As we usher in a brand new year, it’s important to take a step back and reflect on the 2023 multifamily marketing landscape. This past year was marked by several shifts that helped reshape marketing success in this industry. From the ascent of artificial intelligence (AI) to the unwavering popularity of short-form video, 2023 was a year that implored us to explore how we invest in marketing.

Here are five lessons we learned from the 2023 multifamily landscape that may help share how you spend your dollars in the coming year.

1. AI is here to stay.

AI is probably one of the most exciting yet controversial topics of our day. It is quickly solidifying its position as an indispensable companion in the multifamily marketing arena. The advancements that emerged during 2023 highlight its transformative impact on how marketers have come to understand, engage, and leverage the tool to reach prospective tenants. AI has become a key element to much of 2023’s marketing success, from chatbots enhancing customer interactions to predictive analytics optimizing advertising strategies. Thanks to the vast datasets, prediction trends, and capacity for personalization, many multifamily properties have been able to stay ahead of the curve and create tailored experiences that resonate with today’s modern renters. In fact, the AI market size is expected to grow by at least 120% year-over-year. As we leap into 2024, embracing and leveraging AI will not just be a choice but a strategic necessity for marketers looking to stand out from the competition and resonate with renters.

2. Short-form video is still one of the most popular tactics.

In 2023, we learned, once again, that the dominance of short-form video in the multifamily marketing landscape is not a fleeting trend but a fundamental component to employ in nearly all marketing strategies. According to industry reports, short-form videos accounted for more than 70% of total content consumption among prospective tenants. Social platforms like TikTok have seen a 50% increase in engagement with multifamily property-related content, highlighting short-form’s overall effectiveness in attracting prospective renters’ attention. Stats like these underscore the importance for multifamily marketers to invest in and optimize short-form video content very soon to attract renters in a world inundated with information overload.

3. Remote work never stopped and likely never will.

Thanks in part to the pandemic, one of the top lessons learned relates to the increasing emphasis on remote work. As the previous boundaries between work and home continue to blur, property owners and managers have discovered the importance of catering to the evolving needs of a workforce that is increasingly prioritizing these remote opportunities. Many experienced firsthand the surge in demand for home office accommodations, communal spaces conducive to remote work, and enhanced internet connectivity. Multifamily properties looking to attract tenants and remain competitive in the year to come will need to align their amenities and marketing efforts with the evolving preferences of a remote-focused workforce.

4. Google Ads is a superior marketing tool.

One lesson did remain unchanged in 2023–the power of Google Ads as a superior and indispensable marketing tool for multifamily properties. Beyond being a platform to increase visibility, Google Ads has consistently proven to be unparalleled in its ROI capacity. According to the platform, for every $1 a business spends on Google Ads, they receive an impressive $8 in profit. This ROI solidifies the efficacy of Google Ads and highlights its unmatched ability to drive marketing success for multifamily properties. It offers precise targeting, robust analytics, and unparalleled reach to help properties connect with their audiences and convert prospects into long-term residents. The lesson learned is clear–Google Ads is not simply a tool but a game-changer that should be leveraged in every multifamily marketing playbook.

 

Rentbot can help.

When navigating the multifaceted world of multifamily marketing, Rentbot remains your dedicated partner in propelling your property toward success in 2024 and beyond. We design websites tailored to highlight the unique attributes of your property–through real-time availability, high-quality imagery, built-in SEO, conversion-optimized layouts, and more. With a commitment to attracting, converting, and retaining tenants, Rentbot ensures that your property will be seen and thrive in the dynamic and evolving landscape. Whether it’s levering AI, incorporating short-form videos, optimizing for remote work, or utilizing Google Ads for maximum impact, Rentbot can help you capitalize on the lessons learned from 2023 so you can excel in 2024. Learn more about what we can do here.

 

 

About the Author

Jonsette Calloway joined the Rentbot team in 2015. With a background in public relations, advertising, and copywriting, she has helped many clients achieve their marketing and communications goals within various fields, but she particularly enjoys working with the apartment industry.