If you’re seeking to stay ahead of the competition in the multifamily industry, Ryan Funt, Senior Director of Marketing at Fitzrovia, is your go-to person. With his extensive marketing experience in Class-A and Class-B properties, Ryan offers priceless insights into the 2023 multifamily trends Guide.
Ryan’s expert predictions and insights featured in this year’s Multifamily Trends Guide are crucial for any organization aiming to remain competitive. So, let’s delve into his top insights:
The Continued Depreciation Of Marketing Checklists
A rigid standardized marketing checklist for new lease-ups will only take you so far; the same goes for stabilized products and maintaining desired occupancy levels. We enter 2023 with economic uncertainty, including the possibility of a further rise in inflation and corresponding interest rate hikes; renters are more price-conscious than ever.
As marketers, one of our number one KPIs in 2023 will be how well we can showcase value. To do this, we must be resourceful and open to new ideas that may sit outside the traditional multi-family marketing toolbox. Standing out from the masses is more critical than ever to meet leasing targets.
Embracing New Technologies
While multi-family tech has been relevant over the last decade, operators will likely continue trialing new solutions more openly/frequently.
I have observed that operators sometimes hesitate to switch to vastly improved technologies primarily due to the training investment made in incumbent tech. I believe many in 2023 will deeply consider, if not implement, new tech, as it will become increasingly more challenging to turn a blind eye to leading technologies. It is time to bite the bullet and write off tech not genuinely maximizing NOI potential.
While the above scenario is an extreme example that may include an operator switching from one CRM to another, I believe operators in 2023 will continue to be more open than ever to pilot add-on tech modules such as chatbots, voice AI, self-guided tours, and so on.
Sustainability has never been more relevant than now, and I believe an increasing number of developers in 2023 (and in perpetuity) will be looking to specify systems such as geothermal heating and cooling systems, introducing more efficient lighting systems, and so on to cut emissions and reduce their carbon footprint.
Consumer studies have shown that consumers favor environmentally responsible brands. More marketing professionals will highlight their sustainability initiatives as consumers value these details. Generally speaking, the cost of housing is the most significant financial expense a consumer will endure, and renters will do their due diligence before making a rental decision. Therefore, multi-family operators must increasingly consider how they factor sustainability into crucial decisions during development and ongoing operations.
These insights and predictions mentioned above are just the tip of the iceberg regarding multifamily trends for 2023. To ensure you remain ahead of the game, download the free 2023 Multifamily Trends Guide now. This guide is a must-read, containing expert insights and predictions regarding significant trends such as multifamily marketing, multifamily tech, and sustainability. If you’re seeking to shape the industry’s future, this guide is a valuable resource.