Most metropolitan area multifamily homes are experiencing record occupancy rates. Here are four tips that can help you successfully navigate this trend, market your property to new tenants, and retain current tenants.
- Retain current residents. Are you trying to retain residents? If so, you need to ensure that your property offers what your residents want (and need). This can be accomplished by providing services that can improve or add value to a unit after renewal. For example, offer residents a free deep cleaning from a professional service when they sign a renewal. Or take on an upgrade project to update kitchen fixtures or appliances. These small changes can help you retain and delight your residents while adding additional value to your property.
- Invest in and improve your properties. The renters of today want different amenities compared to the renters of yesterday. By proactively surveying both prospects and residents, you can uncover what they’re seeking, from bocce ball courts to heated pools, outdoor community areas to walking trails. Whether you’re updating an older community or adding features to a blueprint for a new building, you can drive higher value to current and future residents by highlighting your offerings in your listings and marketing materials.
- Reach new renters. Do you know who your ideal renters are? Take time to develop your target buyer personas, whether they may be young professionals, students, seniors, or a combination of several categories. The process of creating these personas can help you correctly message to and draw your ideal renters to your property. Use the information you uncover to update both your marketing materials and your online listings. Make sure your images in particular appeal to your target market’s wants and needs.
- Keep your rents competitive. To maintain high occupancy, check in with other properties in your market to determine that your rent rates are appropriate and in alignment with the competition. Make allies not foes by keeping a good relationship with fellow property managers. Call them regularly to find out details about their updated specials and pricing.
For additional assistance, look into reports from organizations such as the national or local builders’ association. Are new multifamily communities being constructed in your area? Is there a new local development that could make your current property more favorable to prospects? What local or national trends are being predicted for the next year?
When vacancies are low and occupancy is high, evaluate what’s going well in your properties – and where adjustments can be made. Don’t forget to manage your marketing budget carefully during this time, and always keep an eye toward market shifts that may be just around the corner.