Economic uncertainty is creating more cautious renters at a time when new supply continues to be delivered. Instead of fearing the lower-than-preferred occupancy rates and leasing fatigue, multifamily professionals are flipping the script and teaming up on-site with marketing personnel to get leases across the finish line.
“Lower-than-expected occupancy is a call to action—and a chance to course-correct with clarity,” says Travis Block, vice president of marketing and brand strategy at RADCO. While Block describes peak leasing season as the most dynamic and high-impact time of the year, he says it can naturally lead to some leasing fatigue.
Nevertheless, with dedication (maybe extra compensation) and data-backed changes, leasing associates are rising to the occasion. “To help keep momentum high, we’ve implemented targeted compensation bonuses and leasing incentives that not only recognize outstanding performance but also serve as a motivating boost,” says Block. “Combined with ongoing support and team engagement, these initiatives ensure our associates feel valued, energized, and equipped to finish the season strong.”
Elizabeth Carton, vice president of marketing, property management, at RangeWater, says team burnout is a true concern during peak leasing season’s intense pace. Carton says leasing fatigue could also be manifested through prospect disengagement.
“Renters who have been actively searching for a while might be experiencing their own ‘search fatigue,’ becoming less responsive or decisive. They might be overwhelmed by options or holding out for the ‘perfect’ unit or a better deal,” Carton says.
Selling the Experience
Sometimes, this means going further to sell more than just a unit but the experience of living there. “Our marketing team is placing greater emphasis on highlighting our team’s competitive advantages. What this means is we are promoting our added value. Beyond the best-in-class finishes and high-end amenities, we’re leaning into the value-added aspects of our resident experience by highlighting those intangible benefits that set us apart,” says Phillip Boatwright, executive vice president of property management at The NRP Group.
Boatwright says in markets like Charlotte, North Carolina, where supply is high and many communities have similar offerings, The NRP Group teams are working closely to activate communities in resident-driven ways. Part of this includes asking current residents what they want to see or include in their day-to-day experience of living within the communities and integrating the feedback into community strategies.
When lower-than-expected occupancy rates bubble up, AKAM vice president Adam Hirsch says listening to feedback from prospects can help, but researching the particular market is a top to-do.
“At its core, the market dictates velocity—if a unit is priced too high, teams must be willing to adjust and restrategize, aka find the ‘right price’ for the neighborhood and the building’s offerings and go from there,” says Hirsch.
Revisiting the Four P’s
When leasing begins to lag, Boatwright recommends reevaluating the “four P’s”—people, price, product, and promotion—to determine what’s working and what isn’t. He adds, “It’s also important to look at the broader market. If most properties in the area are capped at 85% occupancy due to an abundance of supply, we’re not going to hit 95% like we may be achieving at high-performing communities in other parts of the country.”
Thanks to rich data and analytics, marketing and operations teams can follow along from afar, but Boatwright says that shouldn’t replace getting out in the field. “Tech can help to a point, but it can’t tell you whether a leasing agent made a connection, if follow-ups are happening, or if the energy in the community is resonating with prospective residents,” Boatwright says.
In terms of price and product, harder-to-lease units like lower levels or those with undesirable views often need incentives for associates to offer prospective residents. Hirsch adds, “In a highly competitive market, pricing is everything and leasers are looking for units and amenities that reflect the price tag. One way to overcome this is to get creative with extra incentives whether that be promoting furnished apartments or staging studios with furniture like Murphy beds to showcase the size and functionality of the unit.”
Carton says targeted incentives whether specific discounts or concessions can create urgency but also attract price-sensitive renters.
“Marketing can run limited-time promotions or highlight the dwindling availability of units to encourage prospects to make a decision,” says Carton. “The on-site team can then reinforce this urgency during tours and follow-ups.” She agrees with Block from RADCO that offering bonuses or recognition to leasing agents for successfully leasing harder-to-rent units can motivate the team.
But if monetary perks for the associates or the prospective renter don’t work, creative measures might be needed.
Getting Creative
Block shares, “New supply in the market pushes us to elevate our approach and deepen alignment between marketing and on-site operations. Our response is hyper-local and hyper-targeted: We refine paid media to focus on rent-ready availability, optimize creative to showcase value beyond price, and build urgency through focused messaging. We also enable leasing teams with battle cards, competitor insight snapshots, and refreshed talking points that differentiate us clearly,” says Block.
Rob Dinwiddie, executive vice president of marketing and management services at Landmark Properties, agrees, “The most vital role for marketing is close collaboration with the on-site teams to truly understand the property’s unique value proposition.”
For student housing, unfilled beds may present an opportunity to pursue other sources of income. “Consider reaching out to traveling faculty or university staff needing temporary housing, accommodating attendees of short-term academic programs, or exploring other nontraditional renters suitable for the property,” says Dinwiddie.
The same could be applied to traditional multifamily through the use of short-term rental options or resident guest suites. However, all can agree that remembering strong customer service while empathizing with prospects can make all the difference.
“At the end of the day, there’s no substitute for the basics: strong customer service, timely follow-ups, and creating an environment where people genuinely want to live,” says Boatwright.
“Our teams are working diligently to meet prospects where they are by understanding what their hesitations may be and positioning ourselves to offer clarity, value, and stability in a time when those things feel hard to find.”