6 Takeaways from Spark 2021

This year, Apartment List hosted Spark 2021 virtually. Spark 2021 is a conference for marketing leaders in the multifamily industry. At Spark, attendees come together from across the nation to learn from a diverse group of exceptional speakers to brainstorm solutions to challenges in the rental space and drive the industry forward.

The event spanned over three days and each day was dedicated to a different topic: Innovative Tech, All Things A-List, and Advocacy & Action.

Missed the event and hoping to get a short recap? Attended the event and want to share our insights with your team? Here’s 6 actionable takeaways from Spark 2021;

1. Add Customer-Centricity into Your Business Strategy

Bob Holobinko, Chief Brand & Creative Strategist at Rebel Gail Communications, discussed what it means to be customer-obsessed with Apartment List’s Chief Revenue Officer, Matthew Woods.

A customer-centric company puts customers at the core of its business. By deeply understanding your customers and listening to their feedback, you can provide positive experiences and build long-term relationships with them.

It means you’re shifting your marketing strategy to adapt to the latest trends, personalizing marketing materials, and reviewing customer feedback to improve their experience.

Becoming customer-obsessed benefits both the customer and the company. The renter receives a best-in-class experience, while property management companies benefit from increased marketing performance and thus, ROI.

Check out the full conversation to learn more about customer-centricity.

2. Create Authentic Content for Your Customers

MTV’s India Morgan Little, Pinterest’s Julia West, and Content Creator Brigette Muller joined Stephanie Soderborg, Sr. Director of Growth Marketing at Apartment List to discuss “The Future of Social Media.”

Engaging with prospective tenants and current renters through social media is a key marketing tactic to engage with your renters at a more personal level. These social media experts found that creating relatable content and listening to their audience leads to the best results.

Relatable content humanizes a brand while allowing followers to feel like they’re a part of the conversation.

To effectively build a strong social media presence, listen closely to your audience. Find what resonates with your following, and create content that they can connect with. Analyze what social media posts have led to the most engagement in the past to begin generating ideas. Pay close attention to comments to find what is and isn’t resonating. If you’re not connecting with renters through social media platforms, there’s no better time to start!

Watch the conversation between these social media experts.

3. Understand How the Pandemic Disrupted the Housing Market

Apartment List’s Chief Economist, Dr. Igor Popov, examined COVID’s impact on the rental market and highlighted our predictions for future migration patterns. Igor leads research at Apartment List, where we explore rental trends and provide analyses on the multifamily housing market.

The pandemic shook the landscape of the rental market, among many other industries. From drastically fluctuating rent prices and eviction moratoriums, we’re still feeling the impact of COVID-19.

As COVID-19 cases drop and businesses begin to reopen, we expect another rapid shift in the housing market from the rise of remote work. The pandemic has normalized remote working arrangements and changed the way we work, which has caused renters’ preferences to shift. Today, 29% of U.S. jobs are remote-friendly, and in a recent survey, we found that 4 in 10 expect remote flexibility in the future.

Renters who can work remotely, aren’t homeowners, and don’t have children, are labeled as the “untethered class,” which includes 25% of high-income earners. We’ve found that remote work has been driving the boom in migration. The ability to work from home is leading to more high-earners moving, a cohort that’s previously been the least likely to move. This group’s preferences will determine which cities heat up next in America’s housing market.

Watch Dr. Popov share his Rental Market Predictions.

4. Cater Your Properties to a New Wave of Renters

55% of the untethered class are expected to make a move in the next year. Many are planning to leave expensive urban centers and are searching for places that provide more space. These renters have a preference for pet friendliness and flexibility in lease terms.

These insights provide property management companies with the opportunity to adjust their policies to match the new wave of high-earning renters while ensuring that there’s availability in these popular areas. Properties can also tailor their amenities to meet the demands of the remote workforce. High-speed internet connection (Google/ATT Fiber) and communal workspaces can be huge draws for this emerging group of renters.

For more information on where renters are considering moving to, check out our latest Renter Migration Report.

5. Cultivate a Community for Renters

Tyrone Poole, the President & Founder of OneApp shared his founding story of OneApp and insights into the importance of community. Early in his adulthood, Tyrone was evicted from his apartment and was forced to move into a homeless shelter. He began submitting apartment applications, yet he was denied each time. Through this experience, Tyrone was inspired to create a platform to help other renters understand where they’re qualified to rent.

“71% of renters are denied from getting their dream home due to their rental history.”

Poole wanted to change this.

He expected renters to apply for apartments they were qualified for, but quickly realized that wasn’t the case. 33% of people applied to properties that denied them, 57% applied to properties where they conditionally passed, and only 10% applied where they were approved. Despite their living or financial situations, these renters were looking for a home that provided them with a solid community.

Finding a strong community, whether that’s people that look like renters, speak their same language, or come from similar backgrounds, is something that renters look for when they’re apartment hunting. Tyrone advocates for understanding that renters prioritize being a part of the community in their search.

Building a sense of community across your properties has been a long-running theme from Spark. Community can be built in a number of ways, from bolstering your social media presence to bringing residents together for events.

Learn more about how OneApp is creating greater access to housing.

6. Join our Data-Driven Marketplace

The Apartment List Product Team, Debbie Sorkin (Senior Director of Design), Leo Gong (Head of Product), and Boris Henriot (Senior Director of Product Management), shared the key challenges renters are facing in the marketplace.

75% of apartment hunters find renting to be a stressful process. They feel overwhelmed with information, so they might never see a great property. This is why Apartment List listens to renters’ needs and offers personalized recommendations while offering a flexible pricing program to clients. We strive to be every renter’s personal concierge while ensuring that our clients are provided with the best renter contacts.

Hear about Apartment List's Product Roadmap in our Spark 2021 recording.

We’re Constantly Adapting Our Goals to Align with Yours

On the Apartment List platform, renters have the option to select a specific location and budget range. We found that 4 in 10 renters moved out of their specified location and 6 in 10 rent properties over their budget. These insights have led us to form a new goal. We want to make preferences more flexible for renters and are building product features that allow renters to adjust their results on the fly.

We’re developing solutions to help properties create flexible pricing that works for you. Clients already receive prime positioning through our flexible pricing, which delivers nearly 2X leases. Our goal is to make this flexible pricing a self-service. Once we observe that the renter has a strong rental intent, we’ll send you the contact information.

Learn more about working with Apartment List by contacting: pricing@apartmentlist.com

Watch the Spark 2021 Recordings

If you want to dive in deeper on some of these specific takeaways and hear talks from our other speakers such as Luke Marklin (CEO of Bellhop), Andre Iguodala (NBA Champion), and Grace Perry (Comedian and Author of “The 2000s Made Me Gay”), watch the Spark 2021 recordings.

You can watch Day 1: Innovative Tech, Day 2: All Things A-List, and Day 3: Advocacy & Action.

For more information on partnering with Apartment List and optimizing your property listings, reach out to our LIFT Team at: pricing@apartmentlist.com