Technology has a huge impact on renter’s expectations and timely, clean communication is essential for good tenant experiences says a new report from AppFolio.
The report of more than 2,000 U.S. renters uncovers key insights into their shifting motivations and behaviors, emphasizing the critical role of technology in the resident experience.
The marketing and leasing process are key
Nearly one-third of renters surveyed (30%) search for new rentals on property or property manager’s websites – a top three resource alongside major internet listing services. This finding underscores the importance of a strong online presence for property managers.
- A clear and transparent listing is ranked as the most important factor that renters consider, with 95% of respondents saying they view it as very important or important.
- 88% of renters describe a property manager’s reputation on review sites as a very important or important aspect of evaluating a new rental.
- Furthermore, more than three-quarters (76%) of renters expect to hear back about a listing within 24 hours of contacting the owner or property manager, while 27% expect a response within a few hours.
Catering to long-term renters with effective communication and service
With a growing number of residents planning to rent for longer, there is increased demand for rental housing that fits their long-term needs. Effective communication and prompt maintenance services play a pivotal role in attracting and retaining these renters, as residents who are satisfied in those areas are more likely to renew their leases and recommend their property managers to prospective renters.
- Nearly half (46%) of respondents said they intend on renewing their current lease, with about one in four (23%) reporting this was because they are unable to purchase a home.
- Renters who are satisfied with their property manager’s communication methods are 25% less likely to be planning a move and nearly four times more likely to recommend their property managers than renters who are unsatisfied.
- Similarly, those satisfied with maintenance are 25% less likely to say they are planning to move, and nearly three times more likely to recommend their property management company.
“This report highlights the undeniable impact that technology has in meeting renter expectations,” Stacy Holden, senior director and industry principal at AppFolio, said in a release. “Bottom line, great resident experiences today are all about timely and clear communication; while having access to the information you need at your fingertips.
For a more in-depth look at the key trends shaping the rental market, download the 2024 AppFolio Property Manager Renter Preferences Report.
