How a Strong Social Media Presence Boosts Leasing During Competitive Seasons and Economic Downturns
When leasing demand slows due to a competitive market or economic challenges, a robust social media presence becomes crucial in keeping units occupied. High costs of living and interest rates on homeownership are driving Gen Z and Millennial renters to seek long-term leasing options in multifamily housing. And as Gen Z becomes an influential demographic (expected to dominate the rental market by 2030), social media is the key channel to reach them effectively.
1. Meet Renters Where They Are: Social Media is Their Daily Hub
The average Gen Z user spends more than four hours daily on social media, turning it into a powerful platform for property managers to engage potential renters where they already spend a significant amount of time. Research from Freddie Mac in 2022 showed that one in three Gen Z individuals doubts their ability to own a home in their lifetime, increasing their likelihood of long-term renting. This audience expects authentic, visually engaging, and informative content that provides a real sense of the lifestyle a property offers Proof and Community Appeal.
A strong social media presence provides the chance to showcase the community aspects of your property. User-generated content, resident testimonials, and resident-focused events can build social proof and a sense of belonging. In fact, studies show that social proof is highly influential, with over 70% of consumers reporting that they trust online reviews and recommendations when making decisions. For prospective renters, seeing a property’s social media filled with happy residents and engaging activities can be the deciding factor, especially when economic conditions make moving decisions more cautious and community connection more attractive .
2. Improve Targeting with Cost-Effective Ads
When leasing units during competitive or challenging seasons, social media platforms offer targeted advertising options to connect with specific demographics at a fraction of traditional marketing costs. Facebook and Instagram ads, for example, enable properties to reach users based on location, allowing leasing managers to efficiently connect with renters who are looking to live in the area. With paid social ads, even properties facing slow leasing seasons or economic downturns can gain visibility with a high return on investment.
3. Building Brand Recognition and Retention
An active social media presence helps establish and maintain brand recognition, which is crucial when renters are comparing multiple properties. A consistent brand presence on social media keeps your community top of mind, reminding potential renters of its appeal even when they’re not actively searching. During economic downturns, this familiarity can set your property apart, as renters are more likely to choose properties they recognize and trust when budgets are tight and leasing competition is high.
4. Engaging with Renters in Real Time
Social media allows leasing teams to respond instantly to inquiries and provide up-to-date information on availability, leasing specials, and community features. Quick, personalized responses on platforms like Instagram and Facebook Messenger show potential renters that the property is both responsive and service-oriented. The immediacy of social media helps capture leads in real-time, making it a crucial tool during challenging leasing periods .
5. Highlighting Flexible Options
Many renters, especially younger generations, prioritize flexibility and convenience in their housing choices. Social media offers the ideal platform to promote amenities and leasing options that appeal to this demographic, from pet-friendly policies to co-working spaces and community events. By actively engaging with renters on social media and promoting property features that cater to modern lifestyles, properties can appeal to value-driven renters during economic downturns.
In short, social media isn’t just a passive marketing tool; it’s a platform that allows leasing managers to connect with potential renters, provide social proof, and highlight community strengths. For the multifamily housing industry, building and maintaining a strong social media presence is essential for leasing success, especially during competitive seasons and economic challenges.
https://www.globenewswire.com/news-release/2022/11/16/2557566/0/en/Freddie-Mac-New-Survey-Shows-Gen-Z-Apprehensive-About-the-Path-to-Homeownership.html