RENTER PREFERENCE TRENDS SHAPING THE 2024 APARTMENT LANDSCAPE

New apartment tenant survey highlights the importance of comfort, convenience, connectivity and customer service.

To understand the preferences and thought processes of the more than 100 million renters in this country, apartment owners and operators must do more than walk a mile in their shoes. In such a high-stakes, highly competitive real estate sector, multifamily stakeholders must take a “cradle-to-grave” look at the renter journey, analyzing the lifeblood of their industry from apartment search and touring to renewal and move-out.

The National Multifamily Housing Council (NMHC) recently took a deep dive into residential demand with a renter preferences survey of more than 172,000 participants. Sarah Yaussi, NMHC’s vice president of business strategy, spotlighted the following key trends shaping the renter landscape.

Lifestyle Renting Remains Strong

Lifestyle residents, those in the high mid-range income category that typically are attracted to apartment properties of high-quality finishes and beautiful common area facilities creating a more social community environment, should remain a key rental demand segment. Yaussi cites the following survey stats: 30% of renters said they have either owned a home or currently own a home, 17% don’t have any interest in purchasing a home, while 67% said they eventually would like to own a home when the time is right. Also, 60% of renters pointed to maintenance-free living as the biggest plus.

The Digital Difference

With more competition among apartment offerings and less time for prospective tenants to tour in person, communities better be sharp with their website and digital features, such as interactive virtual tours. The fact that 60% of renters were seriously considering between three and seven communities during their last search puts greater emphasis on standing out with the ‘first impression’ of quality property and amenity photos while staying on top of ratings and reviews, on which nearly 75% of survey respondents checked during their last apartment search.

People Power
Price, product and location get most of the attention during the lease decision process, but apartment owners and operators can’t forget the service side of things. The survey found that customer service and staff interaction is a very important factor for 44% of respondents, while 36% view it as absolutely essential. “As much as we are curating the tools and product, we need to be curating the people who can tip the scale for leasing decisions,” Yaussi told Multifamily Executive.

C’ing Greater Value

For apartment owners and operators to get all As, they should focus on the three Cs. While comfort and convenience are residential values as old as time, they, combined with connectivity, have new manifestations in modern multifamily living. Always ranking high among renters are air conditioning and soundproof walls; in-unit washers and dryers, package rooms and controlled access; and high-speed Internet, an amenity even more important in the work-from-home era. Renter preferences that showed substantial jumps in the 2024 survey include electric vehicle charging stations and car wash areas / services.

“The renter survey finding that 85% of folks enjoy living where they are is good news, but it should further underscore the importance of getting the prospective renters to your community in the first place,” said Amy Norton, Infinitee’s Director Strategy & Accounts. “That’s where creative branding and marketing come into play. As an award-winning and vastly experienced real estate marketer, we can help you consistently attract quality tenants.”

1. Leverage Social Media Platforms

Social media is a powerful tool for brand building. Platforms like LinkedIn, Instagram, and Twitter offer opportunities to engage with your audience, share updates, and showcase your properties. Consistent posting, along with high-quality visuals and engaging content, can significantly boost your brand's visibility.

An effective way to maximize your social media presence is to develop a content calendar. Plan your posts around important dates and themes relevant to CRE. For instance, LinkedIn is ideal for sharing industry news and professional insights, while Instagram can showcase stunning visuals of your properties. Twitter is great for real-time updates and engaging in industry-specific conversations. Each platform can play a unique role in your overall CRE marketing strategy.

Engagement is key on social media. Respond to comments, participate in discussions, and reach out to potential clients and partners. Use social media analytics tools to track which types of content generate the most engagement and adjust your strategy accordingly. Tools like Hootsuite or Buffer can help manage your social media accounts and schedule posts, ensuring a consistent online presence.

2. Create Valuable Content

Producing valuable content, such as blog posts, articles, and videos, can position you as an industry expert. Share insights, market trends, and success stories to provide value to your audience. Quality content not only enhances your brand but also improves your search engine ranking.

