (Dependent under 15)
Designated Parking Space moved to
29% Washer/Dryer in Unit #2 and non-smoking building moved
to #8Essential – But Will They Pay?
$1- $26- $51- $101- $201-
AMENITY / FEATURE $0 Low High Average
$25 $50 $100 $200 $300
Washer/Dryer In
Building
Elevator Access
Designated
Parking Space
Parking Lot
Patio/Balcony
High Speed Internet
Abundant Natural Light
Soundproof Walls
Guest Parking
Washer/Dryer In UnitFeatures Not Considered Important
87% Valet Parking Interesting Facts:
86% Dog Grooming • Car Sharing and
Business Centers, top
84% Dog Treats In Lobby features among urban US
82% Dog Walking renters are not as
important to Canadians
81% Dog Washing Station
• Families with children less
80% Color Changing LED lights
than 15 years old – value
79% Electric Car Charging Station Toddler/Family rooms
higher
78% Toddler/Family Room
77% Car Sharing
77% Business CenterTop 10 Essential + Nice To Have
90% Soundproof Walls Interesting Facts:
90% Washer in Unit • Washer Dryer falls to #10
from #1
89% Patio or Balcony
• Soundproof walls moves
89% High-Speed Internet
from #8 to #1
89% Guest Parking
• Designated Parking Spot
88% Abundant Natural Light vanishes
88% Air Barriers • Microwave drops off the
84% Parking Lot list from it’s #3 spot
83% Elevator Access • Air Barriers moves from
82% Washer Dryer in Building off the list to 7thOPERATIONS & TECHNOLOGY
Service Requests and Satisfaction
Generally satisfied with the outcome Interesting Facts:
of service requests?
• 21% rated their level
54% Highly Satisfied 10-8 at 10, and 5% at 1 –
34% Satisfied 4-7 showing a generally
satisfied grouping
12% Unsatisfied 1-3
• 76% noted they only
Did you experience a management submitted a service
change in rental period and if so did you request once for any
notice a difference? one issue
69% No Change in Management
19% Yes – Positive Change
12% Yes – Negative ChangeCurrent And Future Communications How Do You Currently And Want To Communicate With Your Landlord Method Current Want In Person 38% 17% Phone 22% 12% Email 19% 38% Flyer Under The Door 6% 9% Property Specific Digital Web Page / Newsletter 5% 4% Poster In Building 3% 2% Text Message 3% 7% Written Letter Mailed 1% 4% Other 1% 1% An App 1% 5% Internet/Social Media 0% 1% Monthly Newsletter 0% 1%
How Did You Find Your Rental?
Source 2017 2018
Online Listing Service 35% 31%
Directly From Building (2017) / Company Web
28% 19% + 8%
Site (2018) + Posting In/On Building (2018)
Friend 22% 21%
Other 9% 16%
Newspaper 4% 3%
Broker/Realtor 2% 1%
WHICH SITE? 2018, 41% found on Kijiji versus 45% in 2017 and Viewit
dropped to 9% from it’s 2017 figure or 20%. Notably “Other” received
32% of the vote in 2018.Do Company Web Sites Matter? Yes, And It Made A Positive Impression On Me 52% Yes, And It Didn't Influence My Decision At All 21% No, And It Is Not Important For Me 20% No, Because They Didn't Have One - But I Wish They Did 6% Yes, And It Made A Negative Impression On Me 1%
Payment and Technology How do you Currently Pay Your Rent? How Would You Like To? Method 2017 2018 Prefer Online – Debit Payment 47% 53% 45% E-mail Bank Transfer 15% 8% 16% Credit Card 13% 1% 14% In Person 11% 7% 6% Other 7% 4% 6% Debit Card 5% 8% 7% An App 4% 1% 7% Text 0% 0% 0% Cheque N/A 17% N/A Cash Handed To Landlord N/A 0% N/A
Community Portals
Does Your Do You Use Your Would Your Use
Rental Have A Online An Online
Community Community Community
Portal? Portal? Portal?
