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New AppFolio Survey Finds Property Managers Must Innovate to Meet Modern Renter Expectations
Transparent property listings, smart technology and effective communication are critical in attracting and retaining happy, long-term renters SANTA BARBARA,
About this update from Appfolio, Inc.
[{"type":"text","content":"Transparent property listings, smart technology and effective communication are critical in attracting and retaining happy, long-term renters\nSANTA BARBARA, Calif., Aug. 22, 2024 (GLOBE NEWSWIRE) -- AppFolio (NASDAQ: APPF), the technology leader powering the future of the real estate industry, today released its 2024 AppFolio Property Manager Renter Preferences Report. For property managers looking to gain an edge in a competitive rental market, this report of more than 2,000 U.S. renters uncovers key insights into their shifting motivations and behaviors, emphasizing the critical role of technology in the resident experience. Nearly one million new apartment units are projected to be available by 2025, signaling an increasingly competitive market for owners and property managers, according to a market analysis by AppFolio using data from the U.S. Census Bureau. With more choices available to renters, AppFolio’s report sheds light on the challenges and priorities that property managers must address head-on to meet renter expectations throughout their resident journey. Highlights include: The marketing and leasing process are key Nearly one-third of renters surveyed (30%) search for new rentals on property or property manager’s websites – a top three resource alongside major internet listing services. This finding underscores the importance of a strong online presence for property managers. A clear and transparent listing is ranked as the most important factor that renters consider, with 95% of respondents saying they view it as very important or important.88% of renters describe a property manager’s reputation on review sites as a very important or important aspect of evaluating a new rental.Furthermore, more than three-quarters (76%) of renters expect to hear back about a listing within 24 hours of contacting the owner or property manager, while 27% expect a response within a few hours. Meeting the needs of different generations By 2030, Gen Z is expected to become the largest demographic of renters in America, making it essential for property managers to continue investing in modern technology solutions. 81% of Gen Z and 77% of Millennials surveyed expressed the importance of having access to an online resident portal or mobile app for their unit, compared to 52% of Baby Boomers.Most younger renters (66% Gen Z, 60% Millennial...