There is ferocious competition in today’s multifamily housing market. With more consumers trading homeownership for renting, you must react quickly and exceed renter expectations in order to compete.

But matching your properties to potential renters’ wants requires a little more precision than guessing — you’re going to need actionable data.

What is data analytics?

Data analytics is the science of drawing consumer and competitive insights from statistical data and customer feedback.

Here’s how you can use data analytics to improve your listing strategies and get even more out of your marketing efforts.

1. Understand market demands — then meet them

Younger millennials and older Gen Z renters are seeking rental housing as they enter the workforce. This powerful segment makes up the largest group of consumers, accounting for half of all renters nationwide. 

With analytics, you can gain a better understanding of the amenities and other qualities these younger generations seek in rental properties. Key indicators like renter search queries and area trends can help you successfully target and list your vacancies.

2. Drive more traffic to your listings

If you want your listings to be found, they need to be online and ranking high within the search results. To do this, you need to include keywords in your listings that match renters’ desires.

Google’s Keyword Planner can help you do exactly that. This tool pulls historical data on trends and keyword search volume, as well as performance projections. It can also filter content based on local searches to help you target potential tenants in your property's location.

Facebook ads are another great way to track clicks and interactions so you can better understand your renters and target your listings accordingly.

3. Price it right and interest renters

Understanding your market can help you set a competitive rent price, although researching other properties and sussing out that perfect price point can be time-consuming if you don’t have the right tools. 

The Zillow Rent Index uses machine learning to track monthly median rent rates based on geographic area. You can dig into local market data to look at various metros and uncover what’s happening in a particular region.

The multifamily market is fiercely competitive, but if you’re armed with the right analytics tools and insights, you can confidently navigate the market and maintain occupancy rates with ease.