Factors That Influence the Choice of an Apartment
–
market research conclusions
As promised, we will be releasing the results of the market study launched this spring, titled “Factors Influencing the Selection of an Apartment.” Now that the study has been completed and the data has been analyzed, we would like to present the conclusions we have drawn from it.
We note that the study was conducted on a sample of 124 people and consisted of an online survey. Of the respondents, 63% are women and 37% are men who have recently purchased or are currently in the process of looking for an apartment. Most of them live in Bucharest and have an average income ranging from 1,000 to 1,500 euros. The market research was conducted between March and April 2018.
Data Analysis
It seems we live in a society where work takes precedence—or at least that is what our survey suggests. Over 46% of respondents say they spend very little time at home. The average is 9–12 hours, which includes 8 hours of sleep.
There is a trend toward purchasing relatively large apartments, with 45% of respondents opting for a 3-room apartment. Two-bedroom apartments are not overlooked either, with nearly 38% choosing this option. Respondents tend to allocate more than 70,000 euros for their desired apartment.
When it comes to distance from the workplace, opinions are divided between having an apartment relatively close to work (36.98%) and having a place to live that is close to rapid public transportation (54.92%).
We also tried to quantify openness to socializing—a feature heavily promoted in newly developed residential areas in highly developed countries—and asked people if they wanted to interact with their neighbors. The study found that 54.84% are willing to get to know their neighbors, but not to engage in joint activities with them.
People always look for an apartment based on its location; price comes in second, followed closely by square footage. The findings regarding selection criteria, based on a cumulative scoring system, reveal a different perspective. Here, quality takes precedence, whether it concerns the quality of materials, the construction itself, the layout, or earthquake resistance. The latter is a very important criterion for respondents, with new buildings offering a high level of safety being preferred over older ones.
Of course, the questionnaire also included open-ended questions. The question that is particularly close to our hearts concerns what “home” means to the participants in the study conducted by Toud. They say that for them, the place they call “home” is the living space where they feel most comfortable, where they relax, and where they recharge their batteries.
Conclusions
The general conclusions of the market study on the factors that influence the choice of an apartment are that people look for that “home” based on location, construction quality, and price. The responses we received did not allow us to identify a ranking of these selection criteria.
Toud would like to thank all respondents. We would like to note that the study was conducted on a random sample and, as a result, is not representative of the general population. Furthermore, the relatively small number of respondents may negatively affect the study’s relevance.
Tools used: Google Forms, PowerPoint, Photoshop, Tableau Software
Leave a Reply
Want to join the discussion?Feel free to contribute!