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As the largest generation to date, Millennials have been the key focus of the past decade in multifamily. The generation's demand for immediate, in-town walkability, amenities like pet spas and parks, flexible leasing options, and a desire to rent vs own has led to an amazing influx of rental development in urban corridors. Over the past 5-10 years, the bulk of the world's largest generation has moved to the nation's major metros to start their young careers where they can grind by day and enjoy the in-town nightlife on the weekends. The result led to increased rental rates, brand new, high rise product, and luxurious amenities to woo renters to the newest building in town. But, are things changing as this generation ages?


The past year has led to major adjustments in our lifestyles to say the least. Many argue, even as we begin to return to our "normal" way of life, that the pandemic has fast forwarded user trends and human behavior by 5-10 years. We've seen the benefits and scalability of working from home, spending less time commuting to work each day, and the positive impact we can have on greenhouse gas emissions. Not to mention the savings companies can create by not having a physical office space. The shift in work behavior interestingly coincides with the world's largest demographic to date getting older. Millennials are now reaching the time in their lives where many are looking at buying their first homes and are seeing the value of having more space (indoor and outdoor) given the lockdowns of the past year.


The housing market is in the midst of a fascinating shift. Many who lived in smaller apartments in-town have moved outside of the nation's cities in favor of more space in the suburbs. Some are even picking up and moving to more affordable states like Texas and Florida altogether. This shift has led to skyrocketing single family home prices as we go into the high season of Summer. We are living through a very simple, but very large problem of supply and demand. Millennial renters and other city dwellers are in the market to by a home outside of the city, creating great demand with little supply to meet it. Many sellers are sending buyers into bidding wars well above asking price due to lack of single family supply in the market, which was a result of the '08 housing crash.


So, with Millennials aging and wanting more space, but with little single family supply for sale where do they go? Multifamily developers think they have the answer. Many are focusing on a rapidly growing concept that many industry leaders believe to be the new "thing" in American housing- single family rentals. Renters get the perks of having more square footage, a yard, private garage, and amenities, but with the flexibility and maintenance that comes with renting. With so little inventory for sale and a huge demand for the lifestyle that a single family home brings, developers are likely onto something. Private owners have been able to rent out their homes to renters in the past, but it often comes without the care free maintenance, amenities, and resident events apartment renters have grown accustomed to. This new concept looks to offer all of that and more.


Having launched the digital marketing strategy for The Bungalows on Pine Cliff in Flagstaff, AZ, Street Digital Media is seeing the interest level of the emerging multifamily development concept firsthand. The strategy focuses on driving brand awareness and lead generation on behalf of the master-planned development, which serves home to one, two, and three bedroom single family homes for rent. Residents also get the perks of a 24-hour fitness center, fire pits, two pet parks, pet spa, clubhouse, and unprecedented mountain views. With the current state of the real estate market, for sale and rental, expect to see much more of this in the years to come.

 

On March 8th, Street Digital Media launched the brand new Search Engine Marketing campaign for Noca Blu, a modern, boutique apartment building in Chicago's coveted Logan Square. In the first 30 days of performance, Street Digital led to immediate increases in traffic and engagement for the luxury community:


- 11.7% increase in new prospects

- 69% improvement in bounce rate

- 84.7% increase in pages/session

- 2.94x average session duration


Since the launch, SDM has accounted for 92.86% of all prospective renter phone calls and 69.8% of all website leads. The increase in lead generation and local keyword strategy has led to Noca Blu dominating the local Logan Square market for apartment searches. For those looking for an apartment in the coveted Chicago neighborhood, Noca Blu's Google Ads are showing for 67% of the possible impressions in the market. This puts the property as the most frequently shown community online, even higher than multifamily's dominant ILS, Apartments.com, whose PPC campaign shows for 46.68% of impressions by comparison. Street Digital's strategy has enabled Noca Blu to gain the highest presence in the market, increase the quality of traffic engagement on its property website, and increase its overall lead volume to attain its leasing and occupancy goals.



 


Street Digital Media has launched the digital marketing strategy for Cadence, a brand new apartment community in Sugar Hill, GA. The lease up is currently projected to deliver first units later this year. Featuring luxurious one, two, and three bedroom apartments for rent, Cadence sets a new standard of apartment living in the rapidly growing Sugar Hill, GA market. Residents will enjoy hardwood floors, Energy Star GE stainless steel appliances, shaker style cabinetry, and spectacular pool views from their homes. Within the community, Cadence features a remarkable, resort-style pool, poolside grilling station and sundeck, state-of-the-art fitness center, co-working lounge, outdoor gaming lawn, and more. To learn more visit https://cadencesugarhill.com/.

 
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