Landlords  

How to Make Your Rental Unit Stand Out in a Competitive Building or Neighborhood

 

When prospective tenants are shopping for a place to live, they want to get the best place for their budget. Although motivating factors can be personal, the reasons for choosing an apartment can include location, property upgrades, rent and utilities that are included in their monthly rent.

Use these strategies to make your apartment stand out from the pack.

1. Create an Ambience of Fine Living

Keeping the apartment clean and in good structural and physical condition can be the first way to get a nod from a prospective renter. When they see photos or walk through the apartment, they want to see clean appliances, clean bathrooms and painted walls. The first impression will be a lasting one.

2. Include Some Extras

 

Whether it’s reducing your rent, decreasing a security deposit, including a parking spot or throwing in a free month of rent with a 2-year lease, when you sweeten the deal for a renter, they’ll appreciate it. For example, if they are choosing between 2 units in the same building and you offer $50 less a month in rent, that may be the selling factor to securing a new tenant.

3. Upgrade Appliances and Refresh the Rooms

 

Adding new carpet, repainting rooms and upgrading appliances can raise your rental game. In competitive buildings, the address is the same, but creating a better and more modern living space could be the leverage you need. It may seem like it’s costing you more, but it’s truly a long-term investment. Keeping an apartment rented with a responsible tenant is worth the extra effort and expense.

4. Polish your Landlord Skills

 

Reassuring the tenant that you are accessible and responsive can give you great leverage. Renters want to know that you will respond in a timely fashion should they need to reach you. You can also mention that you have service contracts for appliances, and that an exterminator is on call should they need one. This peace of mind could sway a renter to choose your property.

5. Direct the Renters to Online Reviews

 

Objective reviews are probably the best way that renters can learn a bit about the living environment and what the landlord is really like. If you have good relationships with your tenants, encourage them to share their experiences by giving you candid reviews. Having positive reviews can be a determining factor between your property and others that are comparable. Sometimes, there are intangibles that will motivate renters to choose one place over another.

Make Your Property Stand out

There are several ways to set your apartment ahead of the competition. Some strategies include monetary incentives, touting your landlord reputation, upgrading the property and striving to make the showing very positive. With these creative strategies, your apartment can truly stand out and be more enticing. It’s not expensive or difficult to do; it just takes planning, organization and a little extra effort.