Press Release: G5’s Multifamily State of the Industry Report Highlights Current Market Conditions
G5 data reveals unique buying path for each renter and importance of MarTech to generate qualified demand
BEND, Ore. – April 22, 2020 – G5, the leader in digital marketing optimization, has released its Multifamily State of the Industry Report outlining current market conditions affecting multifamily for 1H 2020, including the coronavirus (COVID-19). The comprehensive report also reveals that each renter has a unique buying path, highlighting the importance of using data-driven insights and MarTech (marketing technologies) to reach prospects and generate qualified demand.
“At the start of 2020, we were at the peak of an eleven-year growth cycle. In what seemed like an instant, our nation ground to a halt due to the COVID-19 pandemic,” said Mike Wolber, Vice President of Multifamily, G5. “At G5, we believe that marketing matters now more than ever. We’ve invested in automation, data science, and machine learning to optimize marketing channels for our clients in order to deliver higher quality leads, faster.”
Key Findings Include:
- Multifamily leasing season is traditionally thought to run May-August, peaking in July. However, G5 data collected across three major metros (Houston, Phoenix, and Seattle) suggests that not all markets peak simultaneously, nor do they last the same length of time. Utilizing MarTech to efficiently attract and engage renters in local markets is key to filling vacancies fast.
- COVID-19’s impact on the multifamily industry is expected to be moderate as demand continues into 2020.
- The average renter’s journey, the time from the first interaction with a brand to an inquiry, is 21.9 days. Successful marketers leverage technology to attract and engage renters throughout their search.
- Demand for affordable housing for low and middle-income earners remains high. With this at the forefront, lawmakers will continue to push forward new rent control legislation.
- Migration will continue to drive population growth away from coastal regions and into the nation’s sunbelt due to a number of factors. Understanding migration patterns and the supply/demand in each market is essential in developing a strategic, property-specific marketing plan.
How Digital Marketing Can Help:
- Multifamily operators must rely on data-driven insights to understand renter preferences and browsing behavior in order to efficiently convert apartment searchers into residents.
- Organic search is still the best way to gain leads at a low cost. A location-specific strategy is necessary in order to show up in results. Properties need to have a diversified marketing presence that leverages search-optimized, mobile-first property websites, digital ads, ILSs, reputation management, and social media.
- G5 Smart Digital Advertising uses an advanced attribution model to predict where to spend ad dollars to maximize conversions. This technology evaluates campaign performance nightly and automatically allocates spend across networks and channels to achieve the best return.
- The best marketing efficiency is powered by automation. Chatbots, like G5 Bot, are a cost-effective automated technology that gives renters an alternative way to ask questions, view available floorplans, take a virtual tour or schedule an on-site tour. Amidst the COVID-19 pandemic, those who added G5 Bot on their websites saw immediate benefits.
“We were looking for an additional channel that would bring in leads while serving prospective resident questions,” said Lori Franceschini, Vice President of Marketing, Coast Property Management. “We added G5 Bot to our marketing mix and got our first lead, which resulted in a lease, the same hour it went live.”
G5 produces this State of the Industry report twice each year to provide the latest insights in digital marketing and the multifamily industry. Download a free copy of the report.
As the leader in digital marketing optimization, G5 turns marketing into move-ins for multifamily properties. Through its scalable lead generation strategies, emerging technologies, and AI-based solutions, G5 delivers higher quality leads and better ROI. Founded in 2005, G5 currently provides marketing solutions for more than 8,000 properties and two million units throughout the U.S. and Canada. Based in Bend, Ore., G5 is backed by private equity investor PeakEquity Partners. Learn more at GetG5.com.
PR & Corporate Communications Manager