Apartment Leasing

Given the recent softening of demand for new leases, it is prudent for executives in the industry to adopt a broader perspective to resident retention. Rather than viewing residents only as customers of one community and one apartment home, operators should view them as customers of their brand.

Gen Z and millennials may be utilizing another search engine when hunting for their next apartment — TikTok. TikTok and other short-form video platforms are now a vital ingredient in your marketing mix and one of the most important ways to attract prospects.

Although renewals are a vital component of the leasing lifecycle, operators have long approached them with a less-than-optimized process, one that relies heavily on overextended site teams performing a series of manual tasks, often without the sufficient time and energy to do so.

Most operators agree it means moving tasks and processes from onsite to other people, regardless of location, that are specialized in specific processes or customer touchpoints. This allows operators to free up resources to focus on tasks that require an onsite presence and provide better customer service.

This week's top multifamily storylines include ways to make housing more affordable, product knowledge in leasing, addressing the package management burden, construction delays continue, questioning the suburban push and caring for pet-owning residents.

Prospective renters are still out there shopping for their next home. And while they understand some of the limitations of leasing in the COVID era, they still expect onsite associates to bring their A game and deliver a high level of customer service.

According to a recent RENTCafe survey of 3,500 renters, 83% of the respondents said they would take a self-guided tour if it was available at an apartment community. The benefits of self-guided tours extend beyond allowing prospects to visit a community in their preferred manner.