35% Pre-Leased, 58x Marketing ROI For Market-Rate Apartments
35% Pre-Leased, 58x Marketing ROI For Market-Rate Apartments
35% Pre-Leased, 58x Marketing ROI For Market-Rate Apartments
Client
BNS Real Estate, WonderWorks Construction
Developer
WonderWorks
WonderWorks
Location
Greenpoint, Brooklyn, NY
Greenpoint, Brooklyn, NY
Class
A
A
Units
80
80
Timeline
Dec 2021 – Sep 2022
Dec 2021 – Sep 2022
Project Brief
30 Kent Street is an 80-unit, ground up, mixed-use rental building on the Greenpoint waterfront. The 56 market rate apartments range from studios to 3 bedrooms - priced $3,000-$10,000/mo.
Project Brief
30 Kent Street is an 80-unit, ground up, mixed-use rental building on the Greenpoint waterfront. The 56 market rate apartments range from studios to 3 bedrooms - priced $3,000-$10,000/mo.
Why was 30 Kent hard to lease?
Six competing buildings nearby were in lease-up at the same time, Greenpoint was less known than Williamsburg, and tours and lead generation had to start while the building was still under construction.
Challenges:
Six competitive buildings in the local area were also in lease-up.
The location was still "up and coming" and not as well known as Williamsburg.
Project was still under construction during tours and lead generation.
Why was 30 Kent hard to lease?
Six competing buildings nearby were in lease-up at the same time, Greenpoint was less known than Williamsburg, and tours and lead generation had to start while the building was still under construction.
Challenges:
Six competitive buildings in the local area were also in lease-up.
The location was still "up and coming" and not as well known as Williamsburg.
Project was still under construction during tours and lead generation.
How did 30 Kent reach 35% pre-leased and a 58× return?
By giving 30 Kent Street a distinct identity, with sub-identities for its amenity spaces, clearing up renters’ confusion with Kent Avenue in Williamsburg, and launching a guerrilla campaign during construction.
During our competitive analysis, we uncovered an opportunity to differentiate 30 Kent Street's amenity programming and create sub-identities for the amenity spaces. This was in stark contrast to the "laundry list" of amenities that our competitors marketed.
Our market analysis revealed renters' confusion between Kent Ave in well-known Williamsburg and Kent Street in Greenpoint. During early construction, we launched a guerilla brand awareness campaign on the streets of Brooklyn and Lower Manhattan to create awareness about Kent Street, Greenpoint.
How did 30 Kent reach 35% pre-leased and a 58× return?
By giving 30 Kent Street a distinct identity, with sub-identities for its amenity spaces, clearing up renters’ confusion with Kent Avenue in Williamsburg, and launching a guerrilla campaign during construction.
During our competitive analysis, we uncovered an opportunity to differentiate 30 Kent Street's amenity programming and create sub-identities for the amenity spaces. This was in stark contrast to the "laundry list" of amenities that our competitors marketed.
Our market analysis revealed renters' confusion between Kent Ave in well-known Williamsburg and Kent Street in Greenpoint. During early construction, we launched a guerilla brand awareness campaign on the streets of Brooklyn and Lower Manhattan to create awareness about Kent Street, Greenpoint.
58x Return On Marketing Spend
Through effective strategy and positioning, we built a robust funnel that generated 1067 Leads, 217 Tours, and 56 Signed Leases for a 58x Return on Marketing Spend.
35% of Units Pre-Leased Prior to Launch
We generated unprecedented interest in a lesser-known neighborhood with our innovative guerilla marketing campaign, Pre-Leasing 35% of units prior to launch, 10% higher than our target.
$37 Cost per Lead, $715 per Lease
Through the lead generation program we achieved 20% Lead to Tour Conversion and 5.25% Lead to Lease Conversion increasing ppsqft $90 at full occupancy, $20 higher than our target.
58x Return On Marketing Spend
Through effective strategy and positioning, we built a robust funnel that generated 1067 Leads, 217 Tours, and 56 Signed Leases for a 58x Return on Marketing Spend.
35% of Units Pre-Leased Prior to Launch
We generated unprecedented interest in a lesser-known neighborhood with our innovative guerilla marketing campaign, Pre-Leasing 35% of units prior to launch, 10% higher than our target.
$37 Cost per Lead, $715 per Lease
Through the lead generation program we achieved 20% Lead to Tour Conversion and 5.25% Lead to Lease Conversion increasing ppsqft $90 at full occupancy, $20 higher than our target.
Service used
Multifamily digital advertising
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As featured in
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This was a really fun experiment in creating an effective brand in both the digital and physical realms. We had the privilege of being involved with the project from day one with our hands in everything from amenity planning through building signage, allowing us to create a really cohesive message across all visual and marketing assets. The guerilla marketing posters were the cherry on top presenting an awesome opportunity to deliver a creative approach to the Kent Street vs. Kent Ave confusion.
- Sophie Schneider, Creative Director
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Hi! Let's Lease Up Your Property
Hi! Let's Lease Up Your Property
Schedule your consultation today to maximize occupancy and boost revenue.
Hi! Let's Lease Up Your Property
Schedule your consultation today to maximize occupancy and boost revenue.
Hi! Let's Lease Up Your Property
Schedule your consultation today to maximize occupancy and boost revenue.
