Eye-opening results from The Biennial Online Renter Study
Source: SatisFacts Biennial Online Renter Study
Reputation and Search Behavior
Renters are looking for information that is relevant to their unique needs and priorities, rather than relying solely on aggregate ratings.
1. 75% of renters check out a community’s online reviews before making contact
2. 70% of renters actively filtered for and read negative reviews during their most recent search
3. 64% say online reviews were a contributing factor in their decision
4. 64% of renters would not trust a rating and review site if all or most of the reviews were positive
5. 80% of renters say the most helpful element of an online review is the detailed information (not the stars)
6. 72% of renters say the second most helpful element of an online review is that the review is from a verified resident currently living at the community
7. 59% of renters feel confident they can recognize a fake online review
8. 74% of renters check out a community’s website before making contact
9. Least important information when searching online: Automated chatbot feature on the community’s website for answers to questions (2.68 out of 5)
10. The ability to live chat with a community staff member when shopping for an apartment grew in importance .25 (3.32 to 3.57 out of 5) since the 2021 study
The Importance of Review Responses
Thoughtful, personalized, and prompt review responses create the impression of a responsive and caring onsite team. It’s crucial for management companies to understand these perceptions can develop before a renter has an opportunity to interact with a community team member.
11. 74% of renters feel confident they can recognize a canned/automated response to an online review
12. 76% of renters say companies should respond to a negative review within 2 business days
13. 69% of renters say companies should respond to a positive review within 2 business days
14. 72% of renters feel companies have great customer service when they respond to online reviews
15. 63% of renters feel companies really care about their residents when they respond to online reviews
16. 73% of renters feel companies do not have great customer service if they are not responding to online reviews
17. 65% of renters feel companies do not care about their residents if they are not responding to online reviews
18. The use of AI technology to create online review responses negatively impacts the perception of an apartment community (2.18 out of 5)
Fee Transparency
Renters prioritize information that directly impacts their decision-making process, aiming for a transparent and efficient apartment search. The study results indicate that renters appreciate transparency and may be more inclined to consider communities that are clear and open about their pricing structures.
19. Most important information when searching online: Information on mandatory fees beyond the advertised rent (4.74 out of 5)
20. 81% of renters believe property management companies should be more open and transparent about the mandatory fees in addition to the rent
21. 71% of renters believe property management companies should be more open and transparent about how rent prices are determined
22. 23% of renters say they were not informed about all charges and fees associated with their current lease prior to signing
23. 42% of renters plan to evaluate the lease terms and conditions more thoroughly before signing their next lease
ESG and Perceptions of Companies
Those who are familiar with the concept of ESG practices for businesses agree that ESG can enhance the overall value and desirability of an apartment community.
24. 90% of renters agreed with the following statement: “I will discontinue to do business with any company that treats the environment, its employees, or the community in which they operate poorly.”
25. 83% of renters believe that ESG practices can enhance the overall value and desirability of an apartment community
26. 78% of renters say they would be more likely to choose an apartment from a property management company that actively incorporates ESG practices
27. 78% of renters say they would be more likely to recommend an apartment to others if it demonstrates strong ESG principles
The Resident Experience
Extraordinary experiences often create stories worth sharing and serve as a way for renters to express their loyalty and commitment to a community team that consistently delivers outstanding service.
28. 59% plan to remain renting for at least 3 more years
29. 24% of renters leased their apartments without visiting the community prior to renting
30. 23% of renters feel the positive reviews for their current community were inflated
31. The importance of having a “sense of community” (feels like home) is rated 3.93 out of 5, however,[1] renters rate the sense of community in their current living experience 3.34.
32. 82% of renters said the main reason they would write a positive online review is if the apartment community went above and beyond providing an exceptional experience.
33. 64% of renters said they would be willing to post a positive comment on social media or ratings site if asked by their apartment community
34. 70% of renters said they have never been asked to post a positive comment on social media or ratings site
35. 83% of renters say they would not be willing to write a positive review to receive reward or loyalty points
36. 79% of renters say they would not be willing to write a positive review to be entered into a contest or giveaway
37. 24% of renters admitted to being offered an incentive (ex. gift card, loyalty/reward points, etc.) in exchange for an online review
38. 76% of renters do not follow any apartment community or property management company on social media
39. News/updates about the apartment community from the community staff is the #1 reason why renters would use an apartment community’s social networking page
40. Text as a preferred method of communication has grown from 28% in 2011 to now 71%
10 Stats About Gen Z Renters
Currently on track to become the most diverse, most educated, and most pragmatic of any generation we’ve seen, these renters have high expectations with a collective buying power that will only get stronger as they get older.
41. 82% feel property management companies should be more open and transparent about the mandatory fees in addition to the rent
42. Most important information found online for Gen Z: Information on mandatory fees beyond the advertised rent (4.76 out of 5)
43. The least important information found online for Gen Z: Automated chatbot feature on the community’s website for answers to their questions (2.42 out of 5)
44. 88% of Gen Z researched online reviews prior to contacting a community
45. 79% actively filtered for negative reviews when researching potential apartment communities
46. 73% are confident they can recognize a fake online review
47. 85% feel confident they can recognize a canned/automated response to an online review
48. 88% believe the ESG practices can enhance the overall value and desirability of an apartment community
49. 86% say they would be more likely to choose an apartment from a property management company that actively incorporates ESG practices
50. 84% say they would be more likely to recommend an apartment to others if it demonstrates strong ESG principles