How to Make Renters Fall in Love with Your Communities

Focus on Renters’ Needs to Build Emotional Connection

With softening renter demand, it’s especially important to understand what today’s renters are looking for and what apartment communities can do to capture their hearts and minds. In a recent presentation at this year’s NAA Apartmentalize conference, Chris Hood, senior director of marketing for Apartments.com, provided insights about renter behavior and actionable tips for multifamily marketers.

Sharing the findings of a recent survey of over 37,000 renters, Hood highlighted what Apartments.com has learned about renter behavior and offered advice on how you can adapt your advertising strategy to meet renters’ expectations.

Two main themes that emerged throughout the data were speed and control. Renters are looking to act quickly, Hood said, and they want to be in charge of the rental search process.

Why speed matters

Today’s renters are moving faster than ever. The average search process from start to finish has dropped from 46 days two years ago to only 29 days today, according to Apartments.com search data.

But renters aren’t just looking to make decisions more quickly. They’re also expecting faster response times from the communities they contact.

More than half of consumers expect a same-day response, Hood said, and this number can be as high as 91 percent when contacting a business by phone.

But in practice, just under half — 49 percent — actually receive a response within this desired timeframe. This creates an opportunity for apartment communities who do meet their customers’ expectations for a timely response.

Speed is such a priority to consumers, in fact, that two-thirds say it ranks as high as price, Hood said, citing research by customer experience strategist Jay Baer.

Why and how to give renters control

Renters want to be in the driver’s seat, Hood said, and there are two key ways communities can meet this need:

1. Give prospective renters flexible options for communication and touring.
2. Provide comprehensive information upfront. 

Renters’ preferred means of communication vary, with a relatively even split across email (32 percent), text/chat (28 percent), phone (20 percent), and in-person conversations (19%). When communities offer several options, they increase the chance of drawing in renters through their preferred communication channel.

Apartment seekers are also looking for multiple touring options, such as virtual, in person with an agent, and in person without an agent.

When it comes to information, the business world has seen a fundamental shift, Hood said.

“A lot of us grew up in business thinking, ‘Don’t tell them everything. Don’t give them the keys to the kingdom. You want to give them just enough that they call you or contact you to find more.’”

But in contrast, today’s renters want as much detail as possible to inform their search. And that’s why unit-specific information has become increasingly important, with 90 percent of renters in the recent survey describing it as important to their search. To increase their appeal, communities should make sure their listings include specific, rather than generic, information about their available units.

Hood highlighted three new unit-specific features Apartments.com has launched: the ability to specify concessions for a given unit, include custom descriptions of each unit, and break down individual pricing by unit and lease term.

Reviews are another way to help educate renters. A whopping 98 percent of consumers today want to see reviews before making a purchase, Hood said, and they expect the reviews to be recent.

And when you receive reviews, whether negative or positive, it’s important to respond to feedback. A timely response to reviews can result in a 4 percent revenue boost, Hood said.

“Ironically, sometimes you get a better result when you fix a problem than when somebody’s happy on the front end,” Hood said.

In today’s environment, leasing staff are busier than ever, juggling multiple responsibilities. When renters have options and information at their fingertips, they’re more ready to sign a lease by the time they get in touch with your apartment community, Hood said.

“That’s a win for everybody,” he said.

3-step approach to making renters fall in love with your community

Wrapping up the session, Hood offered these tips for capturing today’s renters:

1. Increase responsiveness. Respond in a timely manner, and add multiple options for communication.
2. Share the information renters want. Include unit-specific details in your listings.
3. Put renters in charge. For example, adding AI chat to your listing lets prospective renters get answers to their questions even when your leasing team is unavailable.

With this renter-focused approach, apartment communities can come out on top even in a challenging market.

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 The New Renter Search.