The Impact of Rebranding Your Multifamily Community
Rebranding has the ability to make something old seem new again. With the right branding techniques, you make your multifamily community stand out in your town or city. You can attract different renters and create value-add experiences for existing tenants.
Good rebranding needs to occur from the inside out. Clear attention to detail and deep knowledge of what your brand stands for can guide you to make aesthetic changes and improvements throughout your complex.
Here are six key reasons to rebrand your multifamily community and a few tips to manage the process effectively.
1. Make Your Units Feel Fresh to Renters
No one wants to feel like they are moving into a complex that is dated or neglected. While your design choices may have been en vogue when the complex was built, times change. As a result, you may have fewer applications or potential renters each month who are interested in your buildings.
Rebranding can create a fresh experience for renters. You can update your design choices to reflect modern paint colors and trends. This is the type of rebranding that our team accomplished for 500 Harbour Island, a premier 230-unit high-rise located in Downtown Tampa.
Our team used digitally printed mesh banners that overlaid against the parking lot. We also used stainless-steel reverse-lit channel letters and soft white illumination to draw attention to the name. Drivers first noticed the parking garage and then remembered the building’s name. This two-step process allows people to see the building with fresh eyes and created a sense of curiosity about the units inside.
2. Feel Authentic to the Local Market
A community rebranding can help you better connect with the changing demographics of your city. America is constantly changing, and so are her cities. In the past decade or two, a handful of cities across the country have seen dramatic demographic changes as young people flood the market. Many cities are also experiencing greater levels of diversity, family growth, and industry changes in the technological era. Are your design choices keeping up with these demographic changes?
A community rebranding can help you attract new residents to your city. Design elements like faux finishes can enhance the perceived value of your units while appealing to key demographics. These steps can keep your community relevant and booked up for years to come.
3. Achieve Higher Rental Rates
Perceived value is a major part of running a multifamily community. Condo owners will accept higher HOA fees if they feel like they are providing value to the people who live there. Renters will accept higher monthly costs if it means living in a more desirable area or living in a place with multiple amenities.
You might not have the resources to create amenities like a pool or tennis courts, but you can increase the perceived value of your community through rebranding. New colors, fresh signage, and updates to your landscaping can make your complex look newer – and therefore worth the costs. Many communities build increases to rental rates around a rebranding as a way to enter a new market that appeals to higher-paying demographics.
4. Stand Out from the Competition
Marketing is a key part of community management for multifamily buildings. Every year, there are more than 275,000 new apartment units built across the United States. The perceived value of these units is higher because renters want to be the first people to move into a space. The management firms of existing multifamily communities need to compete with these new buildings along with their other existing competitors around town.
If you can’t create new construction, consider rebranding to create the appearance of new construction. Changing your colors and signage can attract people who previously drove past your community. Monument signage can attract people from the road and bring them to your leasing office. Even an updated parking lot with clear wayfinding can create a fresh experience for guests.
5. Foster a Sense of Community and Active Engagement
Your rebranding efforts won’t just help your marketing team. They will also create a better experience for the people who live within your building or campus. For example, some property managers invest in rebranding projects as a way to make the community more inviting, to encourage an active lifestyle, or to foster a sense of shared community space. The pathways across the campus and the benches in communal areas can all contribute to these goals.
Consider how your multifamily complex contributes to the identities of the people who live there. For example, our team worked on the signage for a multifamily complex in Orlando called Urbon. Illuminated signage that used blue and white lettering invited residents to the tech-savvy property. The design of this property appealed to young renters who wanted to live in a connected space. Anyone who looks at the campus from afar can understand this key audience because of our signage and branding.
6. Change Perceptions of Your Community
A rebranding can also help if local residents already have existing perceptions of your multifamily community. A fresh brand can convince people to give your complex another try and you can leave your reputation behind with your previous name and brand choices. Along with your exterior changes, you can also highlight any improvements you make to the building to create a better, safer experience for all who live there.
Rebrand and Rethink How People Perceive Your Community
You have the power to create something new in your community without changing your existing structures. People are attracted to new things – whether they are looking for new construction or are simply curious about the new paint and signage around your building. As you develop a rebranding plan, consider ways to increase the perceived value for residents. Look at community demographics to see how they are shifting. These steps can help you update your multifamily complex effectively.
If you are ready to rebrand – or simply want to learn more about the process – we are here to help. Reach out to the team at Creative Sign Designs to request a comprehensive enterprise rebranding plan for your multifamily complex.