Transparency has become the hallmark of consumer trust across nearly every industry. People want to know exactly what they’re getting and what they’re paying for. From making travel plans to retail purchases, consumers are looking at the details. Within the multifamily space, transparency is no longer a bonus—it’s a baseline expectation for the majority of renters.
As Gen Z becomes the fastest-growing renter demographic in the United States, and many millennials continue to enjoy the freedoms of renting, their expectations are reshaping multifamily operations—particularly when it comes to cost clarity.
A Cross-Generational Standard
Raised on app-based services like Uber and DoorDash, Gen Z, and millennials alike, are accustomed to real-time information, intuitive navigation, and seamless digital experiences. Naturally, they demand a rental journey that is just as efficient and transparent.
“Making pricing more transparent is important—period. The need is not unique to our organization or our industry—and it’s not isolated to any one renter demographic,” says Joanna Zabriskie, CEO at BH Management Services. “According to Zillow’s 2024 renter survey, 94% of people think fees should be shown clearly in rental listings. A finding that echoes our own data showing that renters prefer knowing upfront exactly what they can expect to spend on rent each month.”
A recent report from Entrata found that 72% of Gen Z renters say leasing can be a smarter financial move than buying, but with caveats. Hidden and confusing fees, particularly variable charges for optional services like parking or pet-related fees, can quickly erode trust. For operators, this isn’t just a resident satisfaction issue; it’s a conversion and retention issue.
Confidence Through Clarity
There’s no shortage of data supporting the demand for price transparency. According to Engrain user research, 82% of participants reported being very confident in finding an apartment that fits their needs when price transparency tools are available. In other words, clear pricing equals confident renters, and confident renters are more likely to sign a lease.
“From a user-friendly standpoint, we aim to provide tools that allow renters to understand exactly what they’re paying for,” says Xiyao Yang, vice president of digital marketing for Bozzuto. “The reality is that making fee transparency seamless across all of our communities is complex, and it takes time to get it right. While it’s still early in our rollout, we’re moving quickly because we know renters value clarity— whether it’s the cost of having a pet or adding extra storage space. That’s why we see real value in making this information available on our websites.”
Today’s renters want to know more than just what the monthly rent will be. They’re seeking complete cost visibility, including application fees, pet policies, parking charges, storage fees, and even ancillary costs. When these details are buried in hard-to-find footers or spread across multiple screens, frustration builds and trust breaks down.
Tools and User Experience That Build Trust
To meet the growing demand for transparency, operators must embrace tools that bring transparency to the forefront. While some operators are concerned with the financial investment and perceived complexity associated with implementation, these solutions are proving to pay off tremendously—leading to higher conversion rates, expedited lease-up speeds, and increased renewals.
One of the most effective tools is an interactive pricing calculator. Engrain research shows that users instinctively engage with tools like pricing calculators and appreciate real-time updates as they add or remove features. The detailed cost breakdowns increase confidence, and, when designed well, these tools turn complexity into clarity.
Clear labeling is another trust builder. Gen Z renters, in particular, are skeptical of jargon and acronyms. A fee labeled “UAF” (utility access fee) raises more questions than answers. By using clear language like “Reserved Parking Fee,” property managers can reduce confusion and avoid appearing deceptive.
“Being transparent about what’s in the monthly rent and what’s extra or optional is crucial when building trust with our future renters,” Zabriskie notes. “It is hard to establish a trustworthy bond with renters when pricing doesn’t seem consistent across all channels.”
Fees also need to be presented in context. For example, a pet fee should be visible within the pet policy or pet amenities section, not hidden deep within the lease agreement. Parking fees should be listed alongside parking features. This alignment improves the resident journey and builds credibility.
Renters prefer consolidated views of key information. When pricing, fees, and policies are spread across multiple pages, it creates unnecessary friction. A single, well-organized section where users can quickly find application fees, pet policies, and other costs leads to an enhanced experience and higher engagement.
Additionally, when users are unclear about a cost, tooltips may be helpful, but they are often hard to see or don't provide enough context. Worse, lengthy disclaimers often fail to clarify pricing and leave users seeking answers elsewhere. Designing more visible, highly informative tooltips can bridge the gap between transparency and comprehension.
“We want to ensure that the fee table and calculator is accessible from desktops, mobile devices, or from any other tech platform,” Yang says. “Additionally, regardless of whether it’s from the website or ILS, we want to ensure that the information is clear, consistent, and up to date.”
What a Renter Wants: Map Views, Customization, and Control
Beyond pricing, Gen Z renters also value context and customization. Many users prefer starting their apartment search via a map view rather than a traditional floor plan list. This allows them to see unit proximity to streets, amenities, and entrances—helping them prioritize location as part of the value equation and delivering a comprehensive experience.
“The multifamily industry is very different from spaces like the hotel or retail industries because there are so many fees involved,” Yang says. “Just one of our properties may have as many as 20 different pieces of information, including varying unit characteristics, and we don’t want renters to have to sift through all of that. Disclosing costs upfront with the aid of calculators and fee tables, as well as providing other unit-specifics, such as location, is convenient for both renters and our associates.”
While filters like price and bedroom count remain essential, preferences are expanding. Accessibility to the dog park or pool, distance to the parking garage, and even views can influence decision-making. Interactive maps and visualizations provide critical context and elevate the leasing experience from transactional to intuitive.
A New Benchmark in the Leasing Process
For property managers and developers, the takeaway is clear: Fee transparency is no longer optional. It’s an amenity in its own right. Similar to providing a reliable Wi-Fi connection or club-quality fitness center, transparent pricing and policies offer real value to Gen Z renters.
For Zabriskie, the power of transparency is evident just by looking at the raw data.
“Because renters have all of the information upfront, applications are up 33%, move-ins are up 22%, and occupancy is higher. Essentially, our funnel has become a tunnel, creating more efficiency,” says Zabriskie.
By investing in tools like pricing calculators, better labeling, consolidated information, and map-integrated amenities, multifamily operators not only can meet both current and future renters’ expectations, they can exceed them. Much like automation and virtual touring did for the industry, fee transparency is marking a pivotal transformation for operations.
“Transparency has become a competitive differentiator, and Bozzuto is very positive about the benefits it brings,” Yang says. “At the same time, making pricing transparency work consistently across a diverse portfolio is a complex effort, and we’re focused on doing it thoughtfully and correctly. Beyond the business benefits, we’re all customers at some point, and being open with our pricing is simply the right thing to do.”
The bottom line: Fee transparency builds trust, and trust drives conversions, renewals, and long-term resident satisfaction. For millennials, as well as the next generation of renters, clarity isn’t just convenient—it’s become nonnegotiable.