“How much does it cost?” is among renters’ first questions in their apartment search. But just looking at the rent listed doesn’t necessarily offer renters a full picture of the total expenses involved. Depending on the property’s policies and the individual’s need, an apartment seeker might have to pay monthly add-on fees for parking, storage, pets, or additional services. Prices can also vary by move-in date or length of the lease.
And that doesn’t even cover move-in costs, which can include both first and last month’s rent, as well as specific one-time deposits.
The complexity and variability of these costs can make it tricky for leasing staff to answer the question, “How much does it cost?” But here’s why full price transparency can give you an advantage over your competition, and what you can do to help renters get quick and accurate answers to their financial questions.
Price is renters’ top consideration
Cost consistently ranks as renters’ #1 priority. In the latest Apartments.com survey, three in four renters said price was their primary consideration. Price ranked far above other important considerations like size, number of bedrooms, amenities, and proximity to work or school.
Of renters who had moved within the previous 12 months, over 60 percent said it was due to the rent being too high, and over a quarter expressed concern about their financial situation.
Inflation, too, weighs heavily on today’s renters:
- 82 percent of renters said inflation has had an impact on them in the last six months
- 81 percent expect inflation to have an impact on them in the next six months
With price such a priority to renters, it’s important that apartment communities give them the information they’re looking for.
Find the right financial fit
Sometimes businesses shy away from sharing cost information. What if a high price tag scares off the customer? In the case of multifamily marketing, this seeming disappointment can turn out to be a blessing. Renters who are troubled by the full cost of your apartment are less likely to apply. And if they do apply, these renters may not even meet your income requirements.
When a renter does end up qualifying and — grudgingly — moves in despite cost concerns, that person is less likely to stay. The need for affordable rent motivates nearly three in 10 renters to move to a new apartment, according to the recent Apartments.com survey.
When you provide clear cost information upfront, you’re less likely to waste time fielding low-quality leads. And you’re much more likely to find renters who are the right financial fit for your apartments: the renters who have the right budget and income to qualify, move in, and renew their leases.
Transparency builds trust
No one likes to be surprised by a hidden fee. If renters have to dig for fee information, they might wonder, “What else aren’t they telling me?” This seed of doubt can discourage renters from moving forward with your property.
When you clearly display your costs and fees, prospective residents are more likely to see you as a reliable business and trustworthy source of information.
Reduce roadblocks
How easy is it for renters to find your cost and fee information? Even if the information is included somewhere within your listings and website, the longer it takes renters to find these details, the greater the chance they’ll just give up and consider another community.
Watch: How price transparency reduces customer frustration
Renters expect to find pricing information quickly and easily, marketing expert Marcus Sheridan explained in a recent Apartments.com webinar.
Top roadblocks for prospective residents
Common roadblocks include:
- Listing “Call for rent” instead of displaying the rent price online
- Including price ranges without spelling out what the range is based on
- Using generic language like “Fees vary” instead of specifying the exact amounts
- Burying fee details in footnotes or policies
Today’s renters are searching more quickly than ever. The length of time between beginning a rental search and signing a lease has contracted to only 29 days, according to Apartments.com user data. That’s down from 46 days in 201 and 32 days in 2022.
Don’t make renters work for essential information like costs and fees. Instead of digging, they’re more likely to just move on. Display price information prominently in your listings and on your website. Include unit-specific pricing, such as adjustments by move-in date, lease length, and any concessions that may apply.
Give renters a personalized calculator
Not all renters have two dogs, a second car, and the need for an extra storage unit. Since fees can vary significantly by renters’ situations, you may wonder how best to display the cost estimate each renter needs. Customized estimates are helpful — but time-consuming to create manually.
With the new Rent Estimate calculator from Apartments.com, it’s easy for renters to generate their own price estimate based on their desired lease term and move-in date, while accounting for required and optional fees.
This useful cost breakdown, released in late 2023, gives renters full visibility into total expenses, from monthly charges to one-time charges, like move-in expenses. Since the tool is interactive, renters can easily explore how adding on optional fees or switching their move-in date will affect their total.
To access this calculator, renters simply select the unit they’re interested in and click on the rent or on Estimate Rental Cost.
Watch the video to see how this works:
Ready to make this calculator available on your listings? You’ll need to opt in for each property. Then, provide a full schedule of your property’s one-time and recurring fees in your Apartments.com customer portal. You can easily sync your listings to your property management software to update these details automatically, with more such integrations coming soon. If you need help, reach out to the Apartments.com support team for assistance.
For more details about activating the Rent Estimate calculator on your own listings, talk to your Apartments.com sales representative.
Explore the power of price transparency
For more, join Apartments.com’s Stuart Richens for a walkthrough of why transparency matters and what you can do to get started.
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