by Andrew Ruhland
Price transparency has become an expectation of consumers spanning nearly every industry, and the multifamily space is finally catching up.
Unlike other industries, such as travel and retail, which might have two or three factors contributing to a total cost, multifamily operators are having to account for countless different factors from multiple sources when calculating a renter’s final monthly payment.
To provide clarity, many operators are now offering fee calculators on their websites, giving prospective renters a complete picture of required, recurring and optional costs.
At first, the idea of showing all-in pricing can feel risky. Listing fees upfront may raise the apparent cost, which seems dangerous in competitive markets. But operators adopting calculators are finding the opposite: they’re spending less on marketing, improving conversion rates and reducing stress for both renters and onsite teams.
Read Andrew Ruhland’s article in the Rental Housing Journal.