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.
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.
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
- Keep your CRM up to date
- Ensure the prospects stage in the buying cycle is correct
- Leverage customized messaging by using attributes like:
- First names
- Geo locations
- Topics from previous conversations
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.
98
Open Rate
19
Click Through 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
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.
Advanced Analytics and Reporting
Data Driven Marketing
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.
5:15
Best Time To Send Prospects Texts
8
Follow Ups To Conversion
What you can do with this information
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.
What You Can Do
- Leverage SMS and MMS marketing analytic reports
- Subscribe to Nurture Boss to gain access to:
- Advanced Reporting & Analytics
- Engaged Prospect Reports
- Campaign Monitoring
- Multifamily Marketing Stats & Trends
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.
98
Open Rate
3
Click To Call Rate
58
Click Through Rate
5
Click To Apply Rate
