As a property owner, there is no doubt that attracting new tenants to your rental properties is crucial for the success of your business.
As we enter 2024, it's important to stay competitive in the real estate game and explore new ways to stand out in the crowded rental market.
Simultaneously, make sure you're also dovetailing these strategies with ways to retain your existing great tenants, so that you reduce churn and can spend more time on making your community a great place to live.
Get your place ready for modern living
Update fixtures, finishes and designs to appeal to today's high-tech tenants.
Upgrade kitchens with smart appliances and bathrooms with spa-like showers.
Don't forget good wifi and outlets everywhere.
A 2020 joint study conducted by the National Multifamily Housing Council (NMHC) and Kingsley Associates revealed a number of interesting trends that make a strong case for upgrading rental properties for modern living:
- 91.2% of residents say reliable cell reception is important.
- 44% won’t rent without it
- High speed internet, pre-installed wifi, or community wifi is very important to 91.7% of residents
- At least 63% of renters are interested in smart thermostats, lighting, and locks.
Promote sustainability features
People want to go green, and sustainability can no longer be considered a niche, according to Forbes.
Today's tenants want an eco-friendly home. Highlight insulation, energy efficiency, and recycling programs. Work with your local utility on alight bulb giveaway program. Promote paperless billing. Capture interest with terms like "green living" and appeal to health and cost saving benefits.
Provide resident perks
We'll never not advocate for adding value to the tenant experience through savings, offers, and perks. Creating a resident perks center enables you to offer move-in bundles, move-out bundles, and ongoing deals on brands that your residents need. Make it a little easier to just live comfortably when you help your tenants save.
Highlight amenities and activities nearby
Tenants want convenience. Call out parks, trails, sports leagues, and coffee shops within walking distance. Curate photos that bring the neighborhood amenities to life.
Provide local perks to area businesses so your tenants can get to know the neighborhood.
Most millennial tenants invest in long-term health and wellness, meaning owners should consider fitness opportunities within their properties.
Leverage social media and reviews
The importance of an engaging and smart social media presence can’t be overstated. In fact, data from a National Association of Realtors report revealed:
47% of real estate firms believe they got their highest quality leads from social media campaignsAlmost every millennial and baby boomer (99% and 90%, respectively) begin their home search online.An engaging social media presence can highlight the unique features of a property. Platforms like Facebook, Twitter, and Instagram allow a property owner to showcase the amenities, location, and lifestyle of their rental property.
Property owners can also use social media to build a community around their property and promote positive reviews from past tenants.
Consider perks and package dealsOffering things like a free month or credit towards utilities can sweeten the deal. These incentives can also include a discount on the first month's rent, waived application fees, or free maintenance services for a set period of time. Implementing these perks under an effective tenant benefits or perks management program can save countless hours of administrative work.
Use virtual tours
According to Zillow, nearly a quarter of recent renters did not take in-person tours. They’ve been noticing this trend since 2019, suggesting that more renters are opting for virtual tours.
This trend highlights the increased importance of creating eye-catching and comprehensive listings, along with using 3D virtual tours.
In fact, 3D virtual tours have been shown to ramp up sales by up to 14%, according to real estate firm, Limitless USA.
Update the rental application process
Streamline paperwork and make it easy for renters to apply online. According to Zillow, the number of renters who prefer to submit online applications has been increasing since 2018.
Consider soft-credit checks or co-signers to expand your applicant pool. Speed up approval times too by having documents pre-approved by your legal team.
Attracting new tenants in an ever-evolving rental landscape requires a multifaceted approach. If your units are in areas with oversupply or high churn, you'll want to focus on becoming an attractive place to live and stay in 2024 and beyond. Claim your free consultation with a resident perks expert to design your marketing program for 2024.