Apartment Lease-ups and Value Creation
SVN Rock Advisors offers strategic apartment leasing & marketing services for purpose built apartments. Marketing begins while a purpose built apartment development is still on the drawing board and does not end until the asset is in disposition. In the multifamily apartment business, developers cannot create a market where one does not already exist. On the contrary, their foremost objective is to identify the specific market segment for which more apartments are needed and then to design the best possible apartments to serve that need.
Marketing is the process of finding the renters and then attracting them to the apartments at a time when they are in a position to make a housing decision.
Strategic Apartment Marketing serves many objectives:
• analyzing what market, what product, what amenities type to build;
• persuading—through the careful presentation—renters that the apartment and community meets their specific needs;
• packaging the apartments and community and aiding enable those people to lease it; and
• ensuring afterward that the apartments and community meets their expectations.
Insufficient pre-development market research can result in an purpose built apartment development that has been built for a specific market but does not appeal to that market although almost any apartment will rent at a low enough price.
SVN’s Market Analysis is vital not only for pre-development feasibility studies but also throughout the life of apartment development. The ongoing market analysis assesses the accuracy of the original analysis of the target market and identifies any necessary changes in market projections, rents, and even the target market itself. Typically, 12 to 36 months elapse from completion of the first market study to the leasing of a project, and, in the interim, significant changes may have occurred in the market. The developer must continuously monitor the market, especially by watching neighbouring projects, to remain up-to-date on current rental activity, rental rates, concessions, and preferred physical characteristics and amenities. Changing the market strategy midstream can increase construction and operating costs, but failing to respond to market changes can leave much money on the table.
Renters Personas that include both Demographics and Psychographics
Apartment Design Review with Functionality and Lifestyle Audits