For generations, the American Dream centered on homeownership. A single-family house with a yard was the ultimate milestone of financial success and stability. But that dream is evolving.
According to a recent survey by Cortland, a growing number of Americans view renting not as a temporary stepping stone, but as a deliberate and satisfying lifestyle choice. Nearly half of respondents reported that renting improved their quality of life. Many—especially younger generations—no longer see homeownership as the ultimate goal.
This evolution presents a major opportunity for multifamily owners and operators. As more renters embrace long-term leasing, they’re also raising the bar on what they expect from their living environments. Convenience, connectivity and community aren’t extras—they’re expectations.
As the idea of the American Dream shifts, the rental experience is evolving alongside it. It’s a new era of renting!
Renting as a lifestyle, not a phase
The Cortland survey confirmed what many in the industry already see: renters today are staying longer—and doing so by choice. From young professionals to retirees, Americans are finding that renting offers more freedom, flexibility and convenience than homeownership.
This shift away from “renting until you buy” signals a broader change in values. According to the National Apartment Association, many renters now view flexibility and life experiences as greater priorities than homeownership. Renters are prioritizing lifestyle over asset accumulation. They want mobility, low maintenance and access to amenities—all without the financial burden of a mortgage or the unpredictability of the housing market.
Multifamily communities that recognize and cater to these evolving priorities are well-positioned for success. Solutions like self-guided tours, smart home automation and centralized access contribute to a modern, frictionless rental experience that fosters resident satisfaction and long-term retention.
Why are renters satisfied?
Affordability, location convenience and reduced responsibility for maintenance are among the top reasons renters say they’re happy where they are. But experience plays an equally important role.
Renters want more than just four walls—they want peace of mind.
Work Management and Access Control solutions can significantly impact this aspect of the rental experience. By streamlining maintenance operations and improving communication between residents and site teams, property managers can reduce friction and build trust. For residents, this translates to faster service, fewer disruptions and greater confidence in their property team. For operators, it means increased efficiency, happier residents and improved NOI.
A tech-savvy generation of renters
Millennials and Gen Z now make up the largest share of renters. They’ve grown up with smartphones, Wi-Fi and instant everything. For them, digital experiences aren’t a luxury—they’re expected.
These tech-forward renters want mobile-first tools to manage their homes. That means using their phones to control thermostats, lights and locks. It means secure package delivery, digital keys and real-time maintenance updates.
Communities that embrace technology to deliver seamless smart home features and automation are better equipped to attract—and retain—the next generation of renters.
Elevated expectations for rentals
Long gone are the days when renting felt like a compromise. Today’s renters expect more—and they’re willing to pay for it.
Modern renters want spaces that feel like home. They’re looking for design, function and technology that reflect their lifestyles, without the burden of ownership. Properties that deliver don’t just stand out—they stay ahead.
Security and energy efficiency are no longer optional (https://smartrent.com/news/access-control-a-guide-to-the-basics/). Residents want tools that save money and offer peace of mind. Integrating smart technology can give operators a significant competitive edge, enabling properties to run smarter, offer more and create a rental experience that’s easy to love.
Community and belonging matter
One of the most surprising insights from the Cortland survey? Nearly one-third of renters said a sense of community improved their quality of life.
In a digital-first world, connection still matters. And multifamily operators have a real opportunity to create that sense of belonging.
Communication tools that facilitate resident engagement and information sharing are invaluable. From property-wide announcements to direct messaging, these platforms support a connected community where residents feel supported—and are more likely to stay.
Even former homeowners prefer renting
Renters aren’t just young people priced out of the market. Many are former homeowners who’ve chosen to return to renting—and say their quality of life has improved.
They know the reality of home maintenance, and they value the freedom that comes from handing off those responsibilities. For them, simplicity is worth more than a tax deduction.
Simplifying daily life for residents through technology, such as keyless entry, energy monitoring and one-tap work orders, can significantly enhance the appeal of renting for this demographic and contribute to higher retention rates.
Smart communities for a smarter future
The American Dream isn’t gone—it’s changing. Today’s renters want more than a place to live. They want freedom, flexibility and a lifestyle that works for them.
Multifamily owners and operators who embrace this shift—and invest in the technology that supports it—will be the ones who lead in this evolving landscape.
Ready to meet the modern renter?
The expectations of today's renter are clear: convenience, connectivity and a sense of community are paramount. Smart technology is no longer a luxury but a fundamental component of a satisfying rental experience. By strategically integrating smart solutions, multifamily communities can not only meet these demands but also create environments where residents thrive and choose to stay long-term.
Discover how a comprehensive smart building platform can empower your community to attract and retain the modern renter, streamline operations and ultimately redefine the resident experience. Schedule a demo today and explore the possibilities with SmartRent.