How apartment operators are adapting to the dual shopper.

With home prices high and mortgage rates still elevated, more people are choosing to rent longer, and the rental housing industry is taking notice. At Apartmentalize 2025 in Las Vegas, industry leaders explored strategies for attracting and retaining renters who are also potential homebuyers. 

The panel at “Tomorrow’s Buyer Is Today’s Renter” featured experts who explored how shifting demographics and affordability pressures are reshaping the rental landscape. 

“When you turn on the TV, there’s a ton of economic uncertainty,” said Orphe Divounguy, Senior Economist at Zillow. “The labor market is cooling, mobility is down, and mortgage rates have doubled since the pandemic. It’s harder than ever to buy.” 

According to Zillow data, the typical renter today is 42 years old, a surprising number that reflects how long many Americans are delaying homeownership. 

“They’re aging in a rental instead of buying their first home,” Divounguy said. 

Angie Cramp, Director of Brand Engagement for Berger Communities, said today’s renters are delaying purchasing a home because they expect much more than just a roof over their heads. 

“Younger renters are staying home longer, paying off loans and saving money,” Cramp said. “They’re not interested in living in the basement of a row home. They want flexibility and quality of life.” 

She pointed to changing renter profiles, noting that two-bedroom apartments once used by roommates are now often occupied by couples or individuals who use the extra space as a home office or gym. Cramp also stressed the growing importance of pet-friendly amenities.  

“More people have pets than kids,” she said. “At Berger, we don’t have weight limits, we allow multiple pets and we offer dog spas, bark parks and even yappy hours.” 

Jonathan Ling, Vice President of Strategy and Research at Equity Residential, however, cautioned against assuming all renters fit one mold. 

“Our average renter age is 33, but in markets like San Francisco or New York, we have properties where the average age is 45 or 50,” Ling said. “You need to understand your location and tailor your strategy.” 

Flexibility is key. Ling noted that residents often relocate due to job changes, and his company has helped transfer leases between cities to accommodate them, which builds brand loyalty. 

Divounguy noted that there is some crossover between renters and owners based on their search habits, so operators can’t assume that those browsing for rentals will in fact rent. 

“Twenty-four percent of Zillow home shoppers end up renting,” Divounguy said. “They’re exploring all options.” 

Cramp shared how Berger Communities created a “Home Purchase Freedom” program that lets residents break their lease if they choose to buy a home using the company’s preferred lender. This approach creates trust and long-term relationships, she added. 

Renters today expect a digital-first experience, panelists agreed. That includes virtual tours, interactive maps, real-time unit availability and quality photos. 

“People make up their minds before they visit,” Cramp said. “You have 10 to 15 minutes once they get there, so everything online has to be polished and accurate.” 

Yet, in-person tours still matter. “Ninety-three percent of our residents said they had to see the apartment in person before deciding,” Ling said. “They want to visit, but they also want the flexibility of doing it on their own schedule without a leasing agent following them around.” 

Despite the shift toward lifestyle-driven decisions, one factor remains the leading consideration: Cost. 

“Budget is the number one priority for renters,” Divounguy said. “Even with rent growth slowing, incomes still haven’t caught up. Operators need to deliver more value.” 

As economic and generational trends continue to evolve, the panel agreed on one thing: Success lies in understanding the renter’s needs — and being ready when they’re ready to buy. 

“Renting shouldn’t be hard,” Cramp said. “We need to make it simple, flexible and welcoming because today’s renter could be tomorrow’s homeowner.” 

Peter Jakel is Vice President of Strategy for LinnellTaylor Marketing.