How COVID-19 Changed the Apartment Rental Industry | Binary Fountain

January 05, 2021

How COVID-19 Has Changed the Apartment Rental Industry

By: Scarlet Baker

covid-19-apartment-rentalAt the start of 2020, everything was going as usual. Renters had little to worry about. But then, everything changed with COVID-19.

Millions were left jobless, and it was not their fault. Renters with little savings, working hard to make ends meet, were all of a sudden left with no income. Many people were on the verge of facing an eviction.

This is how COVID-19 has changed the apartment rental industry. While conditions appear to have a brighter future ahead, right now it is very difficult for many, including those who are searching for apartments.

Apartment Hunting During COVID-19

The biggest way the coronavirus has changed the apartment rental industry is apartment hunting. While many renters could be facing evictions, government intervention has prevented some of that from happening. Apartment hunting during COVID-19 has become more online-based during the pandemic. People can go online to read reviews about some apartment complexes. These reviews are found on Google and other websites that provide reviews for apartments and multifamily properties. While apartment hunting during coronavirus has changed the industry, resident satisfaction is still measured.

The Eviction Crisis

In 2020, many people have faced or are still facing potential eviction. While government policies have prevented some people from being evicted, this issue is still on the horizon. This can impact some customers’ experiences. If someone is unfortunately evicted, they will not leave a good resident review.

On the other hand, apartment hunting during COVID-19 is also impacted by potential evictions. Even though people will always need a place to live, moving back with friends or parents is a better choice for some. An eviction is very possible, although people searching for apartments in 2020 do understand that. Still, resident satisfaction is very important, regardless of the possibilities.

Resident Satisfaction

While searching for apartments during COVID-19, reading resident satisfaction reviews is crucial. Customer experiences are important, and seeing how the coronavirus has changed the apartment rental industry, businesses have to focus on creating a good experience. Customer experience is a great marketing tool.

Interactions with your brand are important, whether it be a property management firm or anything else. Customers look at the satisfaction of others more than ever. Doing apartment hunting during COVID-19 will involve reading about the experience of other residents, and determining if the apartment is right for them.

Customer Experience and Digital Marketing

Creating a good experience for residents is necessary, with or without a pandemic. It will attract more potential residents, and satisfy the current ones. Real estate companies, as well as other housing service companies, should have updated and optimized websites. These websites should have the option for tenant experience reviews to be posted.

One of the ways how COVID-19 has changed the apartment rental industry is customer experience. The experience of a customer does not start when they move in. It starts from the moment they click on your website or Google listing. If a website is easy to access, navigate, and visually sound, visitors will like it more. Next, we will go over ways to ensure that the site is optimized for customer experience.

Optimizing Your Site

As said before, one way how COVID-19 has changed the apartment rental industry is the emphasis on customer experience. Any website should have a section on customer experience. Adding this section will show the reviews to other visitors, and if they are good reviews, the bounce rate could reduce.

When your site is searched up on Google, there should also be a section with Google Reviews. Google Reviews are frequently used by residents to add reviews and ratings of businesses. Satisfied customers will leave good reviews, and poor reviews can still be resolved. This is a crucial feature to monitor and engage renters.

Search Engine Optimization

Search engine optimization, or SEO, is another great way to improve customer experience. As said before, customer experience begins from the moment a customer arrives at your site.

Search engine optimization can improve the ranking of the site on a search results page. The higher it is, the more likely new visitors arrive. These visitors can then have the same great experience as others, and can become potential residents.

The Future of the Apartment Rental Industry

While the coronavirus won’t be going away for at least a few months, neither will the apartment rental industry. Regardless of economic circumstances, a good landlord will be liked by their tenants. The same goes for the rental industry.

The leading property management firms focus on high-quality services for customers. While one of the ways COVID-19 has changed the apartment rental industry is customer experience, other factors still apply. The landlord-tenant relationship can create a solid foundation for the future of the industry.

Frequently Asked Renter Questions:

  • What is the cheapest month to move into an apartment?
  • What are the average rent prices near me?
  • Does rent go down during a crisis?
  • Are evictions given prior notice?

The Importance of Experiences

One of the ways how COVID-19 has changed the apartment rental industry is experiences. Good experiences and bad experiences can both be found out there.

Websites now have to provide more information before potential tenants can decide on an apartment. Some of this information relates to customer experience and resident satisfaction. If residents are happy, then they could leave positive reviews about their experience. This way, others know that the property manager they are dealing with is a good one.

Times have become difficult, and people need to rely on each other for things such as resident experience reviews. Real estate companies should adopt digital marketing strategies and tie them in with customer experience, to get the most out of their websites and online listings. Overall, this can attract new residents, and increase the rating of the real estate company and its properties.

 

Browse these resources for more on apartment rental marketing during COVID-19:

About the Author

Scarlet Baker

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