Dayton, OH, is one of the nation's priciest places to rent a 1-bedroom apartment, according to a report published by NBC's local affiliate, 2 News. Rising rents mean strong rental demand, but this isn't always the case. From time to time, the rental housing market will cool down, making it difficult for landlords to fill their rental properties with tenants.
When that happens, only a good property marketing strategy will help you attract tenants and maintain a high occupancy rate. This article dishes out some of the most effective marketing strategies Dayton landlords can use to reel in renters.
Read on!
Know Your Target Market
People of all ages call Dayton home. So, when you set up a rental business here, you naturally expect to get tenants from various demographic groups.
In the real sense, though, your property has a specific target market. If it's in a student neighborhood, for example, most of your renters will likely be students.
Knowing your target is vital to designing a property marketing strategy that delivers positive results. Your target market will influence or even dictate your choice of a marketing channel, for instance.
Some of the key considerations to use when identifying your target market include:
- Average age
- Annual income
- Marital status
- Geographic location
- Hobbies and interests.
Utilize Online Listings
Today, virtually everyone uses the internet to look for rental housing. Posting your property on your social media pages isn't a shabby idea, but unless you're targeting your family and friends, don't expect any hits.
The best digital platform to use is an online listing that specializes in real estate. The platform can be free or paid, but if it's the latter, ensure it attracts plenty of your target renters before paying. Otherwise, you might purchase an expensive listing spot that won't have any return on your investment.
Identifying the best online listing platform is one half of the task, though. The other half is creating a compelling listing that will convert. Provide as many details about the property as possible, clearly highlighting the unique amenities and features it offers.
Competitive Rental Pricing
When you're setting the rent for your property, your primary goal is to maximize your rental income. However, in a tough market, you need to use pricing as a marketing technique.
It's a tough market because rental demand is low, or there's an oversupply of rental houses. Renters hold all the chips, which means they can afford to be selective about their choice of rental housing. In such an environment, you can attract renters by reducing your rental prices, or at least commit to freezing rent increases for a certain period.
Rental Property Marketing Works!
In a tough rental market, only landlords who go tough on property marketing get going. This beginner's guide has equipped you with the knowledge to launch an effective marketing campaign, but for the best results, outsource the job to the right professional.
At Bridgestream Property Management, marketing is one of our core specialties. As a Dayton-based company, we have the local expertise to navigate the market and offer quality services to landlords.
Call us now to start enjoying our services!
