Marketing Funnel for Class A Apartments
We dive into what your marketing funnel distribution should be for Class A properties in the Twin Cities metro area in Minnesota.
Class A properties are defined as being less than 10 years old and are upscale, luxury apartments with higher average rents and located in desirable geographic areas with unique architectural features.
Fast Facts for Class A Apartments in the Twin Cities
- Longer Lead-to-Lease: Class A properties have up to a 4 Month Longer lead-to-lease cycle which means more time for upper funnel strategies.
- Budget Distribution: Our budget recommendation is Upper Funnel (Awareness): 40%; Mid Funnel (consideration): 20%; Lower Funnel (conversion): 40%
- Paid Strategy: We recommend social retargeting and continuing Paid Search despite high occupancy in order to remain competitive.
- Organic Social: Social Media presence for your property yields the highest ROI and crucial at all stages of the marketing funnel.
Paid Search Performance for Class A Apartments
Our team continuously optimizes marketing strategies, monitoring the performance of paid search campaigns for Class A Apartments for the Twin Cities metro area. We have noticed interesting trends and patterns, which we will analyze and highlight the specifics and strategy for optimal results for marketing campaigns.
By Apartment Unit
Class A studios have the highest cost-per-lead in paid search across all unit types. This is due to higher competition for a smaller pool of interested renters in this market.
By Neighborhood
Most of our class A properties are located in Uptown and Bde Maka Ska, however despite the lower Click-Through-Rate (CTR), Uptown currently outperforms all other neighborhoods.
"Uniquely among price classes, Class A net absorption fell in the quarter relative to last year (2023). The labor market remains tight, but more than 200,000 additional people have been added to the ranks of multiple jobholders nationally in just the last two months. Inflation has come down from its peak but rose slightly in March and has put the potential for rate cuts in the near term into question."
Paid Social Strategy for Class A Apartments
Overall we didn’t see much difference in performance between class types with paid social campaigns in the Twin Cities. Two big major factors to keep in mind when creating paid social ads in Minnesota are:
Highlighting points of interest in the neighborhood, and proximity to local attractions like:
Lakes
Bike trails
Parks nearby
Showcase high-demand amenities with seasonality in mind
- Covered parking
- Communal spaces and grills
- Co-working space
Organic Social Strategy for Class A Properties
In the case additional or larger budgets for paid media aren’t a possibility, Organic Social is the highest return on investment (ROI) in the multifamily industry. Your staff and in-house teams can contribute quickly and with less effort to these channels and focus on on-site community building and residents. That social media is no longer an afterthought, but a crucial component of your marketing mix and meets future residents in the consideration stage while giving them real-time insights into life at your property and unique community features.
Your Minnesota Multifamily Marketing Strategy for Class A
Having a robust marketing mix for your Class A apartments in the Twin Cities is crucial for hitting occupancy goals and understanding the nuances between other class properties.
Questions? We’re here to support you with your Minnesota marketing strategy. Connect with one of our experts!
