Take at look at these marketing statistics and trends for 2023. Staying ahead of the curve is how you beat out the competition and provide your renters with the information they needs to choose your property for their next home!
We are seeing an up-tick in new mixed-use properties. Whether it me malls adding co-working spaces, blending residential and retail, or restaurant and business, we are seeing more mixed-use properties materialize. The new work-from-home world we live in is bringing the local area and neighborhood attractions to the forefront for renters across america.
Understanding why these numbers are what they are will help you attract more residents. Renters today care about the surrounding area of where they live. Survey after survey has confirmed this as a fact. Use this information to market the right things to prospective renters.
With the rise in interest rates and record high inflation more and more Americans prefer to rent. This means we are seeing more baby-boomers enter the renting market in addition to the largest population group in the U.S. – Millennials. That being said, ALL age groups prefer easy and digital solutions at properties they rent.
Understanding the demographic of your property will allow you to build for the renter. What amenities does your renter care about? Is ADA and Accessibility a top priority? Understand your renter to create the best community possible.
Build-To-Rent is booming in the U.S. and we expect to see this continue in 2023. Build-To-Rent is fueled by giant corporations that have the pockets and resources to keep expanding. As interest rates continue to climb BTR becomes a very viable option for the older renter as well as the more financially savvy young renter.
Understanding who you are up against allows you to get ahead of your competition. This article by the BrokerList has some good stats and ideas on how multifamily can compete with BTR. See some highlights from this article to the right.
Multifamily demand is cooling, the market is more competitive. The days of apartments “leasing themselves” is over in the near future. Demand dropped nearly 10% between Q1 and Q3 of 2022.
Each year personalization become more important to consumers. 71% of consumers expect companies to provide personalized interactions. If your renter has a pet, lead with your pet park amenity. If your renter is a workout nerd, send great photos of the gym. Know your audience and speak to them directly.
Every apartment is sitting on a gold mine of data. Your CRM knows ALL KINDS of things about your prospects and past prospects. Use this data to create bespoke strategies for each renter based on their needs.
The amount of videos watched online has more than doubled since 2018. 86% of businesses use video to market and consumer expect it. Companies like OneDay and Realync are great options for video in Multifamily. Delivering the video to your renters through the right channel is equally as important. Combining the automated outreach of Nurture Boss with your favorite video platform is a recipe for success.
Purpose of Videos Created
Understand how your renters want to be communicated with means you can meet them where they are, rather than asking them to find your content.
Property Websites remains a primary lead source according to internal data from Nurture Boss. Despite the buzz about influencers and TikTok marketing, your renters are still Googling it. Ensuring your website stay SEO rich is key to being found by your prospects. Invest in your Google Business presence, SEO website content, ILS listings, and general “search-ability”. TikTok isn’t going to rent you that vacant unit quite yet…
Make sure your property website is SEO Friendly. There are a lot of great tools on the internet that will tell you this for free. SEObility, PageSpeed Insights, and SEO Tester Online to name a few.
Texting is continuing to grow as the #1 preferred method of communication across Millennials and Gen-Z. Your property should have the ability to easily and automatically text your renters and residents. Meeting our customers where they are at is key to success in 2023.
Your customers want you to text them. Full Stop. In fact 61% of your customers fully expect to be able to text you. This is a huge untapped differentiator you can offer your renters to set yourself apart from their other options.
Email marketing still remains one of the most effective ways to reach your customer. However, how we measure success here has changed. Open Rates are no longer the golden KPI. Understand what actions the customer takes AFTER opening the email is what you should measure in 2023.
Prioritize email marketing and automate it! Delivering content slowly over a period of weeks that is hyper-personalized to the recipients allows renters to move at their own speed and be in the driver seat of decision making. Email marketing continues to be incredibly effective and anyone not leveraging it is missing out on conversions.
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.
Learn more about how Nurture Boss can bring AI and Automation to your property to increase occupancy, maintain occupancy, increase renewals, and boost short staffed or centralized leasing teams!
