You’ve just renovated your apartment income property, and you can’t help but beam with pride when you look at your work of art. But now, it’s time to rent out your apartment—and the sooner, the better.
Research shows that nearly 60% of the United States’ 100 largest cities have witnessed increases in rent month over month during the past year. In other words, it couldn’t be a better time to be a landlord from a financial perspective.
The question is, who exactly should your target audience be for your rental property? Here’s a rundown on how to determine who should be on the receiving end of your apartment marketing efforts.
How to Find Renters: Visualize Your Apartment’s Target Demographic
Figuring out your apartment’s target demographic can be a challenge when you consider that certain amenities appeal to different types of renters. In addition, renters look for rentals differently, so it’s critical that you alter your marketing approach based on whom you are trying to attract.
For instance, millennial renters typically look for apartments on the Internet. They also look for vibrant areas featuring affordable places, and they value feeling as though they are part of a strong community. Baby Boomers, on the other hand, often look for classified ads and signs that say “for rent,” in addition to searching for apartment homes online. In addition, they value living in safe neighborhoods.
Factors to Consider When Planning Your Apartment Marketing Strategy
If you’re wondering how to find renters, you should take into consideration several factors to make sure that you’re attracting the right apartment residents. These factors include the following:
- Family or marital status
Note that you shouldn’t be narrowing down the people you will rent to, as this is discriminatory. Rather, you should simply be fleshing out your ideal apartment residents. These are the people you should visualize when you’re writing your property listing and completing other apartment marketing tasks, like creating a slideshow for social media.
Students as Apartment Residents
As a general rule of thumb, students will look for apartments that come with three or more bedrooms, as they can fit in more fellow students to save on costs. In addition, is your apartment within walking distance to a university campus, or is it near a bus stop?
If you’re interested in targeting students in your apartment marketing, your complex should also be near nightlife and shops. In addition, it should ideally be fully furnished with items that are inexpensive and relatively simple to replace. Secure storage for bikes would be an added bonus.
Pros and Cons of Targeting Students
If you’re wondering how to find renters and you’re thinking about pursuing students, the great thing about this demographic is that tenant changeover is predictable every school year or semester (depending on if you offer long or short-term leases). In addition, parents may serve as guarantors, and they might pay six months’ worth of rent upfront.
The cons of renting to students? You may end up with messes, parties, and careless behavior. As a result, you might incur heftier maintenance costs long term. However, if you educate students on how to care for your property and warn them that they will lose their deposits if they damage anything, this may help.
Young Professionals as Apartment Residents
A young professional typically looks for an apartment with one or more bedrooms that is fully furnished. These professionals also value rentals that are no more than 10 minutes from bus stops, for example. Reasonable rent rates are also high on the priority list for this demographic.
Pros and Cons of Targeting Young Professionals
Young professionals are generally responsible. However, as with students, you may need to educate them on their responsibilities when it comes to not damaging your property.
Young, Professional Couples as Renters
Your community may work for a young professional couple if it features apartments with one or more bedrooms and is a few minutes away from a train station, for example. You should also provide adequate parking spaces for these renters. In addition, offering furniture that is up-to-date may help to draw them in, although they still may be interested in buying their own home.
Pros and Cons of Targeting Young, Professional Couples
The benefit of targeting these individuals during apartment marketing campaigns is that they likely have enough income to pay rent easily. On the flip side, they may be demanding, and if they decide to split up, managing the fallout may be difficult on your end. Also, these professionals may not stay in your apartment long, as they are often interested in buying homes to live in long-term.
Young, Professional Singles as Renters
Your apartment property may be a fitting option for a young professional who is single if you can offer him or her an apartment home that has at least one bedroom and, again, is near public transportation. As mentioned earlier, having a parking space is also important to members of this demographic.
With these professionals, mid-range furniture will likely suffice, although they may bring their own. In addition, single individuals who would like to share their apartments with other people may look for apartments with bedrooms that are equal in size, as well as two bathrooms. Outdoor space is also an amenity they may enjoy. Furthermore, security and privacy may be especially important.
Pros and Cons of Targeting Young, Professional Singles
These are usually some of the best tenants, as they have a tendency to look after properties well. You may also find them to be respectful—yet another reason to target them in apartment marketing campaigns. Of course, you may run into challenges if their partners move in without your consent.
Families as Renters
If your apartment building has units with two or more bedrooms, you are in a good position to target families during your campaign efforts. An added bonus is if your apartment building has a garden (or space for a garden) as well as child-friendly park nearby. You may also want to offer storage for scooters or bikes on your property, along with parking spaces for families.
Note that the best apartments for families are those with no stairs or only a few stairs leading up to the front door. Also, you might want to keep your apartment unfurnished, as families typically have furniture already.
Pros and Cons of Targeting Families
The benefit of choosing families to be the focus of your apartment marketing is that they are very stable. In addition, they often stay in one place for a long time so that their children can continue to attend the same school. The downside of families? Young children and pets may cause costly damage to your units.
Target the Right Audience Today!
If you have apartments you’re ready to rent out, now is a smart time to start visualizing your target audience by implementing the above-mentioned steps. Read my text, Best Ever Apartment Syndication Book, to find out more about how to find renters and make sure that you are attracting the right types of apartment residents.Disclaimer: The views and opinions expressed in this blog post are provided for informational purposes only, and should not be construed as an offer to buy or sell any securities or to make or consider any investment or course of action.