Grumblings among resident prospects about transparency within the leasing process continue to pick up volume – both in number and sound.

It’s an issue the apartment industry is aware of and is working to address. Operators are finding that greater transparency – especially in regard to cost – can lead to a greater number of signed leases and higher resident satisfaction – something that also will show up in online reviews and reputation management.

Surveys and studies continue to show "authenticity" to be among the most desirable features for consumer activity, especially among younger people.

Virginia Love is a long-time property management professional who now works for Entrata, a provider of property management software.

“We are hearing from clients that they want to include more transparency in the leasing process, from top of the funnel down,” she says.

“Our clients are interested in making sure there are no ‘hidden fees’ or processes for the renter, so prospects aren't feeling like bait-and-switch victims once they start the application process. This also eliminates uncomfortable conversations with leasing team members who really haven't had the opportunity to first build relationships with prospects. It also reduces the emails and calls between the property and the prospect about what is required to apply and questions about fees, utilities, etc.

“When you think about the popularity of self-guided tours – where the renter prospect does not meet first, in-person, with the leasing agent – the first true ‘visit’ to the community is the property website and ratings and reviews.”

Based on an informal, independent online survey, following are some common fees for benchmarking purposes:

Application fees: Communities charge about $50 for the application and another $100 to $200 administrative fee for lease processing. During economic hardships, or when occupancy levels fall below normal, many communities are waiving this fee to make their community more competitive.

Pet fees: There is a $250 to $400 deposit fee for bringing a pet (or pets) into the apartment, along with potentially an additional monthly pet charge of between $10 and $50. A portion of the deposit can be refunded based on the communities’ criteria. Charges vary for cats vs. dogs, and if bringing in a second pet, the second fee sometimes is discounted.

Trash and Pest fees. Some add a few dollars each month for pest services and even more will charge for trash or even doorstep trash pickup, typically about $25.

Keys Fobs and Lock-Outs. Residents will be charged about $50 to replace their key fobs and if keys aren’t returned during move-out, the charge is about $25. For lock-outs, charges are typically $10 or $25 during the evening and $50 on weekends.

Package fees. Communities handle package delivery differently. Some use convenient lockers and some deliver them to the residents’ door. Some hold them in the leasing office or in storage. Some charge an annual handling fee of $20 to $60 and some charge by the month or per package (about $1.50).

Late fees. Again, given the economic situation many are facing, the typical $10 late fee on rent often is being waived.

Misc. Some communities charge a $5 utility billing fee each month and others have a $100 subleasing fee.

Samantha Chalmers, Account Director at Linnell Taylor Marketing, which serves many apartment industry clients, says, “These days, transparency and accountability go hand in hand. Communities can craft curated property tours for prospects on almost any tour platform, but eventually they get to look behind the curtain during move-in.

“If what has been presented during all community interactions doesn’t match at the time of move-in, the property manager will hear it in online reviews. With everything going on during the pandemic, emotions are heightened and home is already an extremely emotional concept.

“The industry has been working for a long time to achieve total transparency online, using accurate photos and clearer communication on fees, etc. If they haven’t made significant strides by now, they’re going to have to hustle to get there.”

Apartment managers Edgewood and Vantage were seeking a means to provide prospects with a more reliable resident perspective. The companies quickly identified the parallel need to personalize the prospect experience once the leasing process began and use virtual tours.

They are leveraging creative social media strategies that connect prospects with current residents through a product RentGrata that helps prospects to find the information they need.

“For a prospective resident to be able to speak with a resident at one of our communities, what better way for them to get a feeling for what it’s like to live there?” Wendy Simpson, VP of Marketing at Edgewood and Vantage Management, says.“It lets them get their questions answered – positive or negative – and go beyond the ratings and reviews. For prospective residents to be able to speak with someone else at the community is incredibly beneficial and helps them make a quicker and informed decisions.”