Why an Exceptional Digital Renter Experience is Essential in 2022
Thought Leadership
Customers and prospective tenants are nothing like they were 20 years ago. With the rise of technology, an entire generation has come forward without knowing anything other than the instant gratification that comes with technological advances. COVID-19 has only propelled this mentality across all generations, making engaging digital experiences on property websites a necessity and not just “nice-to-have."
In the biennial NMHC Grace Hill Renters Preferences survey, a similar conclusion seemed to be the consistent theme among the 221,000 renters surveyed. Since the last report was conducted in 2020, prospects and renters of all ages have similarly shifted with the rest of the world in their need for better online renter experiences.
The need for phone calls and in-person tours have decreased among renters since then and will likely only continue to decrease as more and more properties upgrade their websites and marketing efforts to better cater to the online renter experience.
Key Insight #1: Renter Priorities Ranked By Importance
Found in the report, the priorities of prospective renters are ranked in three categories of what matters most to a renter. The 4 P’s rule the Primary category with pricing, parking, place, and pets mattering most to renters and are essential to a living space. Following those priorities, tenants seem to care a lot about floorplans, features of apartments and availability as well as the service provided by leasing agents during the decision-making process.
Tertiary priorities might differ from renter to renter as far as how essential they are in finding a new home. From amenities to reputation of the property to Wi-Fi connectivity, these factors still warrant attention because they will be quite important for some renters.
This is exceptional information to have as properties can better understand what information is going to be most important for prospects in their decision to tour or check out a particular property. Properties can then decide what to include on the forefront of their websites to better appeal to the right resident and make the apartment-hunting journey and customer experience smoother for prospects.
Key Insight #2: Lease Decision Factors
After surveying, renters listed prioritized factors in their decision-making before signing a lease, from general living to unit features. Things like pricing, floorplans, and home features are very important or essential for at least 70% of renters. The unit features had some of the most interesting callouts as at least 88% of renters won’t rent without high-speed internet, soundproof walls, central A/C, and an in-unit washer and dryer.
When it comes to considering what potential renters want to see regarding their future home, it’s clear that majority of renters have non-negotiables in their search. Renters know what they want and what they can’t live without, and this data gives great insight on what to include on your website as prospects search through floorplans and units online.
Key Insight #3: Touring
The survey responses around touring are both surprising and important. While only 27% have rented sight unseen, nearly half of those who did say they would do so again! Nearly 29% of renters said they prefer a self-guided tour as opposed to touring with a community representative. This is a drastic jump from pre-COVID where not even 16% of renters said they would prefer a self-guided tour in 2020. NMHC predicts this will only increase over time as the industry adapts. This should deeply emphasize the importance of giving prospective renters a highly visual self-touring experience on your property’s website.
Elevating the Visual Experience
“Knowing that you can go to Carvana and buy a car without test driving it,” Tim Hermeling, EVP of Marketing at Cortland said. “You need a lot of content and rich digital marketing experience in order to give people the confidence to buy sight unseen.” Much like shopping for a car, choosing a rental property home follows the same logic.
Giving the important details of your property to a lead online before they rent or sign a lease will increase lead volume and tours and thereby increase leases. It also means fewer surprises for these new residents, which leads to greater retention. This is the buying sight unseen portion of apartment hunting, especially since 27% of renters are willing to do exactly that. Providing an exceptionally rich digital experience for prospective renters is going to be a game changer for properties.
Renters will see your website and attempt to envision themselves within the unit, property and community during the consideration process. The more you know what your renters are looking for, the more you can accurately provide the details and visuals they need in order to make an initial leasing decision.
“We did ask what digital content renters would find helpful when making a leasing decision,” Sarah Yaussi Pienik, VP of Business Strategy at NMHC said. “Fourth on the list, after photos, pricing and availability, was the location of the unit and where in the property the unit was located. Because little details like being next to the elevator or smoking area might be unappealing to a renter and they might not know from your website those conditions around the unit’s location before touring.”
Again, renters are immediately attempting to imagine themselves living at your property as they search through your website. Providing prospects with interactive sitemaps, building and floor selectors as well as virtual tours and videos will not only help the right prospective renter on board, but will also leave little to no surprises for them should they choose to go forward with an in-person tour after.
Looking to upgrade your virtual experience for your prospective renters? Razz offers an incredibly visual and easily customizable website platform for properties, helping you turn more of the website visitors you’re already getting into leases.
