Greystar Case Study: The Proven Impact of Virtual Tours on Leasing Performance

Virtual tours have elevated the property leasing experience, offering measurable advantages in driving and converting leads to leases. A new case study by Greystar, the global leader in rental housing, underscores the transformative impact of virtual tours on property leasing performance in reducing vacancy and increasing rent revenues. Covering data from May 2023 to May 2024, this study sheds light on how virtual tours—particularly when implemented at both the property and unit levels—deliver substantial financial and operational benefits.

Meeting Today's Renter Expectations

Current renters expect more than traditional photos and videos when searching for their next home. They want the ability to explore spaces in a way that allows them to visualize their future home prior to making a visit to the property. Virtual tours provide this level of detail and interactivity, bridging the gap between a prospect’s online search and their final leasing decision.

Greystar’s findings reveal that properties offering both property and unit-level virtual tours impact the length of time an apartment gets leased (faster leasing) and the financial implications of lower vacancy loss.

Key Findings from the Greystar Study

1. Reduced Vacancy Days:
   Stabilized Greystar properties with both property and unit-level virtual tours were found to reduce average days vacant by 5 days, compared to properties without virtual tours.

   • Financial Impact: This reduction translates into $37,895 in annual savings per property, based on Greystar’s average rent of $2,145/month.

2. Effective Rent Performance:
   Properties offering virtual tours showed significant rent growth:

   • Properties with property tours alone achieved a 7% increase in effective rent.
   • Properties offering both property and unit-level tours were shown to have 20% higher effective rent revenue, translating to an additional $1.3 million a year in effective rent compared to properties without any virtual tours.

Greystar's conclusion: Adding property and unit-level virtual tours is not only a way to provide prospects with a convenient and efficient way to view properties but also a value-maximizing approach to increasing NOI.

Beyond the Basics: LCP Media’s Approach to Virtual Tours

Greystar’s case study highlights the benefits of virtual tours, but at LCP Media, we take it to the next level by offering advanced tools and features that enhance engagement and optimize leasing performance:

• TourBuilder Pro & Go:
  Combining property and unit-level tours, our solutions provide renters with a complete view of their future homes. With a user-friendly mobile app, you can easily capture unit-level tours or rely on our network of professional photographers for property-level experiences. We even make it convenient for you: our TourBuilder Premium offering combines both Pro & Go in one simple package.

• TourBuilder Connect:
  Engage with prospects through real-time virtual tours, answering their questions and tailoring the experience to meet their needs.

• TourBuilder Clips:
  AI-generated short video clips of your tours are perfect for sharing across marketing channels, driving even more engagement.

• Performance Insights:
  Our platform includes built-in analytics and reporting that measure engagement, track performance, and inform marketing strategies.

Why Virtual Tours Matter

The Greystar case study serves as clear evidence that virtual tours are more than just a visual tool—they’re a powerful driver of financial success. By reducing vacancy periods and increasing effective rent, virtual tours are an investment that delivers measurable ROI.

At LCP Media, we specialize in creating immersive virtual experiences that go beyond the basics, helping property managers achieve even greater results. Our solutions are designed to meet today's renters’ expectations while improving financial performance for multifamily properties.

Ready to Take the Next Step?

Whether you're looking to lease units faster, increase effective rents, or provide renters with a virtual walkthrough experience, virtual tours are the KEY to your leasing success. Let LCP Media and TourBuilder help you implement a virtual tour strategy that delivers measurable results—just like the success highlighted in Greystar’s study.

Contact us today to learn more about how we can elevate your leasing strategy with advanced virtual tour technology.