When marketing to renters, think about lifestyle and experience
Think of your favorite food, coffee, beer or piece of clothing. What do these items say about you and your lifestyle? Never really gave it any thought? Well, millennials do think about these things, and often. When marketing to renters, especially younger renters, you need to think about lifestyle.
If you have never thought of your multifamily property as a lifestyle brand, it’s time to start.
Young renters are seeking a tribe
In a piece for Young, Self-employed and Fabulous, Curt Cuscino writes about the what he calls the “tribal” aspect of millennials:
“Millennials also live and die by the group—remember, they are tribal in nature—so fostering a communal atmosphere and culture around your business will help you attract a large following to your brand’s community…
Millennials love to optimize their lifestyle and engage in powerful experiences—they live for it. Any brand that can embrace their way of being, become a part of it, and help them enhance it, will firmly set itself up for success."
This group turns to peers, whether in person or on social media, to determine if a brand fits their tribe’s lifestyle.
In short, they are seeking connection and community. Multifamily properties have a unique advantage in meeting that need, because your product is community. The key is creating a community that incorporates additional lifestyle aspects that fit your target market. Then, your marketing strategy should work to convey that lifestyle message.
Developing a lifestyle strategy
Amanda Abrams, writing for Urban Land, recommends creating “connective experiences” to help give millennial renters that sense of enhanced lifestyle. She writes:
“Today’s young professionals with discretionary income are asking for deeper engagement with their surroundings, a greater sense of ownership, and fewer barriers between work and play, connecting on a personal and emotional level with their environment.”
In some cases, the neighborhood surrounding your property naturally meets those needs. If that’s the case, your primary goal is identifying and communicating your location’s lifestyle assets to your target market.
If you have one or more of the following within walking distance of your community, use it to enhance your lifestyle brand message:
Unique and popular restaurants and/or bars
Local coffee shops or craft beer taprooms
Artisan food markets or independent markets
Live music venues
Museums, art galleries or other cultural interest venues
Parks, trails, lakes or other natural resources
Access to community gardens or other green-themed activities
Popular fitness facilities or recreation opportunities
Fashion centers and prime shopping destinations
If you don’t have a wealth of lifestyle amenities in the immediate vicinity, you might need to consider adding some to your property itself. Determine which amenities best fit your community and your brand and add offerings strategically.
At a minimum, consider opportunities to create community events around specific lifestyle themes.
Examples of multifamily lifestyle brands
Urban Land highlighted a community in Charlotte, North Carolina, that maximizes lifestyle offerings to reach its target renters:
“Case in point: Novel Providence Farm, a multifamily development in Charlotte that opened in November. Using a detailed research process, Crescent Communities determined that area residents valued family, educational opportunities, and healthy living. In response, the company decided to build the new development around food.
The vision is ‘inspired living for Charlotte’s culinary culture,’ and the project is built around that concept. The leasing office is located in a functioning restaurant space, and the site includes an outdoor demonstration garden, a fruit and nut orchard, community garden plots, and edible landscaping. Inside, the units are heavy on natural light and are based around the kitchens, which feature farm sinks and slide-in gas ranges.”
In another example, from our client roster, we art directed neighborhood photography for Modera River North. The images help give the property an authentic vibe and also show off the area’s craft beer, arts and artisan market scene.
Think creatively, and do your research. Find out what your current renters, and prospective renters, really want. Evaluate both your marketing efforts and your amenity offerings with those wants in mind.
Après Creative can help you hone your multifamily brand at all levels of your marketing strategy. Contact us to learn more.