Every generation has its unique characteristics. In the multifamily market, millennials tend to wait longer before making real estate investments. Subsequently, this explains today’s rapid growth in the rental market. Moreover, you can expect Gen Z to buck the trend and rally the real estate market to unprecedented levels.
In earnest, marketing campaigns are proving critical. More so, in an attempt to woo the increasing numbers of young renters. Subsequently, you have to make concerted efforts to use the ideal medium to reach this target client.
1. Package a Sense of Community
Millennials desire an emotional connection to a property. Hence, besides creating a sense of purpose, this also helps you establish loyalty. Not only will building trust lead to a growing list of leases and increased renewal rates, but that initiative may also bolster potential rent rates.
In brief, the marketing process should precede the prospective resident’s move into a property. What’s more, while going overboard with the amenities may seem attractive, that is not the only consideration that will get you more prospects through the door.
2. Leverage Technology
Integrated marketing is propelling the real estate industry to scale new heights, and technology is playing a significant role in creating first impressions. Nevertheless, without a cohesive and coordinated effort, a variety of tactics culminate in an erratic marketing approach—failing to yield any measurable results in comparison to the inputs.
In that context, what is the most favorable approach to reach millennials? Well, you should consider a blend of content-driven marketing tactics that target to leverage traditional channels, alongside technological enhancements. As such, you will be in a position to deliver a consistent message across the board.
Ultimately, instilling a sense of community to youthful renters is key to achieving sustainable success in leasing and renewals. And rightly so, this demands a synchronized action plan. Unlike in the past, conventional one-off marketing strategies may no longer be as effective in reaching these groups. For that matter, it’s prudent to engage a variety of media.
Contact us today to learn more about multifamily investments.Back to all posts