AIM 2025: The Reality Gap

The Reality Gap: Bridging What Renters Show, Say, and Actually Want A Data-Driven Deep Dive with Live Renter Panel

In the AIM 2025 session “The Reality Gap,” Kristen Miller, Chris Salviati, and Natalie Williams engaged in candid conversation about the disconnect between what multifamily operators are offering and what renters truly want. Grounded in new data from over 8 million surveys by Apartment List, the panel explored how evolving renter expectations—especially around price sensitivity, brand loyalty, and value perception—are reshaping leasing and marketing strategies.

The session opened with a look at shifting renter behavior. Salviati noted that even though rent growth has cooled in many markets, affordability remains a pressing issue for renters. The pandemic altered perceptions of value, and many residents are now more cautious about signing leases, especially with ongoing economic uncertainty. As Salviati put it, “Renters are feeling stuck in place,” constrained not just by pricing but by lack of transparency and trust.

Kristen Miller shared how Lincoln is actively adapting its marketing and leasing strategies to close this reality gap. Renters aren’t just looking for a place to live—they’re seeking value that matches the cost. That means clearer communication about what makes a property worth the price: amenities, service, location, and the community vibe. Miller emphasized that brand-level marketing isn’t just for awareness anymore—it’s about setting expectations that match the lived experience. If a brand promises “luxury” or “community,” it must deliver on that promise at the property level.

One standout moment came when the panel discussed the declining effectiveness of traditional loyalty drivers. Salviati shared data showing that renters today are less likely to renew their lease simply because they like their apartment—they're driven more by economics and convenience. Natalie Williams added that Bozzuto has found success by embracing transparency and investing in the resident journey. She stressed the importance of building trust, particularly in how pricing and renewals are handled. When renters understand why pricing changes occur, they’re more likely to stay.

The conversation also turned to messaging. All three panelists underscored the need for authenticity and alignment between marketing and operations. Slick ad copy won’t save a community with unresponsive service or outdated amenities. Miller noted that Lincoln is increasingly relying on user-generated content and resident feedback to inform campaigns—real voices resonating far more than polished branding. Williams echoed this sentiment, pointing out that renters can sniff out disingenuous messaging in a heartbeat. The strongest marketing messages today come from truth: “You can't market your way out of a bad reputation,” she said.

Another theme was personalization. The days of one-size-fits-all leasing experiences are over. Salviati suggested that renters now expect the same level of personalization from apartment searches that they experience with platforms like Spotify or Netflix. Miller described how Lincoln is piloting more interactive and tailored digital experiences that match floorplans and pricing to lifestyle needs. Williams added that Bozzuto is investing in data to create smarter recommendations and offer curated move-in experiences.

As the session drew to a close, each panelist shared practical advice for operators trying to bridge the reality gap. Miller urged marketers to step into the shoes of the resident and audit every touchpoint—from the website and tour to follow-up emails and resident events. Salviati recommended turning insights into action, using the vast amount of available renter data to inform real-time decision-making. Williams advocated for transparency and communication—not just in pricing but in service. She challenged the audience to think not just about selling units, but about creating homes renters feel good about renewing.

In the end, the session was a call for alignment—between brand promise and property reality, between economic pressures and resident empathy, and between marketing tactics and operational delivery. The takeaway was clear: renters aren’t buying hype, they’re investing in trust. Closing the reality gap requires more than clever advertising—it demands sincerity, transparency, and a willingness to evolve with the customer.