{"id":7122,"date":"2019-01-10T13:08:57","date_gmt":"2019-01-10T21:08:57","guid":{"rendered":"https:\/\/conversionlogix.com\/?p=7122"},"modified":"2023-12-16T02:19:58","modified_gmt":"2023-12-16T02:19:58","slug":"luxury-apartment-marketing-guide","status":"publish","type":"post","link":"https:\/\/conversionlogix.com\/blog\/luxury-apartment-marketing-guide\/","title":{"rendered":"Luxury Apartment Marketing Guide"},"content":{"rendered":"\n
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The national apartment market is predicted to grow by over 450,000 units in 2019. According to Fannie Mae’s Director of Economics & Multifamily Research, this will be one of the largest supply increases in the past decade. Most of this growth will be concentrated in ten metros, and as many of you might have guessed, most of this new supply will be for luxury Class A units. (Multifamily Executive)
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The industry trend toward new luxury development has been going on for years.<\/p>\n\n\n\n

In 2012, only half of all new apartment builds were considered high-end. In 2017, 79% of all new multifamily construction were luxury builds <\/strong>(Yardi Matrix). <\/p>\n\n\n\n

A recent Bloomberg article aptly described the situation, \u201cTenants are gaining the upper hand in urban centers across the U.S. as new amenity-rich apartment buildings, constructed in response to big rent gains in previous years, are forced to fight for customers.\u201d <\/p>\n\n\n\n

Luxury communities are competing against more properties than ever for a small, high-end portion of the rental market.
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If you’re in charge of marketing a luxury community, you might feel the effects of this increase in supply. Now more than ever, luxury communities need to take a strategic approach to their marketing efforts.  As a leading multifamily marketing agency, we\u2019ve developed and executed successful apartment marketing strategies for many luxury communities. In this guide, our experts share ideas, advice, and insights on how to successfully market a luxury community. <\/p>\n\n\n\n\n\n\n\n

Understand Your Place in the Luxury Apartment Market<\/strong>
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Understanding the market surrounding your community is important for every multifamily development, but for a high-priced luxury product, it is even more crucial. In the luxury rental space, your market is influenced by who can afford your community. In the past, when luxury inventory wasn\u2019t as concentrated and competition was less of a factor, it might have been enough to focus on appealing to wealthy individuals.
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As this market becomes more saturated, high-end communities have a greater need to distinguish themselves from their competition. Not everyone capable of affording a luxury apartment is interested in one, and not everyone interested in a luxury apartment in your area is going to care about your amenities and design aesthetic.
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Start your marketing process by researching your local market. The following market research questions will provide you with a great foundation to draw upon when developing your marketing plan. <\/p>\n\n\n\n