In its May 2021 National Multifamily Report, Yardi Matrix states the multifamily market has generally recovered from the pandemic period. Property managers are targeting maximum occupancy rates and radio is a good medium to connect with the prime rental audience.
The Media Audit’s 62-Market 2020 Aggregate Survey clearly identified those prime rental audiences as adults 18–44, African Americans, Latinx Americans and adults 18+ with children at home of any age.
The following table reveals at least 50% of these four audiences listen to radio daily at least one hour or more and as much as 60% for some of these audiences.
“Although there are still some pandemic-related issues, such as the eviction moratorium and residents behind on their rent, property owners and managers are generally satisfied with the current status of the market and are optimistic about the future,” said Jeff Stein, East Coast Markets Manager, The Media Audit. “With the increase in single-family home rentals, radio is also an excellent ad medium for these property management companies to engage with individuals and families with the income and need for larger properties than what apartment communities can offer.”
Prospective renters’ income is critical to a successful lease process and welcoming new residents who are more likely to pay rent on time and fulfill their lease. Additional data from The Media Audit’s 62-Market 2020 Aggregate Survey reveals radio listening of adults 18–44 who are home or apartment renters increases as their income levels increase.
Although millions of lower-income individuals and families are valuable residents, as they always pay their rent on time, property owners and managers are just as pleased to welcome new residents with higher incomes.
In this digital age, many apartment seekers are using digital channels and devices and specific search platforms to find their next home – and radio’s extraordinary reach is an excellent complement to build awareness and maximize properties’ occupancy rates.