Renters Want Flexible Payments and Loyalty Programs

posted on : September 17, 2024 0 Comment

By John Triplett

A new survey says renters want flexible monthly payment plans, loyalty programs and help with the stress of moving.

The RealPage survey of more than 2,000 renters showed:

98% of renters want a loyalty program for paying rent.
93% of renters are interested in flexible rent payments.
97% of renters would choose an apartment offering an easy way to manage moving.

The 2024 National Multifamily Renter Study shows the multifamily housing industry must adapt and enhance its offerings to attract and retain residents amid the changing rental landscape and increase in supply, RealPage said in a release.

97% say they would be more likely to renew their lease if working with their property manager was as easy as interacting with Amazon.
97% would be more likely to choose an apartment offering a service to simplify moving, such as help setting up internet and utilities, finding a local mover and setting up payments.
93% were interested in flexible rent payment schedules (biweekly, bimonthly, weekly) rather than a full, once-a-month payment.

“It’s a renter’s market, and they demand more from moving assistance, loyalty programs and payment options to enhance their living experience,” Rob Franklin, Senior Vice President and General Manager of Resident Solutions at RealPage, said in a release. “This national survey confirms the modern experience renters want today, and we are thrilled to bring it to them with LOFT™, RealPage’s fully integrated resident experience platform.”

Need a Lease Agreement?

A FREE account gets you access to over 200 free forms. Upgrade to a paid account (monthly, annually, or lifetime)

EZLandlord Forms Is Offering 15% 𝙊𝙛𝙛 For New Customers!

We cannot recommend these guys enough!

👉 State Specific Leases 👉 400 Forms to make your landlord-tenant relationship top notch 👉 200 FREE forms for those not ready to purchase 👉 4.8 Rating with over 5000 Reviews 👉 Pro Members get access to ALL leases and forms for $12 per month OR $75 if you purchase the annual membership 👉 YOU CAN BUY LIFETIME FORMS for $399 USE CODE 𝐒𝐓𝐀𝐂𝐈𝐄𝟏𝟓 to get 15% OFF ALL first-time purchases, EVEN THE LIFETIME FORMS!

Click to Learn More About EZ Landlord Forms

Overall, the survey responses showed that enhanced offerings from a property manager, such as a seamless digital app and loyalty programs, factor heavily into a resident’s decision to select an apartment and renew. Research shows 97% of respondents would choose a specific unit and renew their lease if they were offered improved benefits from property management companies.

The study, conducted by Dimensional Research, was presented during RealWorld 2024, the company’s conference that brings together nearly 1,500 registered attendees from the multifamily community to highlight innovations in the rental housing industry. All 2,011 qualified study participants were currently paying rent for an apartment in a multi-unit building operated by a property management company. All were between 18 and 55 years of age living in the United States. A mix of genders, household incomes, regions and demographics were captured to enable analysis by various categories.