Evaluating rental properties for clients draws many parallels to house-hunting. Whether an apartment, loft, townhouse, or other rental, finding the right place means finding “home” for your client. There’s a triad of concerns imperative to address in order for the search to be a success: location, cost, and amenities.
It All Starts With Location
Location-location-location is the most important thing when it comes to real estate. Rentals are no exception. Factors that drive a renter’s choice of location depend on their priorities.
Is a short commute important? Are you a city dweller or a suburbanite? Do you like living close to shops, offices, and entertainment?
Having a reasonable commute is important to many, but that doesn’t necessarily top the location wish list anymore. With the advent of hybrid roles and remote work, living close to the job is not always a requirement.
In fact, sometimes it makes economic sense to be a little further away, particularly if work is in a major city where rent tends to be higher. Atlanta, Georgia, renter Warren Randall agrees.
“It’s easy to focus on finding a place close to your job,” says Randall. “But it can limit your options. If you just expand your search by even 10 miles, you’ll find more options and often at a better price.”
Being convenient to retail, restaurants, and entertainment was important to Jacksonville, Florida, renter Isabella Rodriguez. Previously, she chose apartments close to work and college. Her current job allows her to work from home a few days each week, alleviating her commute concerns.
“When I moved to Jacksonville, I wanted to be near all the places I shop and restaurants where I eat,” shares Rodriguez. “That’s more important to me than distance to the office, since I’m not required to be there daily.”
The Real Cost of Renting
Once the preferred geographic area is established, cost is the next major box to check. The two often go hand-in-hand.
When it comes to buying a home, there’s an expression that one doesn’t want to be “house poor.” This means the majority of your income goes to your mortgage, leaving little for leisure and recreational pursuits and spending.
The same wisdom applies to renters. I encourage renters to consider their quality of life. Choose an apartment or rental home that you can comfortably afford. You’ve heard of starter homes. It’s perfectly acceptable to be in a starter apartment.
An affordable apartment in a safe, convenient location that meets all your needs and—ideally—also checks off some items on your wish list is a win. Calling everything a “must have” and going full-on bougie with your rental won’t serve you well, unless you can easily finance that lifestyle.
In an era where influencers are forever pushing “living your best life,” consider what that means in real-life terms. Knowing where your income places you in the market can help narrow down the dizzying number of apartment rental options.
For example, workforce housing is often synonymous with affordable housing. The Urban Land Institute (ULI), a 501(c)(3) nonprofit research and education organization, explains.
“Low-income households are those with incomes below 60 percent of area median income (AMI). Workforce households are those earning between 60 and 120 percent of AMI.”
Area Median Income is calculated and tracked by the U.S. Department of Housing and Urban Development, commonly known as HUD. This is done annually for metropolitan and non-metropolitan areas. Those curious about the AMI for their area can use the Fannie Mae Area Median Income Lookup Tool found here: https://ami-lookup-tool.fanniemae.com/amilookuptool/
Understanding how income is defined in terms of the rental market helps marry the right tenant to the right rental. It also helps avoid any surprises when it comes to qualifying for a place for the income/employment verification parts of the rental application process.
The American Apartment Owners Association (AAOA) shares, “a rent-to-income ratio is the percentage of a renter’s gross monthly income that goes toward rent. Landlords use the ratio during tenant screening to judge affordability before moving forward with credit, background, and rental-history checks.”
There are a few approaches, but the simplest affordability calculation is the “3x Rent Rule.” Landlords who use this tool require a rental applicant to earn at least three times the monthly rent.
Renters have much to consider before signing on the dotted line for their new apartment. For first-time tenants, the prospect of signing a lease can be daunting.
Cost and due date of monthly rent is governed by the signed lease. However, there are other up-front fees renters must be prepared to pay. These include a security deposit. Some complexes require first and last month’s rent in addition to this deposit—which can be a substantial sum.
Bringing Fido or Felix? Prepare to pay a pet fee. This fee may be renewed annually as the lease renews. It behooves renters to anticipate this ongoing expense. Renters may face both a pet deposit and a monthly pet fee. Whatever the case, it’s another line item on the budget.
Specials, incentives, and other deals are worth exploring. These can save on some of the move-in costs. I recommend reading all the fine print of these offers to determine their value and whether they are applicable to one’s specific, individual needs.
A typical lease term spans one year. However, client needs may vary. For example, if someone is working in the area temporarily, a short-term lease might be more desirable. Renters might be interested in stabilizing their lease costs beyond one year. If available, a longer lease term could potentially reduce the monthly rental cost or at least “freeze” rent for the life of the lease, whether its 18 months, two years, or whatever the term may be.
Most everything is negotiable. It’s simply one more question, and it never hurts to ask.
Another consideration beyond dollars and cents is value. Understanding both the market and the product helps renters properly calculate value as it relates to their rental costs. Many online sources, like Apartments.com and ApartmentHomeLiving.com, offer insight on a range of apartment rental costs and included amenities.
Renters don’t want to move in and compare notes with neighbors only to find out the lease they signed is markedly higher than the “going rate” for most units in that complex. Prices change as supply and demand are forever pushing and pulling on prices. Even so, most renters want to know their rent is right for the current market.
Being well-informed of geographic rental costs and being budget-realistic can help ease what is often viewed as a stressful, time-sensitive, pressure-filled endeavor.
