While apartment communities typically have general appeal, each property has features and amenities that are attractive to a unique subset of renters. When you know who makes up this target market, you can develop refined messaging that speaks to that renter group’s wants and needs.
A marketing strategy that involves the targeting of particular renter personas can bring higher quality leads and, ultimately, happier renters. These happier renters are also more likely to renew.
Renter targeting is beneficial for both occupancy-challenged properties and high occupied communities. Highly occupied communities strive to increase their annual revenue year over year. To expand the lead pipeline with a goal of achieving the desired revenue increase, your team may often have to adjust a property’s messaging to attract new and different renter personas.
To determine the target market for each of your communities, start by asking these questions:
Always be mindful of Fair Housing guidelines during each step in this process. While you can never exclude a renter type, you can target your marketing efforts to appeal to different subsets of general renter personas.
Before you begin, work with your marketing team to determine the underlying reasons as to why you need to refine your renter targeting techniques.
For example, you may be looking to:
Whatever your company initiatives, the creation of a marketing strategy that appeals to a targeted audience can help you achieve your goals.
The first step is to decide on the renter persona you are trying to attract. Start by looking in depth at the demographic makeup of your community’s location. For example, a community in a college town is likely to have a higher percentage of students and young adults than one in a more suburban area. Similarly, a high-rise community with expensive upgrades and amenities that is located on the outskirts of a city may attract a different type of renter than a community with fewer amenities that is located in a more central location.
Once you have reviewed your findings, you can work toward focusing your marketing message on the persona that is most likely to find your community’s location and amenities appealing. Next, you will need to figure out what it is that this subset of renters cares about most. Finally, you can hone your marketing strategy to focus on these details by utilizing the channels that will give you the best return on investment (ROI).
Download our free multifamily marketing e-book for more information on targeting renter personas.