What can you do today to help your clients understand concessions in your listings, move forward and/or self-select out if they’re not a fit? Update your pricing to clarify net-effective rent.
While rental concessions can be a helpful tool for filling units, they often create confusion among would-be renters. In a StreetEasy survey, 40% of renters say they’re confused by net-effective rental pricing. To help our users search more effectively, and assist agents and landlords in highlighting special offers, StreetEasy will now display both gross rent and net-effective rent on all listings with concessions.
Starting Sept. 2, when agents directly enter any new rental listing with a concession, they’ll be asked to include both the gross rent and any concession details. From these, we will calculate net-effective rent, and both gross and net-effective rent will appear on the listing. This is different than including concessions in the listing description, where they cannot be automatically calculated. Avoid this, and avoid an error message which will delay getting your listing to market! Once live, your listing will appear in search results when either price fits search criteria.
What Renters Will See
What This Means for Agents
No immediate action is necessary, though agents are highly encouraged to update existing listings. We’ve designed Agent Tools to help you through the addition of concession information, and the process should feel seamless and intuitive. All agents have to do is input the gross rent and concession details, and StreetEasy will auto-calculate and display net-effective rent.
For specific questions on how StreetEasy is simplifying net-effective rent, feel free to connect with our customer support team.