New Truths about Prospective Renters with Chelsea Kneeland and Marcus Armstrong

February 21, 2024
The Multifamily Leaders Podcast kicks off 2024 with a series of episodes reflecting on insights from the J Turner Research Summit. First up, Chelsea Kneeland and Marcus Armstrong discuss their research and findings related to prospective renters and the latest trends in their housing search. Listen in to hear what priorities have shifted for prospects, what managers can do to make their communities stand out, and key takeaways for better serving prospective residents.
 New Truths about Prospective Renters with Chelsea Kneeland and Marcus Armstrong

 

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“The likelihood of you making the shortlist has decreased significantly from just 2021 until now.”

In this first podcast of the new year, Mindy Price chats with Chelsea Kneeland and Marcus Armstrong to reflect on their session at the 3rd annual J Turner Research Summit, which was held in December. Presenting their new research report, “The New Truths About Prospective Renters: What the Research Is Revealing,” they shared the changes and generational impacts that are fueling prospects’ viewpoints and processes as they consider a new home.

Chelsea highlights that one surprising revelation is that “job location” is no longer a top reason to move, as renters increasingly can work remotely and consider homes in various locations. Marcus adds that renters also have more and more options that are not apartment-specific, with increasing developments of single-family rentals, townhomes, and more. Because of these options, and because prospects were found to be actively researching less properties than in years past, the competition and a community’s opportunity to make a prospect’s shortlist is much more difficult.

So, what should managers do to make their properties stand out from the rest? Marcus and Chelsea emphasize the importance of the website and having great photos of the apartment interiors, floor plans, and amenities; clear and concise information that is easy to navigate; and a positive online reputation. To further give your community an edge, be sure your team answers the phone and returns messages in a timely manner. Finally, assess how prospects are finding your property, and consider a return on investment by advertising on larger sites.

Are you ready to build a better comunity with happier residents?