What are the crucial steps renters take before submitting a lead? New research reveals several key trends that highlight their online path to your properties.
Location, location, location
When renters are looking for an apartment, location is key. One in four renters is searching for an apartment close to work or school, according to a recent Apartments.com survey of 20,000 renters. One in 10 is looking to live close to friends or family, while one in five wants to be close to resources like local parks or stores.
But how exactly do they define their target location? The majority of searchers on Apartments.com, or 60 percent, use city and state. Searches by city and state — such as “Denver, CO” — make up an impressive 214 million searches on Apartments.com each year. That’s instead of searches by ZIP code, street address, neighborhood, community name, or point of interest.
First comes the ILS, then community site traffic
What drives traffic to the community website: Is it search engines or internet listing services (ILS)? A new LiveRamp study that looked at 1,000 leading community websites sheds some light on this question. Seventy percent of community website visitors were first on Apartments.com, suggesting that the popular internet listing service is how renters discover the community and then visit the community website.
Renters’ self-reports back this up. Internet listing sites came in first as the preferred resources renters use when searching for an apartment, according to a recent Apartments.com survey of 20,000 renters conducted in the fourth quarter of 2023. Compared to only half who selected community websites and fewer than half who chose search engines, three in four renters percent indicated that they plan to use a rental search website or app, establishing internet listing services as renters’ go-to search tool.
Reviews matter
A community’s ratings and reviews are a key part of renters’ decision-making process. A whopping 98 percent of renters in the Apartments.com survey said that ratings and reviews matter when selecting an apartment, and nearly three-quarters described them as “extremely” or “very” important.
The effect of ratings and reviews is twofold. Communities with positive ratings rank higher in search than those with low or no ratings. At the same time, if a community has a negative online reputation, renters are more likely to cross it off their list and proceed with other communities in the same area.
Renters expect a prompt response
Speed is growing increasingly important in today’s rental search. A quarter of renters expect to hear back within six hours of contacting a property, and 85 percent expect to hear back within 24 hours.
This finding also reinforces the importance of address basic, frequently asked questions on your community website and your Apartments.com listing. Renters who get their questions answered upfront are more likely to express serious interest by the time they reach out to you.
Video: Renter journey
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