Greystar introduced a proprietary rent price transparency tool amid demands for multifamily fee disclosure from consumers and local governments.
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Greystar, the largest operator of apartments in the U.S. with $79B of assets under management, debuted a website redesign Thursday, saying it is focused on providing transparency and convenience to users.
A key new feature is the Total Monthly Leasing Price Calculator, which will help prospective renters estimate the total cost of living in any Greystar-managed home by factoring in rent and recurring fixed costs like pest control and trash services or administrative fees.
“The Total Monthly Leasing Price Calculator goes beyond the industry’s typical base-rent listing to give renters a clearer view of total costs,” Greystar Executive Director of Property Operations Toni Eubanks said in a press release. “We see this as a natural evolution in transparency and an opportunity to help move the industry forward.”
Apartment industry groups celebrated rental housing’s exclusion from the Federal Trade Commission’s final rule on junk fees taking effect this year after they successfully argued that, unlike other industries, rental housing doesn’t culminate in a single transaction.
But an increasing number of states and cities have begun requiring upfront fee disclosure, sometimes in all advertisements for apartments. The National Apartment Association argues that regulations like this can complicate and even artificially inflate the price of a rental.
Greystar was sued in January by the Federal Trade Commission and Colorado's Attorney General for allegedly hiding fees until after a tenant signed a lease. The operator said at the time that its residents see all fees before they commit to a unit and that it had taken steps to increase transparency. Its new website “reflects Greystar’s commitment to setting a new standard” for digital engagement with a focus on clarity, Thursday’s press release states.
“We know renters like transparency and convenience, and this redesign delivers on both through a cohesive, user-friendly platform,” Eubanks said.
The new website also allows users to filter communities by amenities, layouts and nearby transportation.
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