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Apartments.com
Price Transparency: A Growing Trend in Multifamily Marketing
When it comes to multifamily advertising, upfront price information can be a boon to renters and properties alike.
“We want to help create a positive experience when we connect renters with your communities,” said Apartments.com’s Stuart Richens in a recent webinar about the rise of price transparency in multifamily advertising.
In fact, cost transparency can boost lead quality and conversion, said Richens, vice president of product.
The advantages of price transparency
New legislation requiring greater transparency in multifamily advertising is on the rise at the local, state, and federal level.
But legal compliance isn’t the only reason for apartment communities to highlight their fees.
It’s also what renters are demanding. Price is a top priority for renters, with nearly 80 percent identifying it as one of their top considerations when selecting a place, according to the latest renter survey by Apartments.com.
When renters have full visibility into rental costs, they’re better able to select an apartment that fits their budget and lifestyle. This reduces friction and inefficiency in the leasing process.
“An educated renter like this becomes a higher-quality lead,” Richens said.
At the same time, knowing the full price details ahead of time gives renters a positive leasing experience and increases their trust in your business. This can translate into higher ratings, more positive reviews, and a greater renewal rate.
How to display your pricing on Apartments.com
If your community is looking to offer more transparency about your rent costs and fees, you can easily do so in your Apartments.com listings.
In the customer portal, you can add your full list of fees, such as parking, pet, storage, and custom fees. You can also provide custom tooltips to give renters additional information about your fees and policies.
And to automatically sync your information, check with your property management software. Apartments.com has been working with the leading software suppliers to update feeds and streamline automation.
Once your pricing information is available, interested renters can easily understand the total cost of living in your available units. The overwhelming majority of renters, over eight in 10, say they want to see the total cost, not a base price, according to the latest Apartments.com renter survey.
Through an interactive rent calculator, renters can see their total and move-in costs adjust based on their specific situation, such as move-in date, lease term, and pet fees.
In addition, each property listing includes a Fees & Policies section, where all cost information is provided at a glance.
Explore more advertising strategies
For more ways to improve your lead quality, check out these resources:
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