Tailoring Your Rental Property for a Specific Demographic
In life, different people want different things. Everyone knows that. And the same can be said for prospective tenants eyeballing your rental property. While there’s nothing you can do to make everyone fall in love with your property, there are certain steps you can take to appeal to a larger portion of people. But before you can do this, you need to identify your rental demographic, or who you’re most likely going to be renting to, as this will dictate some of their preferences regarding rental property - and your property, specifically.
Identifying Your Demographic
With most rental homes, owners/landlords have a pretty good idea at the very beginning about who their target demographic is. Some of these target markets may include young families, older individuals, or college students, all of whom are going to require different things to make the property “just right” for them. Usually, the two most important factors for tenants when making their housing selection are location and property features. These two items can also help you identify your demographic. For instance, if your property is located near a college campus, you might want to tailor the home to appeal to college students. If it’s in an area known for great schools, making it more family-friendly might be your play. Whatever the case, it’s important that you pinpoint a particular segment of the population who you believe is most likely to rent your property, so you can take measures to attract those people.
Once you’ve ID’d your demographic, you can make any necessary changes to make your property more appealing to that particular group. I’m not suggesting you completely renovate a home or do anything major, but there are small things you can do that will make your property stand out. Let’s say that millennials are your target market. At the risk of generalizing, I can tell you that there are a few things that most millennials look for in a property. Energy-saving appliances, recycling programs, and large kitchens good for entertaining are a few of those features. If you can make any of these a reality at your property, your chances of attracting your target demographic will be increased, hopefully resulting in a leased unit in a short period of time.
Your marketing strategy should also be aligned to the appropriate demographic. It should go without saying that your ad should highlight the features that will most appeal to your target audience, but there are other way to purposefully market to a particular demographic as well. Using the examples of millennials once again, a good strategy would employ the use of social media marketing through a variety of platforms. You also might consider hosting an open house, where people can stop in and see the home in a more casual setting. Newspapers, flyers, and websites such as Craigslist are also great ways to reach people. The bottom line is to use as many different avenues as you can, keeping your demographic in mind as you market.
If you hadn’t previously considered the importance that demographics can play in getting your rental unit occupied, it’s time to think about it. While some things, such as location, cannot be changed, there are other ways you can make your property more attractive to the people who are most likely to rent it. And what does that mean? It means more money in your pocket, as attractive properties are leased properties.