Rental prices have been increasing year after year throughout the United States, and they’re not showing signs of slowing down any time soon. Many property developers have also been multiplying their apartment complexes in an effort to capitalize on this trend and increase their income.
If you fall into this group, or if you are just trying to bring in more renters with your apartment marketing campaigns, it works to your advantage to know what renters are looking for when they’re shopping around.
Not sure what your target audience values most? Keep reading. Listed below are three main things that people tend to look for prior to signing a lease on a new rental.
It’s safe to say that nobody wants to spend more on rent than they have to. Renters are always going to look for the most affordable price when they’re on the hunt for a new apartment.
Even though renters typically want the most affordable price possible, they also realize that there are trade-offs associated with paying less in rent. For example, properties with cheaper rent tend to be located in less convenient locations. The apartments may be of a lower quality, too, and they might be less secure.
When you’re putting together your apartment marketing campaigns, it’s important to strike a balance between making your properties look more affordable while also highlighting their other positive elements (it’s in a great location, it has nice amenities, etc.). Luckily, there’s a trick you can use to make your apartment look like the most affordable option in there.
To make your apartment look more affordable, list the least expensive unit online first. If you have any kind of promotional options available, mention those along with this listing.
When you do this, the lower price will get people in the door and get them interested in checking out your property. Then, you can close the deal by showcasing some of the other aspects that make it a good choice, such as security or the schools nearby.
Location matters a great deal to renters, too. This is true both for professionals and for people who have families.
Everyone is looking for something different out of their apartment’s location. In general, though, the following factors will play at least a small role in a persons’ decision to rent a specific property:
● Grocery stores
● Other shopping
● School districts
When you’re creating listings for your apartment, be sure to talk up these things as much as possible. Think about the area in which the apartment is located and consider which things will be most appealing to your renters.
For example, is your property located in an area with lots of great schools? If so, mention that in your listing. Talk about the nearby stores, too, and list a variety of options (grocery stores, pharmacies, shopping centers, auto repair shops, etc.) to attract more people.
Focus on stores, restaurants, and other potentially enticing locations that are within a few miles of the property. If you start mentioning places that are far away from the apartment, people might feel duped when they actually arrive to take a tour.
Keep in mind that most renters realize there is a trade-off between location and price. When they rent a property in a location that has lots of shopping or a great school district (or both), most people are willing to pay (or at least accept that they will likely have to pay) a higher rental price.
If you can do a good job of promoting the location of your property, you won’t have to worry as much about listing apartments at the lowest price possible.
People also want to know what kind of quality they’re getting in exchange for their hard-earned money. If they’re going to spend a significant percentage of their income on rent each month, they want to experience a certain level of comfort, too.
The following are some of the specific factors that people look for when they’re considering renting a specific apartment:
● Management Quality: What do people have to say about the folks who manage your properties? This might include you, as a landlord, or the team that you hire to maintain your apartment complex and manage the front desk.
● Security: What steps have you taken to keep the apartment secure? Do you have a doorman? Security cameras?
● Apartment Amenities: Are there any amenities that everyone in the apartment complex can use (a swimming pool, hot tub, office space, fitness room, clubhouse, etc.)?
● In-Unit Amenities: Popular in-unit amenities include things like new appliances, in-unit washers and dryers, security systems, smart thermostats, and new upgrades or renovations that modernize the unit
Consider which of these factors apply to your units. Then, be sure to emphasize those features when you’re creating listings for your apartments and fine-tuning your apartment marketing strategy.