After a few roundtable discussions with our advertisers, we all became curious about the motivators and behaviors of today’s renter. We reached out to our advertising agency, Slack & Company, and research partners at Erickson Research to conduct a study that would help us get the answers! Participants in the study included adults who sent a lead through Apartments.com in the prior 30 to 90 days and who currently rent or have recently investigated renting an apartment. We received 859 responses between December 10, 2012 and January 13, 2013.
This edition of Training Series Live! provided a thorough overview the research findings. The presentation is loaded with interesting – and shocking – stats. Here are just five tidbits from the presentation and how to make sense of them!
- 62% of renters who recently moved plan to move again within one year. Encourage residents to stay by amping up your retention techniques! Check in with new residents frequently, follow up on service issues promptly and engage residents in community activities to make them feel good about being part of your community. If the renter insists on moving out within one year, perform exit surveys to uncover potential issues and areas for improvement.
- 50% of renters age 18 – 34 used their smartphone when searching for a property. Renters are on the go more than ever! Do you know how your property looks on a mobile device? Double check your property listings on iPhone, Android and Blackberry devices to make sure your information is easy to read and navigate on the mobile web.
- Only 48% of renters think the property they contacted followed up in a timely manner. Now that more and more renters are searching on their phones, they expect quicker responses! Create a more favorable impression by dedicating a little time every hour to responding to emails and commenting on community reviews.
- Only 2 in 5 renters left the property with a favorable impression of the property’s overall value. How are you showing the value of your community to prospective (and even current) residents? Don’t be shy – gloat! Your property is unique in its own way and renters need to learn it from you first hand. When doing a walkthrough, make sure the leasing office and common areas are neat. When responding to emails, outline the benefits of living at your community while including a property video and links to community reviews. Review your sales presentation and walkthrough process so you’re extra prepared in case the renter calls!
- 83% of renters say they would use Apartments.com in the future. Consumers also told us Apartments.com is the most useful source when searching for a new apartment. Are your properties advertising on Apartments.com?
To learn more, watch the full webinar and visit the Apartments.com Training Series Live! page to see other past recordings. If you have any questions or comments, tweet them to @Apartmentscom, using the hashtag #AptsTraining, or leave them in the comments section below.
