Updater

By Jenna Weinerman

Published Aug 15, 2024

Updated Aug 15, 2024

Consumers desire convenience, and for renters, this is especially relevant when the stress of moving feels like a substantial burden.

A recent study by Dimensional Research, sponsored by RealPage, reveals a critical insight into this challenge:

97% of renters are more likely to choose an apartment that offers a streamlined moving process.

This data underscores an essential opportunity for property management companies and leasing agents. By prioritizing efficiency in the moving experience, you can attract and retain residents more effectively.

The power of convenience in at move-in

The study conducted in June 2024 surveyed 2,000 renters aged 18-55, revealing a significant trend in the rental market: renters prioritize ease when transitioning to a new home. Understanding what “ease” means in the context of moving is essential for property management companies aiming to lead the market.

Services that enhance the moving experience include:

• Rapid and seamless setup of television, internet, and utilities to ensure a hassle-free transition.
• Access to trusted local movers who handle possessions with the utmost care and professionalism.

By addressing these preferences, property management companies can distinguish themselves in a competitive landscape, demonstrating their commitment to resident satisfaction.

What the industry thinks

Over the last ten years, we’ve seen moving shift into focus as management companies begin to rethink the entire resident experience from start to finish.

When thinking about the tangible business impact of move-ins, Jenna Miller, Senior Director of Marketing & Customer Experience at Bozzuto once told us, “We know that the move-in is a make or break moment in the journey and there are real repercussions for someone who has a poor move-in experience.” You can read more about Bozzuto’s take on moving here.

And the day-to-day management of the process can be painful. Vincent Cotton, a Community Manager with Madera Residential has shared how irritating the back and forth with residents can be for the residents. In this video, Vincent describes the old process of collecting move-in information as not only time-consuming for his team, but says that the constant phone and email reminders were an annoyance for residents. “Those phone conversations diminish relationships depending on the irritability of the resident and how often they need to be reminded prior to moving.”

Given the research above that residents 97% are more likely to choose an apartment that offers a streamlined move-in process, it’s no surprise to see Updater’s offerings highlighted as an amenity and benefit in apartment listings. Here’s an example from our friends at Wasatch Apartments, showing off their moving concierge in a Craiglist listing:

The move-in process directly impacts the bottom line and overlooking the details and implications can be costly. In fact, this year, we released a data report detailing the positive impact a thoughtful move-in process can make and the cost of ignoring it altogether – click here to read The Move-In Effect.

Speaking of costs…

The financial implications of moving present a critical concern identified in the study.

• 94% of renter respondents have relocated within the past two years, incurring an average cost of $6,000 in relocation expenses.
• For higher-income renters, this figure can escalate to $15,000.

These expenses cover a range of necessities, including hiring movers, purchasing packing supplies, and managing unexpected costs.

Leasing agents must recognize these financial pressures as they engage with prospects. By offering tailored packages or partnerships that mitigate relocation costs, you can significantly enhance your value proposition and position yourself as a trusted partner in the moving process. Updater has many of these partnerships built right into our platform, so management doesn’t need to source the partnerships themselves.

Moving equals stress

It’s no secret that moving is a stressful event.

In fact, the study ranks it as the second most stressful life event after financial problems.

This stress is not only about physical labor or financial strain; but it’s also about the emotional upheaval and the time investment required. Property managers who empathize with this experience and offer practical solutions can build stronger relationships from the very first interaction. Our data report, The Move-In Effect, contains pages of tactical advice to help your residents move more smoothly.

Capitalizing on the opportunity with Updater

This new data reveals a clear demand for simplified moving processes, presenting a significant opportunity for property management companies. Enter Updater, built to streamline apartment move-ins and elevate the renter experience.

Our multifamily solutions tackle the primary concerns renters face during a move, including:

• Effortless television, internet, and utility setup
• Access to trusted moving professionals
• Deals and coupons to save money on the most common purchases
• And more

If you’re curious to see how Updater streamlines the move-in processes for over 50% of the NMHC Top 50, reach out today. By integrating Updater into your property management strategy, you can provide the ease and efficiency that 97% of renters are actively seeking.

To read RealPage’s full study, click here.

Jenna Weinerman

Jenna is Updater’s VP of Marketing and a published ReloTech expert. She’s an endless seeker of knowledge, a lover of craft brews, and a huge Philadelphia sports fan. Follow her on X here.