The resident’s customer journey is being turned on its head during the unprecedented Covid-19 circumstances. Apartment marketers are faced with new challenges on how to “set themselves apart” from the competition.

Sure, social media and other marketing trends continue to evolve, but when it comes down to the resident signing the lease, it’s the pricing action for the apartment home that drives their decision to lease.

Transparency of this information is quickly moving up the chart of desirable data points that prospective apartment residents seek, according to a recent national poll of 500 residents, the plurality of them who pay between $500 and $1,500 in rent, earn $25,00 to $100,000 and live in a mid-priced apartment with modest amenities, according to independent survey firm Digible, who conducted the survey in 2020.

Taking out the obvious factors – rent rate and location – many multifamily operators are surprised that security deposit (66%) and move-out charges (56%) rank third and fourth, respectively, in these residents’ minds, in terms of information the resident would use to decide where to rent.

However, the security deposit amount and move-out charges are typically undisclosed by apartment communities. What if this weren’t the case? There are platforms that make this information available to prospective residents, and score it to give prospects a greater sense of their overall rental expenses. It’s a tact that residents say they prefer:

• 83% said that knowing deposit and expected move-out charges would be very influential when deciding which apartment to rent.
• 58% said it would influence their decision to rent from the community or company that provided the information.

According to residents surveyed, “This is important information not usually available to renters. Often one just moves and takes one’s chances.”

“I’d like to get some sense of whether or not the landlord is fair. The security deposit information would help me gauge how fair the landlord is. It’s not make-or-break, but it would help me know.”

“It gives you some idea of where your deposit is going, even if they keep the full deposit amount.”

“If all other things were equal, this could be a deciding factor.”

“This is just as important as the condition of the property and the monthly rental charge. It would play a large part in my decision to rent or not to rent at a property.”

These dollar amounts are “known knowns,” as they say, and apartment communities choosing to display them are finding this information appeals to residents who desire transparency. Without needing to ask for it or spend time hunting for it on the community’s website, prospects are able to leverage pricing data to help make decisions about where to rent.