How to Market Your Rental Property

How to Market Your Rental Property
How to Market Your Rental Property

Do you have a rental property you need to fill?

Statistics show a 6.6% rental vacancy as of the first quarter of 2020. Moving your rental property out of that statistic and into the occupied category is easier when you use effective marketing.

Keep reading to learn how to find tenants for your rental properties through marketing.

Know Your Market and Tenants

Stay current on your local rental market to understand how to market your property effectively. Is it difficult to find tenants? You might offer a special promotion to attract tenants. 

Who is your ideal tenant? College students respond to different marketing tactics than a professional with a family. Keep your ideal tenant in mind when creating advertisements and deciding where to post them.

Create an Appealing Profile

Having an accurate, appealing listing for your rental helps potential tenants decide if the property is a good fit for them. It can give you better-qualified applicants because the people who contact you know the property is what they want and need.

Invest in professional real estate photos of your rental when it’s empty if possible. Renters can see the best features of your rental and decide if it looks like what they need and want. Once you have your photos, you can reuse them each time you list the unit.

List all important details that a potential tenant wants to know about a property. Beyond the basics, such as number of bedrooms and bathrooms, describe appealing amenities that make your unit unique. Include restrictions, such as no pets, so prospects know if it’s a good fit.

Add appealing details about the community, such as nearby parks or restaurants, that help sell your ideal tenant. If you want to rent to college students, mention the close proximity to the local college campus. If you want a family to rent your property, mention parks, daycares, and safety.

Post on Multiple Rental Sites

Potential renters have lots of options for finding rentals, including Zillow, Trulia, Realtor, and Craigslist. Your community might have other local rental sites.

Some of your prospects might only go to one or two sites to look for rental properties. By listing your rental on multiple sites, you reach more people and can match up to your ideal tenant faster.

Don’t Forget Traditional Methods

Between online rental sites and social media, it seems like most marketing takes place online, but don’t underestimate traditional methods. An attractive, professional sign placed in front of the rental can help you find local prospects who work in the neighborhood. 

Word of mouth is another effective and free method for marketing your rental. If you have other rental properties, let those tenants know about the vacancy. Talk about your rental business with friends, acquaintances, and colleagues in case they know of someone who needs a place.

Social media is a quick way to spread the word about your vacancy. Post on your personal social media pages, or start business pages for your rentals so you can easily share your current vacancies.

Market Your Rental Property Effectively

Effective marketing gets your rental property filled quickly to keep your income stream going. Customize your marketing approach to fit your needs to improve your results.

Check out our archives for more useful landlord information on everything from marketing to rental legal forms.