Fee transparency is a key factor in the renter’s final decision to sign a lease. Here’s what property teams need to know about new research on new renter expectations, and how your team can build trust to drive action from renters during their decision process.

What the data shows: unexpected costs are a dealbreaker for renters

In the 2024 Renter Preference Report, renters shared that cost transparency is a top factor that prevented them from signing a lease. When asked about why they didn’t chose a property, 43% of renters said there were too many hidden costs (e.g., application fee, parking, utilities). Similarly, 36% said unexpected costs, in addition to the rent price, kept them from signing a lease.

By providing consistent, up-to-date information across all digital platforms, owners and operators can close this information gap and provide reliable, transparent fees that residents want to see. Here is what renters are saying¹ about what they would change about the rental search process in relation to cost transparency:

We asked renters:What, if anything, would you change about the rental search process?

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Providing clarity around costs is an effective way to build trust with prospects, but it’s also becoming a requirement in emerging local legislation. For example, Minnesota’s 2024 landlord-tenant law requires greater transparency in rent, fees, and utilities:

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Improved ways to build trust and drive quick decision-making

With the right tools in place, property teams can close this information gap by providing consistent, up-to-date information across all digital platforms. New approaches to fee transparency in listings help properties deliver a better experience on ILS, where more fee information has been added to feeds. Listing sites on the Rent. Network offer a simple and intuitive experience that gives a breakdown of leasing expenses at each stage of the process, including both monthly costs and one-time fees that the renter can plan for.

Big challenge solved: collecting fee information at scale in a consistent format

Bringing in more detailed fee information requires a better fee data structure and streamlined integrations. Improved connections to the data sources allow companies like Rent. to access richer pricing data and include more detailed cost breakdowns in listings. Top fee providers often only include pet, parking, admin, and application fees. However, RentMarketplace. is integrated with RentHQ., which enriches listing content with additional fee data that cannot be sent through feeds.

New total cost & fee features that elevate your listings

What does greater fee transparency look in practice?  The RentMarketplace. Total Cost & Fees listing feature includes both monthly costs and one-time fees to present a simple, intuitive experience for renters to quickly see total costs. 

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The future of fee transparency

As the renter experience continues to evolve, innovations in cost transparency will further enhance listings so properties can secure more conversions.

Your team can build trust and drive conversion with RentMarketplace.

Rent. Marketplace. listings provide detailed cost breakdowns so renters can quickly evaluate properties and book tours with confidence. With cost transparency and immersive features like automated tour scheduling, 3D tours, and Google Aerial View, we help you elevate the renter experience. Fill out the form to learn more.

_{¹ Rent. 2024 Renter Preference Report, July 2024.}

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