Apartment Marketing Trends
In an effort to help the multifamily industry as a whole, we’ve pulled some important marketing statistics and trends that you need to know post COVID-19 to help you market to your prospects and retain your residents.
In an effort to help the multifamily industry as a whole, we’ve pulled some important marketing statistics and trends that you need to know post COVID-19 to help you market to your prospects and retain your residents.
In a recent study performed by 2ndKitchen, COVID-19 has significantly impacted the multifamily industry. But this isn’t all doom and gloom. Click the next tab to learn how to leverage these stats and trends to your advantage. Apartment marketing trends should adjust to leverage this new data.
Understanding why these numbers are what they are will help you to combat any projected turnover. While 56% of residents are looking for new apartments, that doesn’t mean that this can’t be within the same property. The 56% group is motivated by looking for more space because times have forced them to work from home.
Since 2000, the number of US renters in American cities has grown by an average of 31%. In 2019, the occupancy rate of rental units in multifamily buildings was 96.3% – the highest since 2000 – and is still climbing. Since mid-2018, the rent growth for these units has been steady at 3%.
Nurture Boss gathers thousands of data points through our platform, and from apartment marketing trends that we share with our multifamily customers to create more predictable marketing strategies. Our numbers indicate these are the top four types of promotions sent through our marketing engine.
Understanding what your peers and competitors are doing is a good way to take inventory of your own marketing efforts. How are you communicating these top 4 promotion types?
Did you know that text messages sent on Wednesday evening around 5:15pm tend to perform the best? Each market and marketing method has different effective days/times. Make sure you know yours!
According to a recent study by GlobalWebIndex, media device usage has increased due to the coronavirus outbreak among internet users worldwide as of March 2020.
The increase in technology usages shows that not only are your prospects and residents using their technology devices more than ever, but they are also primarily using their mobile phones. To improve your marketing efforts, you should leverage this information to your advantage and market to them where they feel most comfortable.
Knowing the growing rate of mobile users on our marketing sites means that we should be adopting mobile first design. When is the last time you audited the mobile performance of your site?
An Aberdeen study says “Targeting users with content relevant to their position along the buying process yields 72% higher conversion rates.”
Being relevant and showing content your leads care about is one of the most important things you can do as a marketer. In today’s world of tech, marketing our leads are consuming content at record-setting rates.
Canvas your current CRM structure and strategy. What data do you collect when capturing new prospect information? How is this data stored? Is it accurate, easily accessible, and usable by your other technology and team? “Database quality” refers to the quality of information stored in the CRM. Take audit of yours and implement processes to improve here.
Only 9% of Americans say they feel represented in the advertising they see. This means the rest of the content that lands in front of them seems generic or irrelevant to the viewer.
According to a recent study by Campaign Monitor, email marketing benchmark rates are relatively unchanged from last year. Bounce rates, unsubscribe rates, click through rates, and open rates all held steady.
Knowing the expected open rate and click through rates of your email marketing campaigns gives you two avenues of attack. Either send more emails or change your strategy to drive the increase engagement. See the personalization section for relevant info on this topic.
Tuesdays see the highest email open rates but also the highest unsubscribe rates. What information are you using to decide when and how to send out your email marketing campaigns?
Nurture Boss gathers thousands of data points through our platform that we share with our clients to create more predictable marketing strategies. These statistics are actual numbers based on our customer’s usage of our platform.
Understanding the higher engagement from SMS over email marketing can help make budget spend decisions. Nurture Boss leverages custom landing pages WITH text message marketing to drive our click through rates to record high numbers. Marketing strategies need to understand how people make decisions and are pushed to take action.
The best marketing strategy is to double down on what’s already working. However, it’s impossible to know what’s working if you don’t already have accurate analytics and reporting.
Analytics and reporting tools are helping communities not only understand which current marketing efforts were successes and failures but more importantly, it’s informing when and how to send every campaign to your prospects or residents.
In 2021, there is more data available than ever before. Therefore, rather than simply trying a new marketing channel or strategy at random, you should leverage industry data to understand which tactics have worked for competitors. This approach will allow you to significantly reduce wasted marketing spend and bypass unnecessary mistakes. For example, Nurture Boss data shows that concession messages sent to prospects on Wednesday evenings around 5:15pm tend to perform the best.
Nurture Boss provides our customers with the most powerful marketing platform that continuously drives results. Leveraging data driven strategy and modern marketing methods, our customers can have all the benefits of SMS and Personalized Nurture Pages underneath one roof.