Renters Utilizing Social Media to Narrow Their Search Options

For numerous renters, the process of making a housing choice begins long before they initiate a search. It often starts with a property showcased on TikTok, an advertisement that pops up between Instagram stories, or a video that leaves a lasting impression prior to their search commencing.

Research on consumer behavior from a BCG Global Customer Radar survey highlights the extent of this transformation. Nowadays, consumers encounter over 15 touchpoints—various channels and interactions through which they discover and assess brands—before arriving at a decision, a significant increase from approximately five touchpoints a generation ago. An increase in touchpoints translates to greater opportunities to engage with renters early on and to be present at critical moments.

For operators of multifamily housing, a listing strategy that solely targets renters who are already in active search mode overlooks the crucial period when these renters are most receptive to influence. This pivotal moment now occurs earlier on social media.

According to a BCG survey, an estimated 90% of consumers who interact with social media consider it one of their top five most influential touchpoints. Social media serves as a platform where preferences are established, properties gain consideration, and the competition for the attention of potential renters begins even before they fill out a contact form.

Renters are actively engaging with real estate content on these platforms. Based on Facebook advertising benchmarks from LocaliQ/WordStream, real estate ranks among the top 10 industries with the highest engagement on social media. Operators are addressing an audience that is already prepared. The critical question is whether a property is present to engage with this audience.

“Renters are making real decisions earlier in the process, and earlier than most operators realize. Social is a main place where that decision-making happens, and properties that show up consistently across a renter’s journey are building a pipeline before the competition enters the picture,” said Michael Sherman, SVP of Zillow Rentals.

The data consistently indicates the same conclusion regarding the locations where renters allocate their time and how significant life events enhance their responsiveness to content. For operators, this signifies a diminishing opportunity and an increasing number of competitors who are already striving to capture that attention.

“When you combine a renter who is already in motion, on a platform they use every day, seeing an ad from a brand they already trust, the result is a high-intent renter forming an opinion in real time,” Sherman said.

In conclusion, renters are browsing social media and developing views regarding their future residence. Other competitors are already vying for that attention. The properties that consistently appear on the appropriate platforms and are associated with a recognizable brand are the ones converting that attention into signed leases. Each day without a social media presence is a day when another property occupies that space first.

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