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.

COVID-19 Related Trends

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.

56
RESIDENTS SAY THEY ARE LOOKING FOR NEW APARTMENT HOMES
17
TENANTS SAY THEY WILL STAY IN THEIR CURRENT HOME

What you can do with this information

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.

What You Can Do
  • Add “Work From Home” Language To Your Marketing
  • Create Lease Renewal Campaigns For Existing Residents
  • Create Lease Renewal Incentive Programs
  • Create Campaigns Around Your Larger Apartments
  • Create New Procedures For Food Deliver & Mail Rooms

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%.

Promotional Trends

Multifamily Promotional Stats

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.

Concession Promotions

92%

Guest Card Follow Up Promotions

33%

Tour Follow Up Promotions

21%

E-Brochure Promotions

3%

What you can do with this information

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?

What You Can Do
  • Keep Your CRM Up To Date
  • Establish a Guest Card Follow Up Strategy
  • If You Are Offering Concessions, Market Them Aggressively
  • Follow Up Same Day With Tours

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!

Technology Trends

Important Technology Usage Stats

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.

Smartphone Usage

70%

Laptop Usage

40%

Tablet Usage

22%

Smartwatch Usage

6%

What you can do with this information

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.

What You Can Do
  • Market Direct To Mobile
  • SMS & MMS Communication
  • Create Mobile-Friendly Experiences 
  • Add Click To Call Features 
  • Increase Mobile Website Speed

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?

Personalization Trends

Personalization Stats

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.

Consumers Feel Represented In Advertisements They See

Higher Conversion Rate When Personalization Is Added

What you can do with this information

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.

What You Can Do

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.

Email Marketing Trends

Email Marketing Statistics

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.

17.8
Open Rate
2.6
Click Through Rate

What you can do with this information

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.

What You Can Do
  • Increase lead volume
  • Ensure your emails are sent on optimal days and times
  • Change your strategy to increase open rates
  • Change your strategy to increase click through rates

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?

Text Message Marketing Trends

Nurture Boss Marketing Statistics

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.

97
Open Rate
3.6
Click To Call Rate
58
Click Through Rate
5
Click To Apply Rate

What you can do with this information

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.

What You Can Do
  • Leverage SMS and MMS marketing
  • Subscribe to Nurture Boss to gain access to:
    • Proprietary custom landing pages technology
    • Insider data to optimal text content
    • Insider data to optimal days and times for SMS marketing
    • SMS marketing campaign builders

SMS Is More Powerful and Immediate Than Push Notifications and Email

MFH marketing trends show SMS is more powerful than push notification and email marketing.

Conclusion

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.

SMS Open Rate

Higher Conversion Rate

“We implemented Nurture Boss last week and have already seen 6 online applications result from their custom pages sent to ‘old’ leads!” – Leasing Team

“We signed up 5 of our properties with Nurture Boss and in 2 months we have seen over 40 online applications!! This is amazing!” – Ownership Group

“We have seen a dramatic increase in our occupancy rates since implementing Nurture Boss!” – Regional Property Manager

Ready To Start Texting?

Nurture Boss is a fast, friendly, convenient, and personalized communication channel for your prospects and residents. Create better customer experiences and build stronger relationships with Nurture Boss.

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