It may surprise some housing professionals to know that when it comes to renting, location—not price or size—seems to be the major decision-maker. This news comes from For Rent Media Solutions’ recently released white paper, Engaging Today’s Consumer: The Modern Apartment Search. After surveying more than 13,500 consumers, FRMS has gained key insights into the search habits of today’s modern renter.
Key insights uncovered in the study:
• 90% of consumers rely on internet listing services (ILS) to research apartment listings, while 48% use mobile applications.
• 43% are likely or very likely to interact with a community on social media.
• 69% view location as a major factor in the decision-making process.
• A whopping 84% of consumers surveyed actively search for apartments using a mobile device.
According to current and prospective renters, 76 percent state that ratings and reviews are among the most important aspects of an apartment search. Today’s Online Renter, a 2015 study conducted by SatisFacts Research, yielded similar results with 67 percent of respondents indicating they trusted ratings and reviews. The importance of addressing these reviews was validated when 49 percent also says that receiving a reply to their review made them feel they were a priority to the staff. While listing descriptions, photographs, videos and other tools provided by properties showcase the physical assets of a community, resident reviews represent the unbiased opinion and experience of current renters.
“For Rent Media Solutions is dedicated to providing customers with the most effective tools possible to reach and engage with renters,” says Terry Slattery, president of FRMS. “Today’s renters have a lot of tools at their disposal. Engaging Today’s Consumer: The Modern Apartment Search helps property managers understand those tools so they can use them in the most effective way. The multifamily industry, with FRMS’s newest white paper, can engage current and prospective renters through a diverse marketing solution that reaches all segments.”
For more information, visit www.ForRent.com.