When you know what your residents want, you can focus on giving it to them. When we saw Samantha Skrobot’s Linkedin post on resident survey data, we weren’t necessarily surprised, but we were reminded of how much everyone really hates the term “luxury” and the lease rates that get nudged up just because you slap that word on your website.
Now, we know marketers can’t control rental rates. We can’t improve the quality of construction for our communities. But we can help you get real with residents and offer them brand messaging that more closely aligns with what they want the most.
From Samantha’s survey, residents identified these top items (among a few others):
1) Affordability
2) Service/Features
3) Transparency
Residents often feel like they’re getting a raw deal. They’re paying more year-over-year, with no rewards for paying on time. They’re having to pay extra for their pet. They’re not understanding the tacked-on fees for landscaping. The places they want to live are becoming unaffordable just because of the location, though the apartments are not worth the cost.
Without connecting with your residents, you risk negativity towards the cost of your rent, the lackluster service, the mediocre features, and the lack of transparency in pricing and fee schedules.
Shift up your brand messaging to reveal the heart of your offerings. Your entire brand should bring about a positive experience. This means: delivering on the brand promise, creating community culture (top down!) and investing in a full brand experience—helping put the “negative” things that are out of your control into the broader context of an overall good experience.
Show your resident you know what they want, you have it, and you’re willing to follow through.
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Renter Desires Survey Results
Co-founder of Markerheads, a multifamily focused marketing and consulting firm, Samantha Skrobot looks at the intersection of multifamily, tech, and strategy. Turning data and reports into actions multifamily companies can take is her superpower. Recently, Samantha went a little meta with her surveys, turning to residents directly to ask:
“What should apartment community managers at NAA focus on this year?”
Nearly 500 folks responded in the next 48 hours.
And they want (percentages based on number of responses that mentioned these items):
1) Affordability (46%)
2) Product Features (39%)
3) Service (36%)
4) Transparency (15%)
The percentages are based on the number of responses that mentioned these items.
These don’t seem so wild, do they? Almost basic.
Residents want to live near their family or near where they work or go to school without having to pay dearly for it. They want the amenities advertised to work and be functioning. They want their apartments to be in good working order and the phones to be answered at the leasing office when they call. They want to know why the cost of rent went up 10% when inflation only increased 3%.
Reality vs. Renter Desires
COMMON MARKETING MESSAGES
Luxury – We’ve seen it everywhere. “Luxury” in multifamily has gotten tired. So tired. Residents are recognizing that if you put in stainless steel appliances but don’t invest in proper soundproofing, that apartment will never be luxury. You’re reminded that you’re sharing several walls, and possibly a ceiling and floor with multiple other residents.
Prime location – This is apparently the place to be—but is it, if the community is falling apart and poorly maintained? For many of the residents surveyed it doesn’t make sense to charge far more than is feasible in a desirable location if the apartments aren’t nice.
Modern design – “Open concept kitchen with clean lines and modern finishes.” This is down to aesthetics. But truly, the hope for many residents is that their community will have the necessary updates and will be clean and move-in ready with few issues. Having modern design is a plus, but only if it’s well taken care of.
RENTERS ACTUALLY WANT
Affordability – This term has long been avoided by apartment communities. It sounds a bit “come one, come all” but based on the survey, it seems it’s an idea that residents are looking for. They desperately need apartments to be within their budget. (See also: Maslow’s hierarchy of needs with “shelter” taking a top category.) Plus multiple survey takers noted that the rent should reflect the average income of the area.
Features/Services – Residents are consistently hoping that “what they see” is “what they get”. And they’re being disappointed. No one wants carpet. If they’re paying a lot of money, they want high-end appliances. Another item: failed service—no one is picking up the phone at the leasing office, bathrooms are out of service for several days, and management is painting over light switches and electrical outlets.
Transparency – Living expenses are the biggest expense of all—rent, food, medical care. And when hit with an extra $50-200 extra, residents don’t understand and don’t wish to pay it.
Many of those surveyed had something to say about pet rent (get rid of it!), getting charged for non-optional items, not understanding the cost differences from starting a lease late one month instead of early in the next one, plus (and this is a doozy) not getting the security deposit back when they cleaned the apartment according to the lease agreement. Residents want clear answers to where their hard-earned cash is going.
Craft Transparent and Authentic Brand Messaging
WHY TRANSPARENCY AND AUTHENTICITY
It’s what the residents want. They need to know brands mean what they say and they’re doing the right things with their high (and getting higher) rent costs. Part of your brand is your reputation. And if your brand has a reputation of doing a lot of taking and not a lot of giving, you’re going to suffer the consequences of being inauthentic and non-transparent.
ADDRESS RENTER DESIRES THROUGH MESSAGING
Sure, there’s not much marketing can do with construction quality and rent costs (you can certainly make suggestions) but, you can create brand messaging that zeroes in on what your residents want most: the truth
Affordability: Talk about loyalty programs and cost-saving features. Show off your financial incentives and flexible payment plans. Highlight your lower security deposits and clearly outline how residents can get their security deposit back when they move on. If it’s not optional, there shouldn’t be a fee attached.
Features and services: Emphasize the practical aspects of living there. Show off your non-carpeted areas. If you’re charging a premium, list the brand names of your appliances. Highlight your 24-hour maintenance policy. Focus on good reviews that talk about your level of responsiveness.
Transparency: Be clear and honest about your policies and pricing. Have your management and marketing team trained on potential issues. Be straightforward and answer questions coming from prospective residents over the phone or during tours.
Every bit of this is part of your brand. Your reputation, the reviews, how your staff handles requests and questions—and highlighting the items your prospects and current residents care about most.
Practical Tips for Multifamily Marketers
What can you do right now to stay relevant for your residents? A couple things:
- Surveys. On the reg. Without knowing what your prospects and residents want from you, you can’t give it to them. (Know their problems, be their solution.)
- Ensure your brand voice can actually connect authentically with your residents—get on their level.
- Use every channel you can (social, email, community events) to reinforce your brand culture, outlining the ways you have what they want—affordability, transparency, and excellent service.
- Don’t exaggerate your offerings. Stop claiming luxury to charge more and be realistic with what you have. Consider upleveling with your branded amenities instead to prove your value. Transparency is key!
Bring your brand around to align with resident preferences. When you know your ideal resident, you’ve done the research, you’ve surveyed a group, and you settle into what they want most, position your community as the best possible solution—whether it’s because of your affordability, your features, or your honesty/transparency. Possibly because of all three.
Big thanks to Samantha Skrobot at Markerheads for inspiring this post. Your data wizardry is a testament to what we could be aiming for at all times in multifamily.
