Because they are a fairly technologically savvy demographic and responsible for a substantial portion of current and future multifamily demand, it may be wise to use tailored social media strategies to reach Generation Y renters.
One industry executive told Multifamily Executive he has found success with several measures, such as starting a blog. This can help to drive traffic to the website and engage with the local community, forging connections that may lead to prospective renters.
Information on local events can also encourage current tenants to stay and help demonstrate what makes an area attractive. Focusing on local events is key, because even the most devoted readers are unlikely to become renters if they live too far away.
Sponsoring or establishing connections to area events can provide a supply of content for social media outlets and serves. It also means that those interested in the events may learn about the apartment owners and see an opportunity. That can build word-of-mouth interest, among other effects.
Breadth of social media content can be a powerful force, attracting a great deal of attention that supports future business. Younger renters are particularly likely to find and rely on these sources of information, so their impact will grow as time passes.