The New Renter Search

Your Guide to How Today’s Renters Are Searching

What’s motivating today’s renters, and what’s holding them back? In a recent presentation at this year’s NAA Apartmentalize conference, Chris Hood, senior director of marketing for Apartments.com, shared a glimpse into renters’ needs, wants, and sentiments.

Digging into data from a recent survey of over 37,000 renters, alongside Apartments.com data from 44 million monthly visitors, Hood offered his top tips for how apartment communities can capture renters in their marketing strategy.

What’s motivating renters?

Apartment owners and operators are facing a mixed outlook, illustrated by three key stats:

• Demand is down 7 percent, according to Google search data
• 58 percent of renters plan to leave their current community when their lease is up, based on the Apartments.com renter survey
• 41 percent of renters plan to move in 2023, according to the same survey

In this environment, it’s especially important for apartment communities to understand what’s driving renters to move. That way, they can speak to these needs in their marketing. Hood pointed to the top reasons cited in the recent Apartments.com survey:

1. Affordability is key, coming in at the top of the list, unsurprising given the economic climate.
2. Lifestyle changes — such as changing jobs, having a baby, or downsizing — continue to motivate many renters to move.
3. Safety and security are a growing concern. But what this means in practice may vary among renters, Hood said.

“For some renters, it means, ‘I want to move to safer neighborhood or safer town,’” Hood said. “For others, it means, ‘I want to make sure I move to a gated community or one with smart locks.’”

The takeaway for apartment communities is to ensure they address these issues in their advertising, whether that’s in their listing descriptions, the amenities they choose to highlight, or the photos they select.

What’s holding renters back?

For renters not looking to move, inflation is a primary driver, Hood said. About half of renters have cited inflation as an influence in delaying their plans to move.

Reflecting on the last six months, 56 percent of renters in the survey said they delayed plans to move due to inflation, while looking ahead 46 percent say inflation will delay their plans to move.

How has the renter search today changed?

Renters’ search process has contracted. Compared to 46 days only two years ago, the average search time from start to finish is a mere 29 days, Hood said. And not only are renters growing faster, they’re also getting more decisive.  About 65 percent of renters submit only a single lead, Hood said.

One reason why renters have grown more decisive is that they’re more informed about the units they’re considering. Over 90 percent of renters consider unit-specific details to be a factor in their decision-making process, and listings that feature unit-specific information attract 25 percent more leads.

Another key trend is the rise in out-of-town searches. With a whopping 42 percent Apartments.com searches driven by renters looking for an apartment in a different market, communities need to maintain a robust online presence to make sure they’re reaching non-local prospects.

What are renters searching for?

Amenities remain a top consideration for prospective renters. The most popular amenities include in-unit laundry, air conditioning, parking, electric vehicle charging, and dog parks. With this in mind, advertisers who offer these amenities should make sure they’re featuring them prominently in their marketing.

Beyond amenities, renters are looking for flexibility and options. They expect multiple ways to communicate with properties, Hood said, such as phone, email, in-person communication, and text or chat. And keep an eye on that last one. Renter interest in text/chat communication has increased by 50 percent within a year, Hood said.

Renters are also seeking multiple ways to tour, whether virtually, with an agent, or on their own.

How you can adapt to the new renter search

Ultimately, communities need to adjust to today’s renters. This means giving renters more autonomy in the search process. Renters are looking for multiple options to choose from, whether that’s for communicating with the property or touring the available units. And they don’t want to wait around for answers.

“As a consumer, you want as much information as possible,” Hood said. “When you contact the business, it’s because you come there from a place of knowledge and strength.”

With these strategies, Hood said, communities can convert prospects to residents more quickly and effectively.
 

Check out more sessions from Apartmentalize 2023! Now available on demand, these presentations offer market insights, advertising tips, and social media best practices.

See all on-demand webinars from this year’s Apartmentology Learning Lounge. Or, explore more tips from Chris Hood in How to Make Renters Fall in Love with Your Communities.