Pains and Gains in the Apartment Hunt

Technology

Survey Says Renters Put as Much Stake in an Apartment’s Online Presence as Its Physical Appearance

October 17, 2018 – A new survey shows renters are becoming more reliant on online photos and virtual tours than on traditional, in-person guided tours when selecting an apartment. This study, which was conducted by Entrata, which develops property management software, shows apartment hunters are using the Internet for online photos, virtual 360-degree walkthroughs, and video feeds instead of visiting apartments.

A recent survey by Entrata shows revealing apartment-seekers habits.

  • 25% of those polled reported that they had signed a lease without physically visiting the apartment.
  • 68% of those polled spent an hour or more per day apartment hunting. 47% spend at least an hour or more a day searching for an apartment while at work.
  • 21% of the time leasing offices were unavailable to provide the help needed.
  • The price of the apartment was available online only 9% of the time and floor plans and availability were only available 14% of the time
  • 43% said they were unable to pay rent and other fees online.

Key findings:

  • Prospects find that searching for an apartment online is far more practical than taking in-person guided tours. Few people have the time to hunt for an apartment. Online tours are far more efficient, and an increasing number of renters are taking advantage of it.
  •  25% of those polled reported that they had signed a lease without physically visiting the apartment.
  • Hunting for an apartment is time consuming and isn’t convenient to do after business hours. The report revealed that 68% of those polled spent an hour or more per day apartment hunting. And since much of the day is spent at work, apartment hunting can seriously impact productivity in the workplace.
  • 47% of those polled spend at least an hour or more a day searching for an apartment while at work.
  • Apartment community websites lack the online information prospects seek.Respondents reported that leasing offices were unavailable to provide the help they needed 21% of the time. In addition, those polled reported that they couldn’t always find the information they needed online.
  • The price of the apartment was available online only 9% of the time and floor plans and availability were only available 14% of the time.
  • The move to online or automated services, while inevitable, will take time.Many in the study reported they were unable to do such basic things as fill out an application or pay rent online.
  • 40% said they were unable to fill out an application online.
  • 43% said they were unable to pay rent and other fees online.

To read the Entrata survey summary, click here.

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