In at least 66% of the housing markets in the U.S., it's more affordable to rent than it is to buy a home. Renting is good for people who are new to an area, have a temporary job, or who can't afford to buy a home.
With most leases lasting a year or less, it also comes with low commitment. As a property manager, you might need to find a new tenant every year.
An empty apartment doesn't bring in any income, so finding someone to fill it is key. That means you need to know how to advertise rental property.
Read on to learn how to promote your rental properties to get high-quality tenants quickly.
Think About the Tenants You Attract
While it's not legal to discriminate against who you rent to, you can think about what kind of people your apartment usually attracts. Think about your location and who would benefit from it. Use this information to guide how you write your listing and where you post it.
If your apartment is close to a college, your tenants might be students or visiting instructors. If the apartment is near a hospital, you might attract nurses or those who need long-term outpatient care.
Stage the Apartment and Take Good Photos
It's also helpful to stage the apartment with some furniture pieces and rugs to make it look more inviting. Even if you're not offering a furnished apartment, the tenant will be able to imagine themselves living there.
A picture is worth a thousand words and that's especially true of a rental listing. To take the best photos, turn all the lights on, open the blinds, and take photos during the day.
You can also stand in the corner of the room when taking a photo to make the room look larger. Think about your framing and try to make it look as inviting as possible.
Post a Listing Online or Use Word of Mouth
The next step is to post your listing online. Most young people look online first for apartments, but it's also common among older people.
Some popular listing sites include Apartments.com, Zillow, and Trulia. You can even post a free listing on Facebook or Craigslist.
You can also talk to people you know and tell them you're trying to fill an apartment to get the word out. Don't forget about the classic 'For Rent' sign in the front yard! If you're targeting a certain group of people like university students, put up fliers on campus if possible.
Make a Plan to Advertise Rental Property Today
Knowing how to advertise rental property is a key part of being a property manager. After all, if there's no one to pay rent, you're wasting your earning potential.
That said, finding the right tenant takes lots of time and expertise. If you're looking for help managing your property, we can help. At HomeRiver Group, we offer management help to both property owners and tenants.
Contact us today to learn more about how we can help you run your property.
