As we enter the Era of Authenticity, it's more important than ever to listen and understand the needs and preferences of our customers. SatisFacts published the Online Renter Study in January 2024 to provide the multifamily industry with unbiased, raw data directly from renters themselves. The data in the study covers a range of topics, from reputation to social media to fee transparency to ESG…and more!

One topic in the study focuses on a significant aspect of the search process for renters: Online Reviews. It is well known across all industries that a majority of customers search for and read reviews before making a buying decision, and this is definitely true for renters. 76% of renters say they research ratings and reviews before contacting a community directly.

Understanding what renters are actually looking for when it comes to review research plays a key role in standing out from the competition and securing the lease.

Here are the Top 10 Elements of an Online Review that are Most Valuable to Renters:

#1 The review contains detailed information

• A whopping 80% of renters say they prefer to see written content that helps them identify if the community is a fit for what they want in their apartment and surrounding community. If there's only a star rating and no content, they're likely to move on to another community where they can learn relevant information to make their decision.

#2 The review is from a verified resident living at the community

• In the era of authenticity, buyers know there is deception and 72% say they want verifiable, trustworthy information rather than the unknown of AI or some other deceptive practices giving a false representation of the community. In fact, 23% say they were duped by the positive reviews of their community and will likely think twice about how they verify the reviews of a community during their next apartment search.

#3 The apartment community has responded to the review

• Review response has played a major role in the perception of customer service for many years. It is still in the Top 3 with 50% of renters expecting to see a review response during their research phase. In fact, over 70% expect to see that the review was responded to within 2 business days of the review.

#4 There is a video or photo attached to the review

• As Gen Z becomes a relevant group in the rental market, it is important to recognize the shift in what is important to young(er) renters. 46% of renters would like to see a video and/or photo along with their detailed info in the review. 66% of Gen Z prefer to see a photo or video.

#5 The review describes a positive experience

• 39% of renters are looking for a positive experience in the review. This is a great opportunity to incorporate QR codes to ask current renters what they love about the fitness center or the dog park, etc, so renters can see bits of "real life" at the communities as they're reading review content.

#6 The review is from a verified prospect who toured the community

• Weighing in at 35%, renters want to see verifiable information from prospects who have toured the community. Offering surveys after tours is a great opportunity to generate more reviews and tell future prospects about what they can expect in their tour experience to stand out from the competition and secure a tour.

#7 The reviewer is named rather than anonymous

• While a strong majority prefer a verified review, 32% want to see a name associated with that review as well.

#8 The review mentions employee names that work at the community

• The #1 most important element of a review is detailed information, and while some companies may be using employee names in order to verify who generated a review in their community(ies), only 31% of renters prefer to see employee names mentioned in a review. So when thinking about what is going to capture the tour, it may be more important to focus on gamifying specific elements of the community and neighborhood rather than a specific employee.

#9 The review is free of grammar and spelling errors

• While we should always put our best foot forward - in the name of authenticity - renters care more about the quality of the content rather than misspellings or grammar errors, with only 28% rating this as an important element of a review.

#10 The review has a 5-star rating

• Coming in last at 23%, is the star rating. It is evident from all of the other elements that renters find valuable, that their focus is on quality, and a 5-star rating gives them a feeling of deception and lacks the substance and authenticity they desire when making a purchasing decision. In fact, the average star rating renters say they need in order to consider a community is 3.82, with the majority of the distribution falling in the 3.5-4.0 range (on a scale of 1-5).