Deciding on a place to live takes a lot more than an online search for “apartments available near me” and a quick browse of online listings. Renters typically consider many different factors to find the perfect rental to move into. Let’s dive into common aspects that renters consider when searching for rental communities so that you can be sure to touch on the more typical deciding factors while communicating with prospects!

 

1. Location, Location, Location!

Many times when a renter begins their search, they have an idea in their head as to what their desired area looks like. Suburban, urban, school district rating, walkability score, nightlife, the list goes on! The location of a community is one of, if not the first considerations that renters make. Major aspects of location that leasing agents must consider when discussing with renters are:

• Commuting – Discuss where the potential renter works, and how your community’s location can save them time. Highlight nearby highways, parking spaces, public transit, etc.
• Security – Renter safety is a crucial deciding factor for renters, and it is very important to touch on any safety features that communities may have. Renters want to hear everything, from crime rates to security guards to gated access and safe parking.
• The “Feel” of the Community – A renter’s ideal community is located in a place they can connect with. Maybe a renter wants a lively city with lots of nightlife, or perhaps they’d like a more quiet neighborhood with parks and nearby schools for kids. Be sure to get a feel for what renters are looking for outside of your buildings, and see how your community aligns with their desired feel.

 

2. In-Apartment Features

An apartment’s layout and features are important to renters. Prospective tenants seek attractive features like modern upgrades in kitchens, appliances, and style, along with layouts that suit their lifestyle with functional space, lighting, and views from windows. When showing units to renters, it is important to remember these considerations and ensure that your community is showing as best as it can. Make sure windows are bug-free and that floors and counters are clean to show off the space. Before showings, brush up on any appliance and kitchen features like dishwashers and clothing washers/dryers which are commonly included in renters’ decision-making when choosing a place to live.

 

3. Amenities & Lifestyles

When deciding on a rental community, renters do not always think “newer” means “better”. Matching renters with their ideal community starts with understanding their lifestyle and budget, and helping them decide which amenities appeal to them such as:

• Health & Wellness – gyms, pools, wellness facilities, personal training, etc.
• Pet-Friendly Features – dog parks, reasonable pet policies, pet washing stations, waste bags provided, etc.
• Work Spaces – co-working spaces, private working spaces, printers, high-speed internet, video conference rooms, etc.

 

4. Community & Management

A community and its management can make or break a property in the eyes of a renter. Many renters will look at reviews from current and past residents when deciding if a tour is worth their time, and finding plenty of positive reviews can help bring in prospects! The most influential reviews typically focus on management and staff interactions, often regarding maintenance procedures, communication, cleanliness, and community social events.

 

5. Costs

Budgets and monthly costs are often the make-or-break factor before a renter signs a lease. Renters could be in love with a community, but if the price is not right for them, they have no choice but to search for alternative places. Value is greatly considered in terms of costs, as renters want to justify what they’re paying for; Does the price align with what they get out of living there? If a community has no parking, perhaps a resident who commutes by car for work every day feels the price is too high. Maybe a property is renovating and provides brand-new appliances in each apartment along with a state-of-the-art gym, making renters feel like they’re getting a great price for the new amenities! Renters look to pay for what fits their lifestyle, and they may seek out deals like 2 months free when they sign before a certain month, lower monthly costs with restricted amenity access, and so on. Security deposits are also a key consideration factor when it comes to costs, specifically their amount and timeline.

 

6. Lease/Contract Flexibility

Renters consider lease terms and contract flexibility heavily when searching for rental communities. Some terms may be state-mandated, but renters want to see that communities are willing to work with them to accommodate their lease needs. Renters don’t want to sign a lease that locks them in for too long of a period, but they also don’t want short-burst contracts, especially in places where prices increase. Don’t forget to highlight policies such as tv mounting and wall hanging as these are often important considerations. It is important that communities get to know renters’ personal needs, collaborating to create a contract that works for both parties, not just for the community.

 

Understanding what goes into the decision-making process for renters when searching for rental communities is crucial in leasing. Location, features, amenities, community, costs, and contracts are all important factors that renters consider, and getting to know a renter’s needs in these criteria is a must if you’re looking to bring in residents.

 

Are you searching for leasing professionals and other great employees who can make a difference in your community? Request staff here!

Are you looking to start your multifamily career and implement this new knowledge about renter considerations? Apply here today!