Consider starting a blog on your website where you discuss topics like property investment tips, market forecasts, and behind-the-scenes looks at your latest projects. By doing so, you attract visitors seeking information and retain them with engaging and informative content. This organic traffic can significantly boost your brand's visibility and authority in the CRE industry.

Incorporate SEO best practices into your content to improve its discoverability. Use relevant keywords and phrases, optimize meta descriptions, and include internal links to other sections of your website. Creating content that answers common questions or solves problems for your audience can also improve your search engine rankings.

3. Utilize Email Marketing

Email marketing remains a highly effective strategy for engaging with clients and prospects. Regular newsletters, updates on new properties, and industry news can keep your audience informed and interested. Personalizing emails can also foster a deeper connection with your recipients.

Segment your email lists based on different criteria such as location, interest, and engagement levels. By doing this, you can send targeted content that is more likely to be relevant and engaging for each segment. Tools like Mailchimp or Constant Contact can help manage your email campaigns and provide analytics on open and click-through rates.

Be sure to include clear calls to action (CTAs) in your emails. Whether it's scheduling a property tour, visiting your latest blog post, or contacting your team for more information, guiding your audience towards a specific action can improve engagement and lead generation.

4. Incorporate Video Marketing

Video marketing is an engaging way to showcase properties and share client testimonials. Virtual tours, property walkthroughs, and video interviews with industry experts can provide a dynamic experience for your audience, making your brand more memorable.

Creating a YouTube channel dedicated to your CRE brand can be a great way to share these videos. Optimize your videos with relevant keywords and engaging titles to improve their discoverability. Embedding these videos on your website and sharing them on social media platforms can also drive traffic and increase brand visibility.

Live streaming events, such as open houses or Q&A sessions with industry experts, can further engage your audience. Platforms like Facebook Live or Instagram Live make it easy to broadcast events in real-time, providing an interactive experience that can captivate potential clients and partners.

5. Engage in Community Events

Participating in or sponsoring community events can enhance your local presence and foster relationships. Networking at industry conferences, local business events, and charity functions can also elevate your brand's visibility and credibility.

Community engagement doesn’t stop where the event ends. Share your involvement on social media and your website, showcasing your brand’s commitment to the community. This can humanize your brand, making it more relatable and trustworthy to your audience.

Partnering with local businesses and organizations can provide mutual benefits and increase your community presence. Co-hosting events or collaborating on community projects can expand your network and partner your brand with other respected local entities.

6. Optimize Your Website

Your website is often the first impression potential clients have of your brand. Ensure it is visually appealing, easy to navigate, and mobile-friendly. Include SEO practices to improve your site's visibility in search engine results, and regularly update content to keep it fresh and relevant.

A well-optimized website should load quickly, be secure (HTTPS), and provide a seamless user experience. Use tools like Google PageSpeed Insights to analyze your website’s performance and identify areas for improvement. Incorporate responsive design so that your site functions flawlessly on both desktop and mobile devices.

Include informative sections that cover your services, team, success stories, and contact information. High-quality images and virtual tours of your properties can captivate visitors. Regularly publish blog posts and articles relevant to the CRE industry to provide continuous value to your audience.

7. Collaborate with Influencers

Partnering with influencers or industry thought leaders can extend your reach to a broader audience. Collaborations can include guest blog posts, joint webinars, or social media takeovers. These partnerships can add credibility to your brand and introduce it to new potential clients.

Choose influencers who align with your brand values and have an audience that matches your target demographic. Engaging their followers with authentic and valuable content can boost your brand’s reputation and create lasting impressions.

Joint ventures and guest appearances on podcasts or webinars hosted by influential figures in the CRE industry can further establish your brand as a thought leader. Providing valuable insights and detailed discussions on industry trends can attract and engage a high-quality audience.