Give ’Em What They Want: Your Guide to Renter Desires and Behaviors

Renters Looking for Speed and Control, According to New Renter Survey

What’s driving 43 percent of renters to move by spring? A new renter survey from Apartments.com revealed key motivators and preferences, based on data from 20,000 respondents.

In a recent webinar, senior director of marketing Chris Hood explored the top trends and offered essential tips to help apartment communities attract these renters.

Why renters are moving

The key reasons behind renters’ moves are (1) pricing and affordability, (2) location, and (3) safety and security.

What does this mean for your advertising strategy?

With renters worried about inflation, high interest rates, and economic uncertainty, apartment communities should offer transparency about their costs and fees, both for their community as a whole and their individual units, Hood said.

He also suggested highlighting important features of your neighborhood, such as retail, schools, or transit options.

“Anything that helps your location and your neighborhood stand out are things that’ll matter to renters,” Hood said.

To address security concerns, advertising should include information about whether your community is gated, has onsite security, or includes smart locks.

Which amenities matter to renters

What amenities do renters consider essential in their search? Nationwide, five amenities came out top in the survey: in-unit washer and dryer, air conditioning, dishwasher, outdoor spaces, and pet-friendly policies.

For insights about market-specific amenities, Hood recommended that communities contact their local Apartments.com sales associates.

How renters are searching

The survey explored renters’ search strategies and expectations. For example, 72 percent of renters plan to use rental networks like Apartments.com to conduct their next search, 52 percent will use community websites, and 45 percent will rely on search engines.

At 90 percent, most renters expect to have multiple tour options available, such as in person guided, in person self-directed, and virtual.

Another key need is specific information about each available unit. A whopping 99 percent of renters in the survey said they care about unit-specific details.

“The days are gone when you just needed to talk about your community or talk about the model unit,” Hood said. “You now want to get into unit-level detail so that renters can envision the exact unit that they might soon call home.”

He listed examples such as unit-specific views, amenities, pricing, and availability as the types of information renters expect to see.

“This will ensure that when they do reach out to you,” Hood said, “they’re further down funnel, they’re more knowledgeable about your community, and they’re closer to saying yes.”

Ratings and reviews also play a central role in the renter decision-making process, with 98 percent reporting that reviews are important to them.

“We encourage you to make sure you’re talking with your current residents so they can add ratings and reviews,” Hood. “And be sure that you’re responding so that when renters find your property, they see what it’s like to live there, and they see how much you value what you hear from your residents.”

What you can do to attract today’s renters

So, what can communities do to offer renters the power and speed they desire? Hood shared three main takeaways:

1. Put renters in charge. For example, provide tour scheduling as an option to let renters initiate the process with you.
2. Create detailed listings. From beautiful photos to unit-specific details, anticipate and answer renters’ questions with as much information as possible.
3. Follow their lead. Empower renters with the ability to apply directly through your listing, which saves time and improves the customer experience.

With this approach, you can offer renters a “better experience with your property before they become a resident,” Hood said.