Whether you're a property manager, private-owner or budding real estate salesperson, there are simple, tried-and-true methods to help lease your apartment units. These are the most common ways to ensure units rent out quickly and easily at top market prices:
Updates & Upgrades
Younger renters don’t want to endure older-conditioned materials in their apartments and, in larger markets, three-in-four residents are willing to pay higher rents for added conveniences. These include high-speed internet, pre-wired flat-screen TVs, in-unit washer and dryer machines and online rent payment options like Domuso, as well as top building features such as secure access, fitness amenities, smart home offerings, inviting landscaping and additional parking spaces. =
Upgrading a unit’s curb appeal doesn’t only rely on updating it with the latest technologies. Swapping out the carpet for laminate wood floors and replacing inexpensive countertops with cost-effective stone materials can go a long way to securing and maintaining satisfied renters.
Attracting the Right Prospects
There is no shortage of ways to list your available units. Between the swarm of paid renting sites and free rental listing apps, coupled with print ads and display ads, there are a myriad of ways to advertise available units for rent. Unfortunately, that’s also the problem for property managers: too many options, not enough budget and no direction of where to begin or end.
These are the primary steps needed to effectively market and lease your units at top market prices:
- Develop keen neighborhood expertise. Learn your surroundings- schools, businesses, major streets, etc- and determine whether any or all of those hold value.
- Determine the current status of demand vs. supply. Use the same websites or mobile apps where you are already advertising available units to perform a price comparison on comparable properties and adjust to the overall supply and demand for that area.
- List Top features for the area. Prioritize the desirable selling points for both the unit and the property for that particular market. For example, if finding parking spaces is an issue in the property’s neighborhood, highlighting the availability of secure parking may be one of the top selling points. Alternatively, if the neighborhood is largely comprised of older rental units, highlighting granite countertops or high-speed internet may be more of a sought-after feature.
- Create a captivating listing. Immediately get on a potential renter’s shortlist through polished photos of the unit and augment that through enticing wordplay using your recently gained knowledge of comparable units and your property’s top features.
- Utilize the most active listing sites and apps. Here’s where the real magic happens. Create new listings with the description and list of selling points on quality free sites, including Craigslist and Nextdoor, while simultaneously listing on demo-targeted paid sites such as Apartments.com, Realtor.com and zillow. Then partner with regional listing companies (i.e. CoStar and Pacific Listings in the Greater Los Angeles Area) to reach a wider geo-targeted audience that will generally cost a portion of the first month’s rent only after the unit is leased out.
Don’t solely rely on making your unit prettier and targeting the right people.
Partnerships with surrounding businesses to offer “community experiences” in “resident welcome packages” can provide new residents with a variety of benefits such as discounts at local grocery stores, gift cards at restaurants and/or discounts at other locales, such as gyms, spas, dry cleaners, and other local businesses. This will not only help persuade prospective renters into choosing your building but also strengthen your property’s rapport with the local economy while positioning it as one of the most desirable in the neighborhood.