No Surprises: Transparent Pricing Now Available for All Properties

“What’s the rent?”

This question seems simple, but the answer can be surprisingly complicated, when you factor in the base rent of a given unit and all the required fees that apply. It can also depend on the lease term, move-in date, and situational add-ons.

But now, it’s easier than ever to answer this common question. Starting in late January, you can feature all-in pricing on your listings, regardless of where your property is located.

Once you enable this new display, your listing will show the total price, including all required fees. Properties that opt in will benefit from greater exposure and lead volume, as these listings will rank higher within their ad package.

This feature, which was previously limited to states with legal requirements around price transparency, will be available for all properties across the U.S. and Canada.

Why price transparency matters

In survey after survey, price ranks first as renters’ top consideration when selecting a place to live. Eighty-five percent of renters in the latest Apartments.com survey said that price is one of their top considerations.

But it can be difficult to wade through base rents and lengthy fee schedules to understand the total cost of living in a specific unit.

That’s why renters overwhelmingly prefer to see the total price. Only 9 percent of renters prefer that properties display the base rent, according to the survey, compared to 85 percent who want to see the total price including all required fees. A mere 6 percent of renters have no preference.

And properties that don’t provide transparent pricing pay the cost. Surprise fees can erode renters’ trust in a property and reduce the likelihood that these renters will apply — or qualify — for the advertised unit.

Three in four renters in the survey said they’ll stop considering a place that’s out of their budget, and over half said they’d cross a place off their list if they discovered fees that made the price higher than originally advertised.

As one survey respondent, a 79-year-old woman in Enfield, Connecticut, put it: “Cost is my first concern, and I don’t like hidden fees.”

What’s more, transparent pricing is becoming a legal requirement in a growing number of places across the U.S. As of this month, six states — Colorado, Connecticut, Massachusetts, Minnesota, Nevada, and Virginia — have laws in effect regarding price transparency in multifamily advertising.

And price transparency laws may be on the way in other states and major cities. Most recently, New York and San Diego have proposed enacting similar ordinances.

At the federal level, the Federal Trade Commission has also advised property owners and operators to advertise rental prices that include all required fees.

How to enable a total price for your listing

Ready to opt in to transparent pricing? It’s easy. Just log in to your account on the Apartments.com customer portal and navigate to the Fees, Parking & Pet Policies section.

Upload your complete fee schedule, including all required fees. You can also automatically sync this information from your property management software to your Apartments.com listing.

Once your fee information has been added, use the toggle to opt in to display the total monthly price.

This will ensure that your listing displays the total price rather than the base rent.

Once you’ve enabled total pricing, your property will show up in search with the total monthly price, including a blue badge verifying to renters that the advertised amount is the total cost.

What if your property doesn’t charge any required monthly fees? You can indicate this in the same section, and your rent will display as inclusive of all required monthly fees.

How transparent pricing increases your visibility in search

Properties with total pricing will receive priority over those without it. When you enable total pricing, your listing will sort to the top of your ad package. This drives more exposure and the potential for more leads. On average, properties with transparent pricing receive 19 percent more leads than those without.

Transparent pricing can also improve your lead quality and conversion rate. When total prices are clearly displayed, renters can evaluate whether the cost fits their budget before they reach out to your leasing team. This means renters who do submit leads are more serious, better qualified, and more likely to meet eligibility requirements.

What about other fees?

Total pricing is an important part of the pricing puzzle, but it’s not everything. To give renters the full picture, they need to know all the other fees that might apply, including one-time move-in fees, situational costs, and fees for pets, parking, storage, and more.

That’s where the Cost Calculator comes in. This interactive tool from Apartments.com helps renters understand exactly how much they would pay for a given unit, factoring in their personal circumstances, including the unit, move-in date, and lease term.

Once you’ve added your fee schedule to your Apartments.com listing, your listing will automatically feature the Cost Calculator — no manual opt-in needed.