{"id":7040,"date":"2021-09-29T13:00:53","date_gmt":"2021-09-29T18:00:53","guid":{"rendered":"https:\/\/www.realtyhop.com\/blog\/?p=7040"},"modified":"2022-03-01T21:44:25","modified_gmt":"2022-03-02T02:44:25","slug":"tips-for-finding-new-renters-for-your-multi-family-property","status":"publish","type":"post","link":"https:\/\/www.realtyhop.com\/blog\/tips-for-finding-new-renters-for-your-multi-family-property\/","title":{"rendered":"Tips for Finding New Renters for Your Multi-Family Property"},"content":{"rendered":"

\"\"<\/a><\/p>\n

Investing in multi-family properties can be very lucrative, when done correctly. In fact, <\/span>according to the CBRE, the average yield from multi-family property ownership was 9.75 <\/span>percent between 1992 and 2017. During this twenty-five-year period, multi-family property <\/span>ownership outperformed the stock market (as measured by the S&P 500) and attracted a host <\/span>of new investors.<\/span><\/p>\n

However, though it is clear that multi-family property ownership can help you earn a significant <\/span>income, your future income is by no means guaranteed. In order to maximize the earnings <\/span>potential of your property, you will need to overcome a variety of property-specific challenges.<\/span><\/p>\n

One of the most common challenges faced within this industry is finding renters to fill your <\/span>property. This particular challenge has become greater over the past few years, with the <\/span>COVID-19 pandemic causing many people to change where they live. If you want people to rent <\/span>in your specific property\u2014rather than one of the many alternatives available\u2014you will need to <\/span>be proactive.<\/span><\/p>\n

Below, we will discuss some of the most effective strategies you can use to find more renters. <\/span>By increasing your occupancy rate and decreasing the amount of time that lapses between <\/span>tenants, you can improve your outcomes as a property owner.<\/span><\/p>\n

Use Multiple Listing Sites<\/span><\/h2>\n

When people need to find a new place to live, the first place they turn is usually the internet. <\/span>The internet is what enables them to compare many different properties, quickly gather facts, <\/span>and begin creating a shortlist of places they would possibly consider living.<\/span><\/p>\n

Utilizing an apartment listing platform, like RentHop<\/a>, can help you increase your digital <\/span>exposure and find new renters. These platforms make it easy for prospective renters to find <\/span>available properties and learn about their basics (square footage, features, location, etc.). By <\/span>listing across multiple different platforms, you can significantly increase the chance that <\/span>someone who is ready to rent will stumble across your property.<\/span><\/p>\n

Establish a Social Media Presence<\/span><\/h2>\n

Within the broad realm of \u201cThe Internet\u201d, social media, undoubtedly, plays a very significant <\/span>role. Property owners that want to reach a wider audience can now use social media\u2014both <\/span>paid and unpaid\u2014and increase their digital footprint.<\/span><\/p>\n

Instagram<\/em> is a great place to begin your social media campaign due to the fact that the app <\/span>itself is so image centric. But other places you might want to consider building out your web <\/span>presence include Facebook, as well as less \u201cconventional\u201d social media platforms like Twitter, <\/span>LinkedIn, and SnapChat. Creating a broad, diversified social media presence will increase the <\/span>visibility of your property and give you myriad opportunities to showcase your best features.<\/span><\/p>\n

Invest in Additional Amenities<\/span><\/h2>\n

If you\u2019re not in a position where you can feasibly lower rent, what you might want to consider <\/span>doing is enhancing the total \u201crental package\u201d. For most property owners and property <\/span>managers, this is usually means investing in additional amenities and increasing the value of the <\/span>property as a whole.<\/span><\/p>\n

There are many amenities you might want to consider adding\u2014and if your property has many <\/span>different units, you can usually get a better return on your investment. A pool, a gym, an <\/span>outdoor recreation area, parking, basic services, and other in-demand features can help attract <\/span>possible renters that might have otherwise overlooked your property.<\/span><\/p>\n

Research Your Competitors<\/span><\/h2>\n

If you own a rental property, it is a good idea to familiarize yourself with your \u201ccompetitors\u201d or, <\/span>at the very least, with the properties that are relatively similar to your own. Conducting <\/span>thorough competitor research will be especially helpful when it comes time to create a pricing <\/span>model for your renters.<\/span><\/p>\n

If your property\u2019s proposed rents vary by more than ten percent from your competitors (in <\/span>either direction), consider asking yourself why. You should also take a look at the sorts of <\/span>amenities these competitors offer, where their properties are located and, if possible, try to <\/span>determine the properties\u2019 occupancy rates.<\/span><\/p>\n

Offer More Flexible Terms<\/span><\/h2>\n

When renters have many different properties available to choose from, they are more likely to <\/span>be deterred by relatively small issues. By increasing your flexibility, you can establish a more <\/span>mutually beneficial relationship with these returns and will be less likely to turn them away.<\/span><\/p>\n

There are quite a few ways you can make the rental terms more agreeable. Being flexible with <\/span>the move-in date, decreasing the security deposit, allowing a month of rent to be deferred, and <\/span>other options will make people much more likely to want to rent from you.<\/span><\/p>\n

Create Special Promotions<\/span><\/h2>\n

The rental cycle<\/a> is usually very cyclical, with summer typically considered the busy season and <\/span>winter considered the slow season. To help smooth cash flows and make the flow of new <\/span>renters less volatile, many property owners will create special promotions throughout the year.<\/span><\/p>\n

Offering discounted rent for the six months is a great promotion that will inspire many renters <\/span>to sign their lease today. Other possible promotions include an off-season promotion, a part-<\/span>year leasing special, refer a friend specials, and many more. Having a limited window for these <\/span>specials will also help create a sense of urgency.<\/span><\/p>\n

Hire a Property Management Team<\/span><\/h2>\n

As an investor, you may have hoped that property ownership would be a simple \u201cmoney in, <\/span>money out\u201d operation. Unfortunately, this is not always a case. For a property to be profitable, <\/span>it needs to be effectively managed. The question that remains is who, exactly, will be the one <\/span>that\u2019s left in charge of the management.<\/span><\/p>\n

Hiring a property management team can help you avoid some of the tedious tasks involved <\/span>with property ownership, such as the constant need to be finding new renters. They\u2019ll also help <\/span>manage the communications with these renters, along with most other elements of owning the <\/span>property. Though the team will need to be paid (and thus, decrease your short-term bottom <\/span>line), many property investors find these teams to be worth the investment.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing in multi-family properties can be very lucrative, when done correctly. In fact, according to the CBRE, the average yield from multi-family property ownership was 9.75 percent between 1992 and 2017. During this twenty-five-year period, multi-family property ownership outperformed the stock market (as measured by the S&P 500) and attracted a host of new investors. […]<\/p>\n","protected":false},"author":14,"featured_media":7047,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[4],"tags":[],"yoast_head":"\nTips for Finding New Renters for Your Multi-Family Property - RealtyHop Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.realtyhop.com\/blog\/tips-for-finding-new-renters-for-your-multi-family-property\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tips for Finding New Renters for Your Multi-Family Property\" \/>\n<meta property=\"og:description\" content=\"Investing in multi-family properties can be very lucrative, when done correctly. 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