September News Reel

How does a prospective resident decide which apartment to rent?

A new study reveals that rental agent attitude, rental price, and the appearance of the unit's interior are major factors for renters when deciding where to rent.

A group of MBA students recently investigated factors involved with deciding to rent and their relative importance in the decision process.

"The challenges facing landlords in their attempts to keep buildings full are not unique and these findings should have wide implications beyond the city," says lead author Nelson Amaral, who is currently enrolled in the MBA program at the University of Toronto's Rotman School of Management. "Landlords should ensure that their rental agents are well-trained and properly motivated to ensure they convey the best attitude to prospective residents. As well, getting a prospect to consider a building requires a clean- and professional-looking site."

The study reveals four major items used by people deciding where to rent:

price, customer service, condition of the building, and number of amenities.

More than half of the decision-making process is based on price, with apartment condition ranking second in terms of importance.

In addition, both the attitude and appearance of people showing apartments has an affect on prospects decision to rent, with the data showing that attitude plays a larger role. The study implies that a great-looking agent with a negative outlook will be less effective than a professional and upbeat individual who may not be the best-looking individual.

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courtesy AScribe - The Public Interest Newswire - www.rotman.utoronto.ca