Though important, evaluating rentals doesn’t all have to be hard-core facts and figures. Aesthetics and amenities add some fun and a softer side to the apartment search.
Finding Amenities That Fit Your Lifestyle
With the desired location selected and a rental budget established, clients can move on to the good stuff: amenities! These include community amenities, building amenities, and in-unit amenities. It’s about life and lifestyle. Time to determine the must-haves and the deal-breakers.
A renter’s age and stage of life guide how they rank an amenity’s importance. The needs of a senior citizen won’t match the wish list of a young family or a single, working professional. Some priorities, like wellness and security, are shared by all.
Older apartments and smaller complexes often have fewer extras, either in unit, in the complex, or both. Depending on the market and location, the trade-off could be lower lease rates. New construction and generally newer apartments offer a host of attractive, modern features and benefits. It makes sense that bigger, multi-building developments offer more for their residents. Larger and/or multiple pools are one such example.
Amenities change with the times. Some concepts once commonplace in apartment living are now passé. Shared laundry rooms are out; in-unit washer and dryers are preferred. Parking lots were perfunctory. Today’s renter is more eco-minded than generations past. Going green and incorporating sustainability is important. Charging stations to accommodate electric vehicles (EV) are now part of the apartment parking landscape.
Not surprisingly, apartment amenities can differ by region. What matters in the Midwest may not top the list in the South. The National Apartment Association (NAA) recently studied upgrades to rental community offerings throughout the United States. Tenant attraction and retention is the name of the game. The amenities explored included package rooms, fitness centers, coworking spaces, common areas, and EV charging areas.
“Distinct regional preferences emerged in package room upgrades. In the Northeast and Midwest, security upgrades were the most selected enhancement, followed by technology/connectivity improvements. This suggests a higher emphasis on theft prevention and controlled package access, both of which are leading priorities for residents. In the South, more focus was placed on automation and convenience as technology/connectivity was the leading upgrade, while the West prioritized equipment over security upgrades.”
The NAA adds that “equipment and furnishings are also top of mind in new properties, not only for fitness centers, but community spaces as well, where aesthetics play a key role in attracting residents to the space.”
Tennis, basketball, and pickleball courts, pools, car washes, playgrounds, walking paths, dog parks, ample/convenient parking, fitness centers, and much more—the suite of available apartment complex amenities can enhance a resident’s quality of life. These come at a price, so choose those most appealing and likely to be used, to capitalize on the return on this investment.
In-unit amenities can be a bit more personal. Tastes and styles vary from renter to renter. Home & Garden Television, HGTV, can show the latest in countertops and backsplash, but there’s no single option that will satisfy every tenant. In fact, there’s growing pushback against the ever-present, popular neutral of "Millennial Gray."
A visually pleasing aesthetic is wonderful, quickly transforming an apartment into a space that feels like home. Modern appliances, creature comforts, and upgrades put a smile on any renter’s face, but we don’t live in our granite countertops, do we? Understanding—and embracing—the concept of luxury versus necessity is important.
Do you see yourself just living there or thriving there? Deploying the art of compromise may be required in your apartment home search. Being flexible while maintaining important non-negotiables of cost and location will serve renters well.
In-unit apartment amenities can include a suite of appliances including a dishwasher and washer/dryer, balcony or screened patio/porch, smart technology features (security, thermostat), user-friendly online rental portal, stylish design, and central heat and air. While not an exhaustive list, this is a fair overview of typical in-unit features.
Some rental complexes offer other intangible, important benefits. Located in Jacksonville, Florida, Union Terminal Warehouse, a renovated 1913 former warehouse now home to 228 new, loft-style apartments and live/work space, offers “RentPlus. On-time rent payments are reported to credit companies to boost credit scores.” This is a great way for tenants to build credit.
A third-party service, RentPlus explains on RentPlus.com.
“Payment history can make up to 35% of an individual’s credit score. The longer you are on the lease and having your payments reported, the greater the impact they will have on your credit. Everyone’s credit and situations are different, so results vary, but on average, residents will see a 20 to 40 point increase over a 12-month lease.”
Apartments.com recently published “The Top 10 Amenities Renters Want Most in 2026.” The results were a mix of both indoor and outdoor, complex and in-unit amenities. Responses varied by gender and generation surveyed. Of the 15,000 surveyed in late 2025, approximately one-sixth agreed on these as the 10 most important.
- Air conditioning
- In-unit laundry
- Off-street parking or garage
- Dishwasher
- Balcony, patio, or private outdoor space
- Laundry facilities available within the building
- Storage
- Walk-in closets
- Fitness center or gym
- Elevator
Once again, geography played a role in the results. The survey noted, “Renters in Atlanta are more likely than the average renters to consider air conditioning a requirement. Seventy-one percent of renters in the Georgia capital known for its hot summers said that A/C was a must-have, compared to New York City, where the tight housing market makes A/C a requirement for only 47 percent of renters.”
In spite of in-unit washer/dryers topping the amenity wish list, shared laundry facilities remain important. “For renters who can live without an in-unit washer and dryer, laundry still matters. The presence of onsite laundry facilities was a must-have for 35 percent of respondents.”
It’s important to see rentals—the good, the bad, and the ugly—through the eyes of the tenant. Locking into a lease having the three big boxes of location, cost, and lifestyle (amenities) thoroughly researched, checked, and chosen, goes a long way toward reaching that apartment-sweet-apartment goal.
