As 2023 approaches, high-quality data will be critical for properties to effectively reach renter prospects.
Marketers simply can’t target people as they used to, which has turned the multifamily advertising industry on its head. Major shifts have come from groundbreaking privacy changes from companies like Apple and Facebook. As a result of Apple’s privacy updates alone, The New York Times reported that only 24% of iPhone users globally have consented to be tracked by advertisers. This type of tracking was often the source of third-party data used in retargeting. Ads powered by first-party data (higher quality data collected that is owned by a specific company) will be where multifamily advertisers see more success.
In October, Meta (formerly Facebook) sunsetted Special Ad Audiences, a tool that allowed housing industry advertisers to refine audience targeting in compliance with FHA restrictions. As a workaround, multifamily advertisers must broaden audience lists. This poses a risk of overspending on uninterested targets and missing out on reaching actively searching renters. Finding a partner that offers reliable and fresh first-party data will be the key to effectively reaching renters on Facebook.