OpenAI shook the digital marketing world with its announcement that it will be launching advertisements within the free and lowest-cost subscription tiers of ChatGPT.
At the time this is written, testing hasn't even begun. There's little information into what ChatGPT ads will actually look like, how the AI determines when an ad appears, or how marketers will even set them up.
However, Respage's recent article, "ChatGPT Ads for Apartments? IMO Not Quite Yet", did weigh in on something that all apartment marketers are paying attention to after OpenAI's announcement: How much will these ads cost?
According to OpenAI it's being reported that ChatGPT ads will begin at a cost of $60 per 1,000 impressions (or $60 CPM) which, on the surface, feels expensive. This is the initial reaction for a lot of marketers. (In comparison, Meta's ads range from $10-$15 CPM.)
But our logic and benchmarks may alleviate some of that initial sticker shock. Let's break down what ChatGPT ads could really cost apartment marketers—and why you should consider being an early adopter of the platform.
How ChatGPT Ad Prices May Compare To Other Ad Platforms
The only hard data point we have at this point is the reported $60 CPM for ChatGPT ads. But that number alone isn't the best judgement of how much ChatGPT ads will ultimately cost apartment marketers.
If you want to compare it to more traditional search marketing channels, what you really need to pay attention to is click-through rates (or CTRs). In the end, the ultimate goal is to get the user to your website (or at least, it should be), so the impression only has limited value.
If you apply a range of CTRs based on known multifamily benchmarks, you can determine a range of possible CPCs and then compare those numbers directly with a traditional ad platform like Google Ads.
So we put that to action, using the CTR of Google search ads that RentVision manages for thousands of apartment communities nationwide as a benchmark.
Estimating ChatGPT CPC at a $60 CPM
| CTR Basis | CTR | Impressions | Clicks (Impressions x CTR) |
Spend (Impressions ÷ 1,000 x CPM) |
CPC (Spend ÷ Clicks) |
| Hypothetical benchmark | 1% | 1,000 | 1,000 x 0.01 = 10 | (1,000 ÷ 1,000) x 60 = $60 | 60 ÷ 10 = $6.00 |
| Hypothetical benchmark | 5% | 1,000 | 1,000 x 0.05 = 50 | (1,000 ÷ 1,000) x 60 = $60 | 60 ÷ 50 = $1.20 |
| Google Search CTR (RentVision Data) | 9.93% | 1,000 | 1,000 x 0.0993 = 99 | (1,000 ÷ 1,000) x 60 = $60 | 60 ÷ 99 = $0.60 |
| Hypothetical benchmark | 15% | 1,000 | 1,000 x 0.15 = 150 | (1,000 ÷ 1,000) x 60 = $60 | 60 ÷ 150 = $0.40 |
If it can produce CTRs similar to our RentVision clients' Google search ads, then ChatGPT could be one of the most affordable ad platforms for apartments—despite what others are alleging.
Of course, this is all still speculative. There are many other factors that could change this from being the case.
What Apartment Marketers Should Watch Out for Before Running ChatGPT Ads
1. There may be some early volatility.
Even without knowing how testing will play out, expect there to be a lot of volatility when ChatGPT ads launch.
Like with any new advertising platform, early adopters will aggressively bid and try to maximize ChatGPT's platform. If auction mechanics exist as they do in other platforms like Google Ads, don't expect a $60 CPM to last for long—it could spike quickly.
Over time, ad pricing should normalize and segment by industry, intent, or performance. But without knowing how advertisers set up ads or how ChatGPT users will react to them, it will take a lot of time and experimentation to know if these ads are truly worth the investment.
2. A varying response from ChatGPT users.
It remains to be seen how ChatGPT users will respond to seeing ads in the platform.
Some use the tool for utility purposes while others see it as their personal companion. As with any new ad platform, some users may see paid placements of products or services as an unwanted invasion.
For apartment marketers, however, the signs are more favorable. Zumper's 2025 State of Renting Report indicates 9.8% of renters used AI tools like ChatGPT to search for apartments. They're being conversational, explorative, and diving into the details—or all the signs of a prospect with a higher intent to lease.
An ad for your apartments in ChatGPT can hit at the right moment—and it'll be interesting to see what advantage early adopters from the multifamily space could gain.
3. How qualified will traffic from ChatGPT be?
Metrics like CTR, CPC, or CPM only measure an ad's efficiency. What happens after the click, though, is equally important—and what truly determines the success of an ad.
We know you can already see organic referrals from ChatGPT to your website, but there will have to be some other indicators that segment paid traffic—right now, we don't know yet how the platform will handle that.
As long as OpenAI gives advertisers the ability to drop in UTM codes and direct users to specific pages when an ad shows, we’ll be able to measure performance beyond just CPM, just like any other platform.
Core metrics, like time on site, page views/sessions, and conversions, will still be the go-to to understand the quality of traffic and how it's impacting leasing.
Conclusion: ChatGPT Ads Could Be Cost-Effective, But Time Will Tell
Early suggestions that ChatGPT ads will be too expensive for apartment marketers are overblown at this point. If the platform can perform similarly to real apartment ads in Google at $60 CPM, then they’ll more than likely fit into your budget.
The questions that remain at this point aren't just prices—its performance. Early adopters will face a lot of volatility with their ads, so measure performance carefully, and across multiple data points.
Start small. Iterate, test, and measure. Don't just fall for the vanity metrics—go into how traffic behaves on your website and if they're becoming qualified leads and leases.