Apartment Leasing

Industry Trends Report | Week of Aug. 31


The Power of SGTs: Prospects Trade in Their Own Currency

An emerging concept quickly morphed into a necessity. And based on the metrics, it would be easy to surmise that self-guided tours are here to stay. According to data from Anyone Home Inc., prospects who completed a self-guided tour at any point in the leasing process had a 54% higher conversion rate compared with those who only took an agent-led tour. Additionally, 67% of prospects who leased after self-touring completed a self-guided tour as their first tour, and 33% of prospects who leased after self-touring completed an SGT as a subsequent tour. One out of every four prospects who used a self-guided tour ended up signing a lease.

Read Todd Katler’s blog in The Multifamily Journal

6 Amenities That Attract Renters During Covid-19

Renter priorities have changed when comes to the amenities they’re seeking since the emergence of Covid-19. While apartments were already making the move to contactless entry prior to the pandemic, the ability to let people into their community or apartments via app or other technology is now a huge selling point. They also want convenient parking and access for restaurant delivery services. While fitness centers are starting to come back, outdoor fitness opportunities like yoga classes and walking paths are gaining popularity. With more people working from home, coworking spaces and reliable Wi-Fi connections—as well as streaming packages—are currently in-demand, as well. 

Read Jessica Fiur’s story in Multi-Housing News.

The Problem With Stock Review Responses

In an industry that strives to make interpersonal connections, impersonal responses won’t cut it. While finding ways to save time and automate processes is commendable, reviews aren’t a place to cut corners. Some operators use stock review responses, which often ignore the resident’s actual concern. Worse, prospective residents reading reviews as part of their research process will notice if a community management team appears to be sidestepping issues. Residents might be thrilled to receive a stock response at first, but any enthusiasm will be tempered when they see that several other residents received the same reply.

Read the blog by Paul Willis in The Multifamily Journal


Why Manufactured Housing Is the New Affordable Housing

The affordable housing crisis is becoming more pronounced, yet not many viable solutions appear imminent. One outside-the-box solution is manufactured homes, which are composed of cheaper materials and sell for less than half of typical single-family homes. While land costs, zoning constraints and the negative perception are common obstacles, modern manufactured homes contain many of the same apartment features as typical upscale apartment homes, such as granite countertops and stainless steel appliances. While it might not be feasible everywhere, 22 million Americans live in manufactured homes and they could present an often ignored affordable housing solution.

Read the story by Andrew Kern in Commercial Property Executive. 

Study Highlights Misconceptions About Renters Insurance

According to a Renters Consumer Insights Benchmark Study conducted in May, renters are underestimating the high cost of replacing their belongings due to theft or damage, compared with the true cost of renters insurance. While 92% of renters who have renters insurance said the cost is reasonable, 63% of respondents said they underestimated the potential cost of replacing their belongings. Nearly a third of respondents who don’t have renters insurance said they had never even thought about it, though 53% have either experienced or know someone who experienced theft in their home or rental. Meanwhile, the study revealed that renters are increasingly investing in connected home security devices.

Read Christine Serlin’s story in Multifamily Executive.

Leasing in a Pandemic

When the economy shut down in March, the race was on for apartment operators to implement new technologies. RADCO, for instance, accelerated a two-year virtual leasing project into two weeks. Across the industry, self-guided tours became the norm as the pandemic fast-tracked trends that were in their early stages. With technology-supported leases, RADCO signed 7% more leases in June than it did in the same period a year ago. Atlanta-based Cortland, meanwhile, is starting to see things return to normal. Tours were 67% virtual and 6% self-guided for Cortland in April, but as Georgia’s economy reopened in June, 83% of the company’s tours were traditional alongside a leasing agent. 

Read Bendix Anderson’s article in Yield Pro. 

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