The rental market competition is fiercer than ever. A recent report by Enterprise Community Partners and Harvard has found that more Americans have shifted to renting, rather than owning a home. With a growing amount of multifamily properties and apartment consumers, competition between property management companies and managers will grow too in an effort to attract – and retain – this new group of renters. If you’re looking to find great residents, it’s all about how you advertise. Here are five stand-out ways to attract great tenants and decrease vacancies.
1. Go Social
Social media is a powerful tool in this day and age when locating prospective residents. 73 percent of the U.S. population has a social media account, according to Statista, which is a 25 percent jump from five years ago. Post photos of the apartments you’re trying to rent out along with rent specials and availability on all of your social channels. By posting information about your properties and available units, you’ll spark the interest of apartment seekers, boost online engagement, and fill vacancies.
2. Go Digital
Having an ad on an award-winning Internet Listing Site is a great way to find qualified leads. As the go-to source for apartment hunters, it only makes sense to advertise on Apartment Finder. When you place an online ad with us, your brand is being seen not once, not twice, but three times, over the Apartments.com network of brands, all of which are backed by CoStar data. With a new, revamped website (coming soon) and a myriad of integrated marketing solutions to assist, we put you in the forefront of a large audience of prospective renters, during every stage of their apartment search. Digital advertisement is the way to go since the multifamily industry’s largest consumer base is online.
3. Create a Mobile Website
A website is a good start, but there is certainly more to expand on. Smartphones and mobile devices are sought for their online capabilities; according to a recent study, 80 percent of internet users use their phones to surf the web. It’s imperative to have a website capable of converting to mobile, or risk losing out on a large consumer audience. Are you considering adding a mobile-friendly site to your portfolio? Then consider using FinderSites, the leader in custom multifamily website development.
4. Think Local
You may be trying to lease out an apartment, but you want to sell them on the location, too. Photos of nearby parks, shopping plazas and malls, and local attractions will peak the interest of prospective tenants, as it gives them an idea of what weekend activities there are to do in your area. Website content is equally important and should include details about local places to visit, nearby restaurants and parks, and school information.
5. Know & Think Like Your Target Consumer
A firm understanding of the target consumer will help with lead generation. Multifamily that caters to a specific group, such as college students, should market their properties in a way that is enticing to customers. And what do budget-conscious students love? Free swag. Handing out freebies with a brand logo is a great way to market off-campus housing. Communities geared toward families should try sponsoring a school function or charity 5k race. It’s a great way to attract prospects as well as give back to the local community.