No consideration is as important as price when renters are searching for their next place.
In the latest Apartments.com survey of prospective renters, 82 percent ranked price as one of their top considerations. And for a third of renters, the need for affordable rent is their primary motivation for moving.
But pricing can be hard to navigate. Rent often varies by unit, move-in date, and lease term — and additional fees for pets and parking can complicate the picture further.
That’s why Apartments.com offers an interactive calculator to help renters understand exactly how much they would pay for a given unit, factoring in their personal circumstances.
And for properties that feature this calculator on their listings, lead quality and applications see a major increase.
How the calculator works
When renters scroll to the pricing section of an Apartments.com listing, they’ll see a link to estimate their monthly and one-time costs.
This takes them to the interactive calculator, where they can select their preferred unit. If the base rent varies by move-in date, renters will see a calendar view that shows specific costs by move-in date.
If the property offers different lease terms (such as letting renters choose between a six-month, 12-month, and 14-month lease), renters can select their preferred option, and costs will adjust automatically.
Renters can also add on pets, parking, storage, and other costs, and the total costs will update accordingly.
To give renters the full picture, the calculator offers a breakdown not just of monthly fees but also of one-time charges due upon applying and moving in.
Watch a demo
See the calculator in action:
Why price transparency matters
With this interactive calculator, it’s easy for renters to understand their rental costs — right down to the penny. This increased level of transparency gives renters a greater sense of trust and confidence in your property. It also lets them easily evaluate which options are in their budget.
In contrast, when renters are surprised by unexpected fees during the leasing process, it can create disappointment and frustration. This can hurt your conversion rate and your online reputation.
Six in 10 renters say they would stop considering a property entirely if fees raised the total cost above what was originally advertised, according to the Apartments.com survey. Disgruntled renters are also more likely to leave negative reviews, which can make it harder to attract other prospects to your community.
The data also backs this up. Price transparency is a powerful force in converting renters into residents. Properties with the calculator on their Apartments.com listings receive more serious interest from renters than those without the calculator.
In fact, listings with the calculator see double the tour requests and 2.5 times the applications through Apply Now, according to the latest Apartments.com data.
Does your listing have the calculator?
If your listing doesn’t feature the cost calculator, it’s easy to add it.
First, make sure your listing reflects all applicable fees. You can add this information manually through your online portal or sync your listing to Entrata, Engrain, RealPage, Funnel, or RentCafé to ensure it populates automatically.
Once your fees are available, just turn on the calculator:
- Log in to your Apartments.com account.
- Navigate to the Properties tab under your Properties Dashboard.
- Select the property.
- Navigate to the Fees & Policies tab.
- Click Enable Cost Calculator.
This will ensure the calculator shows up on your listing.
Stay compliant with new laws
Did you know that price transparency may soon be a legal requirement? For properties in Colorado, Connecticut, Massachusetts, Minnesota, or Nevada, new legislation is requiring multifamily properties to display all-in pricing for advertised units.
Learn more about price transparency
Explore how the multifamily industry is shifting to accommodate renters’ demand for more transparent pricing.
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