A national technology initiative to standardize online rental search data could eventually give consumers browsing for rental housing, the ability to actually reserve, and rent, specific apartments online.

While the technology likely won't set up a one-stop rental version of Realtor.com, it will allow online rental portals to deliver more significant online renting services to consumers.

Right now, according to Apartments.com's proprietary data, 61 percent of renters find online rental portals very important in their search for housing and 81 percent of them use more than one online source, but few if any consumers can actually complete applications online and go on to electronically secure their home -- much as travelers do when booking motel and hotel rooms. "Consumers who visit three or four sites and see conflicting information may not trust the sources and we want to make consumers feel more confident. That's a big reason behind the MITS information," said Maureen Boyle, marketing manager for Apartments.com.

MITS stands for the Multifamily Information and Transactions Standards, an initiative by the National Multi Housing Council (NMHC) and the National Apartment Association (NAA) to bring under one umbrella, the nation's 50 largest apartment firms and related software providers to create shared data standards for resident screening, property marketing, leasing, property and asset management, and other functions.

"The Internet, in terms of a place people are shopping for apartments, is huge and growing. But in terms of a place where people are actually leasing apartments and doing transactions, it is minuscule, " said Terry Feinberg, president of the Arizona Multi Housing Association in Phoenix.

"One of the things that needs to take place is where someone can take the virtual tour, look at a map, find out what units are available today and actually reserve the unit on the second floor overlooking the pool," he said.

"But in order to do that, we need something to track real time inventory. Data needs to be consistent in order for that to take place. The MITS system will allow it to happen," Feinberg added.

Originally developed to streamline computer-based apartment asset and property management operations, largely for bottom-line reasons, the system is being used by the nation's largest publicly traded apartment owner, Equity Residential and major online portal Apartments.com to provide real-time apartment listings for prospective residents.

"As MITS-compliant software has begun to roll out, it has become clear that one of the key beneficiaries is the customer," said David Cardwell, an NMHC's technology vice president.

"The development of MITS-compliant software for online marketing, apartment leasing, and resident screening is greatly expanding the online experience and facilitating many new options for apartment residents," he added.

While the new system is giving more consumers more confidence, that what they see online is what they can actually rent, most renters still need to make a phone call and visit the property to complete an application.

"Online, you complete a lead form (showing the renter's housing preferences and contact information) that is sent to the property. Most people prefer to call to find out what is available and ask questions, but I don't believe the (online) application service is enabled. It may be for certain management companies that are more innovative," said Boyle.

That's due to change.

"For the consumer, that (MITS) means faster and more accurate, timely information about a particular apartment's availability, features and rents. No longer will a prospective resident be disappointed to learn that a bargain rate that they just saw online hasn't been available for weeks. The use of MITS-compliant software will also enhance the ability of apartment firms to offer prospective renters new options, such as getting preapproved online and actually reserving and leasing a specific unit on a 24-hour basis from the comfort of their home or local Internet café," Cardwell said.

Published: April 6, 2005

Use of this article without permission is a violation of federal copyright laws.

Broderick Perkins parlayed a career in old-school journalism into a contemporary digital news service that really hits home. The award-winning consumer journalist, originally from Wilmington, DE, is founder, publisher and executive editor of the bootstrap DeadlineNews Group, a Silicon Valley-based editorial content and consulting service specializing in residential real estate, consumer news and related editorial consulting services. The DeadlineNews Group includes the website, DeadlineNews.com, offering real estate editorial content and consulting services, and its back shop, the Deadline Newsroom, an open house on news that really hits home. Perkins obtained his formal journalism education from University of Delaware and a journalism boot camp, the Institute of Journalism Education at the University of California-Berkeley. He went on to 20 years of service as a daily newspaper journalist at the Wilmington, DE News Journal and San Jose, CA Mercury News. Perkins covered housing on the San Jose Mercury News reporting team which earned a General News Reporting Pulitzer Prize in 1989 for coverage of the Loma Prieta earthquake. He has also produced real estate, consumer and small business content for the Wall Street Journal, Los Angeles Times, RealtyTimes.com, Nolo.com, Better Homes and Gardens, the National Association of Realtors, Homestore/Move and Intuit/Quicken among more than three dozen publications. In addition to managing the DeadlineNews Group, Perkins most recently served as chief editorial consultant for Nolo's Essential Guide To Buying Your First Home, Nolo, and writes real estate television scripts for RealtyTimes.com.