It’s a great time to be a renter in America. In many markets rent growth has slowed for the first time in a decade, and the supply of multifamily homes nationally is above historic levels. For multifamily marketers, it’s a time to up your game with a strong, precise marketing plan that gives you a competitive advantage. Zillow is here to help you create compelling campaigns with information and insights around renter demographics and preferences.

Demographics: Who is the multifamily renter?

Two-thirds (65 percent) of multifamily home (MFH) renters are under the age of 39. That’s one of hundreds of renter insights published in the Zillow Group Consumer Housing Trends Report 2018. Here’s another: 50 percent of MFH renters identify as people of color, making them the most ethnically diverse group within the renter segment. In terms of how they find you, 77 percent of MFH renters use online resources in their search, and they are more likely than single family housing (SFH) renters to do so.

Think about how you can apply facts like these to close more leases. One idea: Select visuals with people who fit these demographics in your social media posts. Or optimize your website for SEO so your community comes up at the top of the list in Google searches prospective renters make.  

Preferences: What sets multifamily home renters apart?  

When asked about the deciding factors in a home rental, about 8 in 10 (84 percent) of MFH renters reported it was very or extremely important that the home was within their initial budget. The same is true for all types of renters. But MFH renters placed higher importance than other renters on whether a home had their preferred floor plan, size/square footage, style of kitchen and preferred finishes including flooring, countertops and appliances. These insights on style and design preferences could inform what you feature in rental listings as well as social media posts.

Another thing that sets MFH renters apart: They generally don’t move far. Fifty percent move within their current city, and 13 percent stay within the same neighborhood. This suggests your prospective renters could already have detailed insights about the city and neighborhood that surround your apartment community, which could help you decide how much you highlight local shopping, services and leisure activities.

This article is based on a presentation by Zillow Group's consumer insights director, Mary Kaye O'Brien, at Multifamily Forum 2018.