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How to Attract Renters to Your Multifamily Investment Property

Posted On Tuesday, 24 November 2020 21:53

If you are the type of investor who seeks stable cash flow and extra tax incentives, purchasing a multifamily property is the way to go. The multifamily sector itself has seen consistent gains even in the midst of the COVID-19 pandemic. As positive outlooks remain, more people will want to consider entering the rental property arena starting with apartment complexes. 

The demand for rental housing is increasing among millennials and retiring baby boomers. In order to get a larger slice of these segments, it's important to provide potential tenants with incentives that will make them want to move in. You’ll want your multifamily property to stand out so you can find renters for each unit. Without the right strategies to make the property attractive, how else are you going to nurture interest, welcome renters, and enhance your income through rent?

1. Revitalize the property

Start by giving the property you just purchased a complete makeover. You can never go wrong with updating the exterior of the property by changing the wall colors, fixing any broken singles on the roof, and improving the landscaping. For the interior, you may need to update the paint job as well, replace appliances with new models, and repair glass railings with the help of Van Isle Glass. With units that look as good as new, it will be easier to stir the interest of any eager buyer.  

2. Know the best amenities to add

Many potential renters are looking to settle in places that fit their lifestyle. Millennials, for one, would prefer renting out in apartment complexes providing high-speed internet and smart technology, fitness studios, and coworking spaces. On the other hand, older renters (specifically those who are planning to downsize upon retiring) may want dog parks, walkable communities, and sports facilities. Consider adding these features which also have the potential to raise the value of the property. 

3. Reach out through social media 

Let's face it, it's hard to resist logging into our social media accounts. Platforms like Facebook and Twitter have come a long way. What started as tools that help build communities have transformed the way investors promote their rental properties. It’s difficult enough to overlook this fact since people now use social media to hunt for the best rental deals on the market. So, consider leveraging social media platforms to promote your rental units, generate leads, and allow people to see what you have in store for them.

4. Create relevant content 

You can’t convince anyone to move in if you don’t use the right messaging. Using blogs, email newsletters and social media, you can fill people in on events that are happening in the property. Make sure to add high-quality photos, get testimonials, and shoot videos of daily life in the community. All of these should you find, nurture, and convince quality tenants to move in.

The multifamily sector is going strong, but as investors continue to pour in, it’s only a matter of using the right strategies in order to keep vacancy rates low and enhance cash flow.   

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