Voyager Suite
Breeze
Virtuoso
Investment Suite
RentCafe Suite
REACH by RentCafe
CommercialCafe Suite
Elevate Suite
Procure to Pay Suite 
Energy Suite
Aspire
RightSource
Care Suite
Matrix
Yardi Kube Suite
ScreeningWorks Pro 
Yardi Corom
If you’re a multifamily operator, you’re likely familiar with the concept of rental fee transparency, and more specifically, total monthly leasing price (TMLP). Simply put, it’s the all-in answer to the questions renters are already asking: What is the total monthly leasing price, and what will I actually pay each month?
The topic is sparking conversations across the industry … along with questions. What does fee transparency look like in practice? Is it necessary in today’s market? Does it only check a compliance box, or is there more to it?
We’re here with answers. This article covers what TMLP is, why it matters and how it’s creating opportunities for operators. You’ll also get four relevant tips to try now.
Quick preview: New data shows that rental fee transparency is your ticket to building more trust with your customers, resulting in more leads, leases and NOI.
This content is based on our presentation from the recent Apartment Innovation and Marketing Conference (AIM). While we’ll touch on expanding fee transparency laws, this is not legal advice. You should consult experts to see what’s required in your market.
Understanding rental fee transparency & why it matters
Rental fee transparency means showing all mandatory fees associated with renting an apartment at your community.
Total monthly leasing price encapsulates all of those fees, including monthly rent, application fees, move-in costs and more. Situational fees, such as pet rent, generally fall into TMLP too.
Showing TMLP doesn’t just apply to one platform, either. It can (and should) be prioritized across your marketing, including on property websites and ILSs like RentCafe.com.
Now, why is it important to show TMLP? We’ll get into that below, but the idea is by disclosing fees upfront, you’re providing a more accurate cost assessment to renters. When renters are aware of the estimated total cost before they apply, the ones who apply are high-intent leads that are more likely to convert.
Also, in some areas, disclosing all fees online is required by law. This is sometimes referred to as all-in pricing mandates or total-price disclosure laws. Rental fee transparency can help you improve compliance and reduce the risk of legal disputes.
Common concerns about rental fee transparency
Before we dive into the data, let’s address some common concerns around rental fee transparency and showing TMLP.
Here’s what you’ve potentially heard:
- Displaying all fees upfront deters renters
- It makes properties look too expensive
- TMLP properties are losing revenue
The data tells a different story. Properties showing TMLP consistently outperform other properties in terms of engagement, conversions and NOI.
What the data shows: Fee transparency results
To measure the impact of showing TMLP, our marketing agency, REACH by RentCafe, looked at 380 RentCafe websites over 7 months. Out of those properties, 209 displayed TMLP, and 171 showed base rent only. Both groups operated under identical market conditions.
The findings were clear, showing that TMLP properties deliver the best results. Here’s what REACH Senior Director Catriona Orosco shared at AIM:
- TMLP properties drove 96% more leads and 122% more leases year over year
- Pages with cost calculators saw engagement rates upward of 90%
- Floor plan visitors clicking through to TMLP pages grew from <1% to 8-11%
- “Apply now” clicks originating from pricing pages grew nearly 50x in 6 months
- Price detail pages recorded engagement rates of 93-96% across all devices
TMLP properties also outperformed the control group every month. In fact, properties that displayed the base rent only drove 16% fewer leads and 7% fewer leases.
The takeaway is that TMLP doesn’t scare renters. When websites offer rental fee transparency, renters engage and convert more.
Additional data supports this. Properties displaying TMLP on the Apartments.com ILS saw 17% more search results impressions, 15-20% more leads and a roughly 20% improvement in lead-to-lease conversions.
BH Management’s 12-month TMLP pilot
Wondering where NOI comes into play? Brandy Daniel, chief strategy officer at BH Management, assessed NOI from TMLP properties through a 12-month pilot.
The pilot looked at three properties across small to mid-sized markets. Each property replaced mandatory add-on fees with a single all-in monthly price, then used that price for marketing and quoting. That price landed at 4% above BH Management’s competitors.
Initially, some of BH Management’s team worried that the higher price would scare away leads. And, at first, lead volume did decrease. But they quickly noticed that by displaying TMLP, the leads they received were higher quality.
Take a look at the results: TMLP properties saw a 7.8% NOI increase, 44% reduction in bad debt, improved renewal conversion, lower application cancellations and an overall satisfaction score that climbed a full point. Residents responded so positively that some were thanking property managers directly and unprompted. Leasing and operations teams embraced it too.
Greg Benson, AIM panelist and managing director at Greystar, closed this portion of the presentation with some advice: “We’re in a space of first-mover advantage right now. Take the advantage. Get in the game.”
4 things to try now to increase rental fee transparency
You’ve seen the data … displaying TMLP is advantageous. But what should you do in practice? We’ve got four tips for multifamily operators.
1. Simplify your fee structure
Try combining fees or folding them into your base rent, that way TMLP appears straightforward, not overwhelming. REACH found that its multifamily clients average 26 fees at the property level, which is a lot for renters to digest.
2. Include a cost calculator
Offer an easy-to-use cost estimate tool on your website and listings. RentCafe’s cost calculator lets renters explore one-time fees, toggle add-ons and adjust lease length to see a personalized total.
3. Focus on accuracy
Audit your pricing regularly in tandem with your marketing, operations and even IT teams. Accurate pricing builds trust with renters and signals credibility to search and AI engines, which reward fresh, reliable content.
4. Prioritize schema markup
Add structured data, including schema markup, to your website pages. This helps search and AI engines quickly scan, interpret and surface your pricing. This is critical as more renters search using natural language phrases that include TMLP.
Get more rental fee transparency tips from REACH.
Have questions?
Rental fee transparency isn’t just about compliance. The data shows it drives more leads, leases and NOI, especially as renter preferences and search trends evolve.
“You will build trust with your consumers,” shared Catriona Orosco during AIM. “It will pay off.” If you have questions about the data we shared, or you’d like a closer look at RentCafe’s cost estimate tool, get in touch. We can support your efforts to help more renters find a great place to call home.
