Business
As Rental Market Strengthens, AppFolio Survey Finds Half of Renters Plan to Move This Year in Search of Better Costs and Unit Upgrades
As competition heats up, 2023 AppFolio Property Manager Renter Preferences Report provides actionable insights for property managers to attract and retain
About this update from Appfolio, Inc.
[{"type":"text","content":"As competition heats up, 2023 AppFolio Property Manager Renter Preferences Report provides actionable insights for property managers to attract and retain residents\nSANTA BARBARA, Calif., May 18, 2023 (GLOBE NEWSWIRE) -- AppFolio, Inc. (NASDAQ:APPF), a cloud-based technology platform built for the real estate industry, today released its 2023 Property Manager Renter Preferences Report. In a dynamic market where property managers face challenges like increased competition due to the historic crush in new apartment supply, this new report provides actionable insights into how property managers can drive renter satisfaction and retention and underscores the wider importance of effective property management. According to AppFolio data, based on a survey of nearly 1,000 U.S. renters, overall satisfaction with property managers, along with flexibility in payment methods and technology offerings, are all major factors in retaining residents. While 66% of renters reported that they are satisfied with their property manager – up from 55% from last year’s study – only half (50%) plan to renew their expiring lease this year. This reveals a need for property managers to better understand renter expectations. Key takeaways from the 2023 Property Manager Renter Preferences Report include: Property managers will be in fierce competition to retain and attract residents and play a key role in tenant satisfaction. A great property manager is a key factor in retaining current residents. Of satisfied renters, 57% say their property manager is a main reason they are considering renewing their lease.Outside of property attributes, a property manager’s reputation is key for attracting new residents. 68% of renters say a property manager’s reputation on review sites is important when evaluating a new rental.The top three reasons that unsatisfied renters are considering moving are for a better apartment/house (63%), lower rent (49%) and a better property manager (45%). Renters demand online payment options from their property manager. Paying rent online is a primary factor when finding a new rental property. More than half (60%) of renters say online rent payments are important or very important when evaluating a new rental.Of those renters without the option to pay online, 58% would like their property manager to offer the option.Younger demographics ...