Does your apartment community have a social media presence? If the answer is “no,” multifamily data shows you may be holding your property back from its potential. Many property owners and landlords don’t realize how important social media is. However, it can play a huge role in renewal and occupancy rates.
Multifamily Data Shows Social Media Is Important for Residents
Social media is a powerful tool. Today, many consumers research brands online before purchasing products. For example, 53% of U.S. consumers have more loyalty to the brands they follow on social media. Multifamily data suggests this also extends to the multifamily industry. In fact, when it comes to lease renewals, community social media ranks as the third most important factor for residents when deciding whether to renew their lease. Social media as a renewal influence falls behind only the value of the rent and the sense of community. If you’re still not sure about the importance of social media marketing for apartments, an estimated 80% of apartment seekers look at social media before choosing their next rental. Therefore, properties could be pushing tenants away by neglecting social media.
Marketing to Gen Z for Multifamily Rentals
Gen Z now accounts for a larger portion of the population than either millennials or baby boomers. By 2026, Gen Z is estimated to be the largest group of consumers in the U.S., with a population of approximately 82 million. Therefore, many communities now need to look at the multifamily data about marketing to this generation.
Generation Z grew up with social media, which influences their purchasing decisions. For example, research shows that a whopping 80% of their purchases are influenced by social media. Considering that these purchase decisions may also include apartment leases, social media is not an opportunity property managers should ignore.
Young renters may not be looking for apartment availabilities on social media platforms themselves, but multifamily data suggests it will play an important role. Most potential Gen Z tenants will check out community social media pages to see if they’re in-line with their own values. A lack of social media or a forgotten page may make renters think twice about your property. By contrast, property management data shows that a community page that frequently posts only perfect pictures and “salesy” can also quickly turn off Gen Z tenants.
Instead, posting visually interesting, compelling content can help draw in young renters. Even more so, creating a sense of community on social media may help boost occupancy rates and lease renewals. Therefore, it’s vital to use multifamily data research as part of your marketing strategy to help home in on what renters want.
Multifamily Data & Marketing from ApartmentData
At ApartmentData.com, we offer extensive multifamily market reporting and marketing solutions for communities of all types and sizes. We contact every property in our database each month for rental rates, occupancy, specials, and other information to help you ensure you remain competitive in the market. Our team is here to help find solutions for multifamily properties. We offer practical membership levels to help you achieve your goals. Whether you just need the data, or you need help with social media and marketing, we are here for you. Call us today at (800) 595-8730 to learn more about our services and request a free demonstration. We are here to serve you!