To combat seasonality in the multifamily industry you must first understand it. The seasonal trends in the industry diverge from the conventional quarterly calendar, so it’s important to be aware of the expectations that each season brings. The good news is that the seasonality is largely predictable, so we are able to prioritize our marketing efforts accordingly.
How Leasing Velocity Shifts Throughout the Year
Before getting into the digital marketing tactics to combat seasonality, let’s look at how leasing velocity and occupancy rates vary throughout the year:
Winter: Peak Leasing Season is Approaching
Winter months are notoriously the slowest season for renting, but peak season is fast approaching.
Spring: Early Leasing Season is Here
Move-ins begin to increase significantly from February to July.
Summer: New Resident & Community Engagement
Summer brings the most move-ins and opportunities to engage your residents and the local community.
Fall: Preparing for the School Year
The renting frenzy starts to decline during Fall, hitting its lowest point in winter. But you can still take advantage of signing last-minute renters before the start of fall semesters at school.
Now that we understand the seasonality of the industry, how can we be impactful and efficient with our marketing approach?
Digital Marketing Tactics to Combat Seasonality in Multifamily
1. Optimizing website content:
By optimizing your website content for relevant keywords and providing valuable information to potential tenants, you can improve your chances of ranking higher in search engine results. This can help attract more traffic to your apartment complex and reduce seasonality.
2. Utilizing local SEO:
By optimizing your website for local search terms such as "student housing near [name of university]," you can attract more students who are specifically searching for student housing in your area. This can help to increase occupancy rates throughout the year and reduce seasonality.
3. Optimize SEO for season-specific keywords:
When students are searching for apartments, they may use seasonal keywords such as "fall semester housing" or "summer sublet." Optimizing your website and content for these keywords can help attract more students to your apartment complex during specific seasons.
4. Creating location-specific content:
By creating location-specific content such as city guides, local attraction recommendations, and neighborhood overviews, you can attract more students to your apartment complex. This can help to balance out occupancy rates throughout the year.
5. Use social media advertising to target specific demographics:
Social media advertising allows you to target specific demographics based on factors such as age, location, and interests. For example, you could target recent graduates who may be looking for year-round housing options.
6. Use retargeting ads to re-engage potential tenants:
Retargeting ads can be used to re-engage potential tenants who have visited your website but have not yet leased an apartment. By targeting these individuals with relevant ads, you can increase the chances of them leasing an apartment during the off-season.
7. Targeting seasonal keywords in advertising:
By targeting seasonal keywords that are specific to student housing, such as "fall semester housing", you can attract more students to your apartment complex during specific seasons. This can help to balance out occupancy rates throughout the year.
Start Combatting Seasonal Dips Through Digital Marketing
Taking a comprehensive, full-funnel approach to your marketing, by incorporating various digital marketing strategies such as search engine optimization (SEO), paid social advertising, and paid advertising, can assist in combating the seasonality seen in the multifamily business vertical. Proactive and evergreen initiatives specifically will ensure that you aren’t stuck reacting to the market or struggling to reach occupancy goals.