Apartment Leasing

Industry Trends Report | Week of Aug. 23

HOT & RELEVANT TOPICS

Catchy Instacaptions Help Fuel Multifamily Marketing

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Instagram has become a popular marketing platform, particularly when trying to reach younger renters. But just being on Instagram is no longer enough. Relevant captions, keyword-based hashtags and making use of Instagram’s multiple photo option can transform the platform into a strategic tool. Captions that encourage engagement can help grow an audience much more quickly than other platforms. Property teams can also share resident posts that highlight the community and its amenity areas. Corina Stef provided a few examples of successful Instagram captions.

Read Corina Stef’s article in Multi-Housing News


Operators Still Tapping Capabilities of Interactive Sitemaps

As the industry continues to gravitate to a self-service model, more options are needed to enable prospects to build their future living experience on their own terms. Interactive sitemaps have become an invaluable tool for prospects to envision themselves not only in the space of their next home, but also where the home is located within the context of the property. “They know exactly what they’re getting and where they’re located,” said Molly Turner, senior marketing manager for Blanton Turner. “It’s not as if they thought they had a corner unit because of the way the floor plan looked, but then realize they don’t have one.” Additionally, property teams can utilize data generated by the sitemaps to help fuel business decisions moving forward. 

Read the article by Paul Willis in The Multifamily Journal


3 Ways to Attract and Convert Prospective Residents

Onsite team members were hired for their ability to turn prospects into residents as well as their ability to serve the needs of a The apartment industry had been shifting away from traditional marketing ways and toward more advanced digital tactics well before 2020, but the pandemic has accelerated the process. While the shift is still evolving, operators can deploy several cutting-edge techniques to attract and convert more prospective residents. First, using multiple platforms is crucial because a singular platform will not reach a desired sample size of prospects. Second, operators are tapping into AI to improve customer service. Finally, operators should incorporate a variety of virtual tours into their marketing efforts, from YouTube videos and SGTs to 360-degree viewers.

Read Les Shaver’s article in UNITS Magazine


IN THE NEWS

How Long Will Multifamily Rent Increases Last?

Rental housing rates are on the rise, but how long can the increase last? The rise is due, in part, to the costs of both building and buying a home, forcing more people to seek rental housing. Industry experts expect the run on increased rents to last for at least the next two years, simply because of the rising costs operators are facing. However, while rents are growing at historic levels on a year-over-year basis, the increase is in line with historical averages. But if the demand is there and supply costs remain high, rents will continue to increase.

Read Erik Sherman’s article in GlobeSt


Do Smart Home Features Appeal to Boomer Renters?

Conventional wisdom suggests that smart home features such as programmable thermostats, virtual assistants, keyless entry and voice-command lighting mostly appeal to younger demographics. But don’t eliminate Baby Boomers from the tech conversion entirely. A recent survey by Parks Associates indicates that 14% of Boomer apartment residents own a smart home device of some sort. While the percentage isn’t earthshattering, it is on the rise among the generation. Most popular are smart speakers, as 36% of those who own a smart device list speakers among them. The demographic, predictably, is more comfortable with smart home features that are already installed. 

Read Aly J. Yale’s article in Multifamily Executive


What’s Next in Apartment Touring?

The various tour types that entered the scene in 2020 offered immediate value, but which of them will have the most leverage moving forward? Depends on the property, according to industry experts. Sarah Greenough, executive vice president of Princeton Properties, notes that certain tour models work better for certain locations. “I don’t think all of us will keep all five or six options running full bore moving forward,” she said. “Really high foot-traffic locations might be more geared toward self-guided tours when agents can’t be there, and more tertiary markets might lean more into having pre-recorded videos that they can distribute via email or have QR scanning at the door when the offices aren’t open.”

Read Paul Willis’ article in UNITS Magazine

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