56% YES 54% YES 50% YES
44% NO 46% NO 50% NOParking Insights
Do You Have Parking In Your Rental?
71% Yes, I Have A Designated Spot
21% No, I Don’t Have Parking Because I Don’t Need It
7% Yes, I Have An Open Parking – First Come First Serve
2% No, I Don’t Have Parking And My Rental Does Not Offer It
Source: https://w3.siemens.co.uk/buildingtechnologies/uk/en/vertical-markets/hospitality/infrastructure-areas/car-park/pages/default.aspxParking Rates
How Much Do You Pay For Parking?
Toronto Edmonton
Monthly Amount Canada
(CMA) (CMA)
$0 33% 18% 40%
$5-$20 3% 1% 5%
$20-$50 28% 19% 40%
$50-$100 29% 49% 13%
$100-$150 5% 11% 2%
$150-$200 1% 2% 1%
$200+ 0.5% 1% 0%Conclusions
2018 Conclusions
Key Findings:
• Small $ Big Impact: Wi-Fi, Designated Parking, Smart
Thermostats
• Medium $$ Big Impact: In-suite Laundry, shared Balcony / Deck
• Big $$$ Impact: Additional Bedroom and Bathroom, Kitchen
Renovation
• Growing Affordability Gap
• Outside of Vancouver and Toronto, Parking Still Matters and
Tenants Increasingly Willing To Pay
• Management and Websites MatterSample Questions in 2018 LANDLORD SATISFACTION If you are currently a tenant, what is your level of satisfaction with your landlord/manager/owner? How likely would you be to recommend your landlord to a friend or colleague? How can your landlord improve your customer experience? Does the unit you are renting now fully meet your needs? If you answered NO to the question above, what is the main reason why? If you have lived in your rental home for more than one year, what are the top two reasons that you have stayed? If you are planning to terminate and move apartments, could your landlord convince you to stay? AMENITIES, FEATURES, LOCATION, SIGNING FACTORS If you were to rent a unit with only one bathroom would you (require a bathtub, prefer a large shower etc.)? Would you be willing to pay more rent, if any of the following were upgraded in your current rental Home? Is there sufficient parking at your rental? How important are the following amenities/Features/Proximity Options//Signing Factors to you? (In depth list of choices from which they choose Essential (would not rent without), Important, Not Important)? If you have a concierge, is it important for them to accept packages? FUTURE PLANS If you are looking to move in the next 12 months, do you anticipate your monthly carrying costs to: (up, down etc.) If you are looking to purchase a home, when do you anticipate doing so? In the next 12 months, do you plan on: (Staying in the same rental home, moving into a rental condo etc.)? TECHNOLOGY Does your building have an online community portal that allows you to plan and attend social events and network with residents? Is it important for you to engage with your rental community over the following services? (various choices provided) Ideally, how would you like your management company / landlord to communicate with you on issues or items affecting your community and/or rental unit? (various choices provided) In renting your latest unit, did you visit the company website ahead of time? If you had your choice, would you rather submit a service request by: (various choices provided) Would you prefer to pay your rent with: (various choices provided)? Please remember the above is a sample of the 120 questions that were asked and answered
What Does The Dashboard Offer
• Segment specific tenants against the market
• Landlord Benchmarking – Portfolio or building compared to market
• Tailor the data to your needs – filter for age, income, rent,
geographic area, dependants etc…
• Figure out how much tenants will pay for select amenities, features
and preferences
• Some 120 question asked and answered in 20192018 Survey Data Purchase
Interested in purchasing the dataset?
White Paper – $2,500
Dataset and Interactive Database - $5,000
Plus applicable taxes
Please email sarah.segal@informa.com to inquire about purchasingThank You To Our Sponsors
Presenting Sponsor
Gold Sponsors
CAPREIT
GREENROCK
GWL / VERTICA
HOMESTEAD
MINTO
RPMS
STARLIGHT
VERTICAYou can also read
