The popularity in apartment living is rising. So much so that the U.S. needs to add 4.6 million new units before 2030 or risk facing a shortage.
If you’ve considered getting into the apartment rental business before, there’s never been a better time than now. With all this demand for apartments, you shouldn’t have a hard time renting out apartments. If you do, then you must not be taking the proper apartment marketing steps.
Keep reading to discover how to rent out an apartment and succeed in your business ventures.
Wondering how to rent an apartment out? The first step you need to take is to advertise locally.
Start by placing an ad in your local newspapers, even if it’s only a cheap classified ad. A simple ad that states something like, “looking to rent my apartment out for cheap, please call,” can be enough to catch someone’s attention. Have this run in as many local publications as you can think of.
Then, make sure your apartment complex has both a social media presence and website. You can use these outlets to advertise any vacancies for free.
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Finally, always make sure you put a “For Rent” sign in front of your building with a contact number.
Enlist the Help of a Professional
Wanting to rent out apartments with as little effort as possible? If so, you’re going to need the help of an apartment marketing consultant.
These professionals know the ins and outs of the local apartment realty market. You’ll pay them a small fee, and they’ll work their magic to quickly fill your vacancies. Hire one for a short period of time until your vacancies are full, or keep one on retainer for whenever a vacancy occurs.
They’ll work hard to create a unique marketing plan for your business. They know exactly what amenities to focus on and who to seek out as your target clientele. After a while, you may learn enough from them to do the work on your own.
Always Respond Quickly and Screen Potential Tenants
You already know that renting your apartment isn’t always an easy task, but your own actions could be jeopardizing your efforts. There are two major mistakes you can make when filling apartment units — not responding quickly and failing to screen potential tenants.
When someone is looking for a new place to live, logically they look at multiple options at once until they decide on the right one. When a potential tenant reaches out for more information or requests a tour, not responding quick enough can lose you their business. You want to respond just as quickly, if not quicker, than any other complexes they’re reaching out to.
But you don’t want to get too hasty and rent out your apartment to just anyone. Failing to screen potential tenants can lose you a lot more money than if the apartment sat empty for a few weeks waiting for the right tenant. You want to make sure every tenant has the financial means to pay on time and has a good rental history.
Now You Know How to Rent Out an Apartment
Using these three tips, you now know how to rent out an apartment.
Start by increasing your own local advertising efforts, you may just need to get your apartment vacancies in front of more people. If this doesn’t work, consider hiring a professional apartment marketer to work their magic. Finally, make sure you’re responding quickly and screening potential tenants.
Are you completely new to the apartment rental business? If so, head over to the How-To section of this site for more great content like this to make your business profitable.