Have you ever wondered what thousands of renters think about the rental ads they see online? Every day HomeTownRent extends the reach of property managers’ rental listings by distributing them to other helpful rental advertising websites. One such destination, rentBits, completed a helpful survey of over 1,000 renters to gain insights into the most important factors in today’s rental market. We’d like to share a few key insights with our readers:
The verdict is in: Renters start their searches online. rentBits found that 72% of renters begin their rental searches online.
First stop? Search engines. A study conducted by Rent.com reports that 67% of renters use a search engine (Google, Bing, Yahoo) first to locate a home, while only 21% start by using a specific site. To see where you should be advertising, make sure you use a search engine and keyword phrases that renters may use to determine which websites rank highest.
Searches are specific: The average renter uses a search query that is three to six words long, for example “Providence RI house for rent $500-800″, rather than just “rentals”.
Most important criteria? Price and location are the two key elements for every rental search. The next most important factors that renters look for in an online ad are: pictures, lease terms, deposit amount, pet friendly, and washer and dryer included.
Renters make it clear that a response in 24 hours or less to an inquiry is critical.
Response time is critical. The majority of potential tenants expect to receive a response from the property manager in less than 24 hours.
A picture is worth.. 3 times the views! A Realtor.com study indicates that homes for sale which feature multiple photos are viewed 299% more than those with none or just one photo. Those same advertisements have 72% more click-throughs (leads).
House or Apartment? Additionally, houses are currently in much higher demand than apartments, with 83% percent of survey respondents preferring a house. This may be partly due to the large number of recent home-owners put in foreclosure who are now renters, but seeking a similar housing environment. This is a challenge to the apartment industry, especially since apartment completions in 2008 were the highest they have been since 2004.
Check out additional insights from rentBit’s survey results here.
Filed under: Landlords & Property Managers, Rental Market News | Tagged: rental market stats, rentBits survey, renter preferences, renter survey
