Marketing Trends for Multifamily in 2024

marketing trends 2024

Welcome to 2024, a time when mortgage costs are through the roof and interest rates nationwide are higher than in past years, causing homeowners not to sell, and yielding fewer homes on the market for prospective buyers. For homes that ARE for sale/rent, many prospects cannot afford a down payment or rent needed to accommodate these cost increases. It’s a tough time we’re living in for people looking to move, but lucky for those working in multifamily, now is the best time to draw those prospective residents to your community! How do you do that exactly? Let’s dive into the marketing trends to implement in 2024 that can help your community shine for those stuck in the darkness of trying to buy/rent a home today.

 

Target Amenities that are Hot in 2024:

Residents can live anywhere but may choose a certain community for the amenities offered. Highlight the trending amenities to ensure residents see that they are offered. An amenity may just be that push a resident needs to choose your community over another. Here are some apartment amenities that are trending in 2024 that you should include in your marketing:

  • Pickleball Courts
  • Large Package Storage
  • Smart Home Technology
  • Community Work Spaces
  • Electric Vehicle Chargers
  • Guest Parking Spaces
  • AI/Automation Processes
  • Wellness and Sustainability (eco-friendly)
  • Enhanced Security
  • In-house Laundry Facilities
  • Outdoor Social Spaces

Community culture is created through branding, so use your property’s amenities to show the “vibe” of the community. Show off events and activities via social media marketing, make sure to show prospects these hot amenities on tours, and create your desired community that will draw in the targeted residents.

 

Create Your Ideal Resident Profile (IRP):

You have the power through your branding to create the culture in your community. This culture should be customized to who the community is and what they want in their home life. Are residents heavily engaged in sports? Do they have a more cozy vibe, prioritizing warm community spaces? Is the community more social and tight-knit? Think about who they are and make sure your marketing tactics correlate, attracting the ideal resident!

 

Physical Space Enhancement:

Branding is certainly not limited to advertisements and social media, it should be implemented around the property as well! Some of the most crucial aspects of community engagement and branding come from residents seeing and identifying your brand throughout the property, from signage to paint selection to events and more! Here are some key aspects of great physical space use that you can use in your marketing:

  • Signage helps residents easily find locations on the property, especially for new residents and if a location is newly built. It may even remind residents of an amenity they forgot was available, generating interest and greater use. Of course, the signs should be font and color-coordinated with your brand, easily read, and identifiable throughout the property.
  • Hosting events is a great way for residents to mingle, make new friends, and use community spaces. Be creative! Every other community could have a holiday gathering, so what makes your event special? Think outside the box and utilize your property’s unique and attractive aspects. Try hosting an event that current AND prospective residents can attend. This allows prospects to get a feel for the community and current residents to have fun!
  • Promote a pet-friendly environment if your community allows pets. Gone are the days of restricting pets by breed. Some prospects may see that your community allows pets, increasing their interest in your community, but when they learn their pet specifically is not allowed, they will seek a different property. Don’t risk losing residents due to pet-pickiness! Instead, implement what’s necessary to accommodate animals. Provide ample waste bins outside, offer pet waste bags for residents, host events for the community such as a pet Halloween costume contest, and be inclusive! Allowing pets means more guidelines for residents, so be sure to make these guidelines easily accessible and known to all residents.

 

Purpose-Driven Marketing and Sustainability:

As the environment is growing more important on the list of resident concerns, consumers are actively seeking communities that align with their values and priorities. Communities need to adopt environmentally-friendly initiatives as well as sustainable practices and social causes. Show off those EV chargers, specify in your list of amenities those that are eco-friendly, and make it a point on tours that your community uses biodegradable plastics, or whatever other initiatives your community is implementing. A great way to be purpose-driven is to support and partner with local businesses and communities. It is one thing to say your property is locally involved, but communities must also show it, perhaps by attending local events as a team! To attract and retain residents who prioritize these values, the brand must be genuine and authentic in its commitments.

 

Marketing is ever-changing, so implementing these top trends while they’re hot is a great way to attract and retain residents. It is important to stay on top of what is important to residents currently and to remember that updates and changes should be fluid, moving with trends.

 

Does your community need staff to help implement these trends in the new year? We have you covered. Request an employee today!

Looking to work in the fast-growing multifamily industry? Apply now!