A Springtime Spectrum – Navigating Rental Market Trends and Strategies for the Season
Each season of the year calls for a different demographic of people who are searching for rentals. For instance, late summer may draw in a lot of students that are looking to relocate close to their college for the semester. Spring may bring about different corporate companies who are looking to house their employees for their busy season: Spring and Summer.
While winter is stereotypically the slowest time for rentals, there are still plenty of people who are searching for rentals all year long. You never know when you might get offered a new job to relocate or decide that you want a change of scenery and move to a new rental location. It is all about how you market your units and where you market them to get the most audience reach for your properties.
Determine what the Comps Are
As with every other business out there, to be sure that you are marketing your rental prices are in line with the competition. If someone is looking for a rental, they are going to see a wide array of prices and amenities. Check out the properties close to that offer the same square footage and amenities. People will always look for the less expensive option with everything, especially the place they will have to live and pay for monthly. You want to be sure that your rental price is not wildly higher or lower than the comparable rentals. If you market it too low, you risk not getting the most profit for your rental and if you market it too high, you risk not getting any leads and your rental will sit longer vacant, than if it were to be priced appropriately.
Highlight the Best Parts of Your Property
It is especially important to highlight the best parts about your rental so that potential renters can truly see what sets your unit apart from the rest of them. If you offer a pool or large patio, highlight these so that the prospective renters can outweigh which properties are looking for. Location to highly sought after places in your town is another great selling point when you are describing your rental. People love to be near parks, the downtown area and close to coffee shops, so show off your location if it applies!
Boost your Social Media Presence
Many people look to your online status such as Facebook or Instagram to see not only when rentals are offered but also to see the company culture. There are a lot of takeaways when you check out a company’s social media page. You can see if they are active in their communities and supporting their local businesses and you can also see if past tenants have left not so savory reviews. While every business is likely to have at least one unsatisfactory review- you should try your hardest to represent your company well and strive for positive reviews by giving excellent customer service.
You can start social media marketing campaigns online so that your ads get pushed to those in your area and drive more business to your page and your rentals. Even if you do not have open available rentals, it is an excellent idea to maintain frequent posting and encouraging local interactions so that if you do have available rentals, you will have built a following and community that may be interested in your units.
Remaining Flexible for Spring Renters
Occasionally you will run into corporate prospective tenants that may need a shorter lease term than the typical 12-month lease. The types of prospects may be in town for work, school or to care for a sick loved one. Staying in a hotel would be too costly and would not offer the same comfortabilities as your own home or apartment. If you are finding it difficult to find the perfect fit for your property, you may want to consider a shorter more flexible lease term. Whether you lower it to a 6-month lease or a month-to-month lease all together, you can charge more per month since you are offering that convenience to the tenant. While it may not be the most ideal option for the longevity of your rental business, at least your rental will not be sitting vacant leaking money out of your pockets.
Show off your Communities Culture
Each community has its own unique activities, businesses and most importantly – People! If you have a boastful community that offers many different activities, events, festivals, and small shops, highlight them! Having a powerful sense of community and town morale is a sought-after thing! It is hard to sell a property that is in the middle of the town that does not really do much or care for its own community. List what activities, festivals, clubs, or classes offered in your city because it could be the ticket to sealing the deal on a lease!
Mention Any Planned Upgrades
If you are planning spring upgrades to your property, be sure to include that in any advertisements that you may have and in your speaking with the interested prospective tenants. Items such as a new upgraded community area or any upgrades to the parking lot are great to mention because it shows the prospect that you really care about providing the best living experience possible for your tenants.
No matter what time of year you are trying to fill your vacant rental, taking the extra steps to insure you are giving your property the best advertising and chance to draw in more leads will do wonders!
If you are in the market for a spring rental, check out our website, we have plenty of options whether you need a short-term rental, a pet friendly one or any other rental for your needs, Goodman Properties would be happy to assist!