Why Multifamily Marketers Should Wait
ChatGPT Ads for Apartments
ChatGPT is starting to offer advertising, and while that isn’t surprising, the early details matter, especially for anyone used to the sheer number of metrics available on platforms like Google and Meta Ads.
Based on what’s been shared so far, pricing appears to be around $60 per 1,000 impressions (CPM). That immediately puts it on the higher end of most digital ad platforms. For context, that’s well above what many apartment advertisers pay on Google, Meta, or other established networks.
What Metrics Will Apartment Advertisers Get from ChatGPT Ads?
Early indications are that available reporting will be minimal. Advertisers should expect access to only high-level metrics, including:
- Impressions
- Clicks
- Possibly basic engagement signals (for example, whether an ad was viewed or interacted with in a simple way)
What’s notably missing to start:
- No clear attribution to conversions, like apartment contact form submissions or leasing office calls
- No granular targeting or optimization feedback
Basically, you can pay to be seen, but you won’t really know what that visibility turns into, other than what you can track in Google Analytics yourself.
Since OpenAI says they don’t intend to share user data, I’m not sure how it’s going to get better from here.
That doesn’t make it useless, but it does make it very different from the apartment advertising most multifamily marketers are using today.
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How ChatGPT Ads Compare to Google Ads for Apartment Communities
When multifamily marketers manage Google Ads for apartment communities, the focus is on outcomes that actually matter to property performance:
- Leasing office phone calls
- Contact form submissions
- Scheduled apartment tours
- Completed rental applications (where trackable)
Because these actions can be tracked, campaigns can be optimized based on real apartment leasing performance data.
Even with a stricter, results-focused approach optimizing for apartment leads and scheduled tours rather than impressions, industry benchmarks show average CPMs in the $20-30 range during slower leasing periods. That’s significantly less than the estimated $60 cost of ChatGPT advertising, and it’s on a platform where attribution and optimization tools are mature and transparent.
Point blank: Successful apartment marketers aren’t optimizing for impressions at all.
The Bottom Line for Multifamily Advertisers
I think AI brings a wave of new opportunity and it’s genuinely exciting to see ChatGPT offer advertising.
That said, at $60 CPM with very limited reporting, this looks like a channel best suited right now for true trailblazers, property management companies willing to experiment without clear performance feedback and absorb higher costs in exchange for being a first mover. It also might be worth trying for apartment lease-ups with substantial marketing budgets and room for experimentation.
For most apartment advertisers, especially those who care about measurable leasing results and efficient budget allocation, established platforms like Google still offer better economics, better data, and far more control, at least for now.
ChatGPT advertising is worth watching closely as the platform matures and reporting capabilities expand. It just isn’t a practical replacement for proven apartment advertising channels yet.
What Multifamily Marketers Should Do Now
If you’re curious about ChatGPT ads:
Wait and watch – Let early adopters work through the learning curve and share their results
Prioritize proven channels – Continue investing in platforms where you can track apartment tours, applications, and lease conversions
Set aside experimental budget – If you have the resources, allocate a small test budget (5-10% of total ad spend) to explore new platforms without risking core performance
Demand better metrics – As the platform evolves, advocate for the conversion tracking and attribution tools multifamily marketing requires
The apartment industry has unique needs when it comes to digital advertising, long consideration cycles, high-value conversions, and the need to track prospects from initial interest through lease signing. Until ChatGPT ads can support that journey with transparent data, multifamily marketers are right to remain cautious.
Source: Multifamily Insiders
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