Marketing is an expense you should plan for when listing a rental property. However, this aspect of property management should not be something to stress about financially. In fact, most effective rental marketing strategies are cheap to implement, and some are even free.
Taking advantage of affordable yet impactful rental marketing tactics will allow you to maximize your return on investment and attract high-quality tenants without breaking the bank. In this article, we’ll explore the best ways to advertise a rental property on a small budget by answering the following commonly asked questions:
- How much should landlords spend on advertising a rental property?
- What are the cheapest ways to advertise a rental property?
- How to reach your rental property’s target market
How Much Should Property Managers Spend on Advertising?
There is no concrete, quantitative answer to the question, "How much should I spend on advertising my rental?" The best answer we can offer is, it depends. The amount you spend on rental marketing will vary based on several factors, including:
- Property type
- Location
- Market conditions
- Chosen advertising channels
To put it into perspective, let’s say that Landlord A spends 10% of their annual rental income to market their New York City high-rise apartment. Meanwhile, Landlord B allocates a mere 3% of their rental income to advertise a West Virginia single-family home at the same rental rate. This shows that there is no universal ad spend for landlords and property managers. However, a good rule of thumb is to plan for a 3-7% spend on marketing efforts to maintain strong awareness and visibility, according to an article by Fourandhalf.
What Are the Cheapest Ways to Market a Rental Property?
Landlords with limited marketing budgets might worry that their listings won’t get the exposure they need to find quality tenants. However, several ways exist to effectively market your rental property while staying within your means. Take a look at some of these affordable yet impactful rental marketing strategies before you start reaching for your wallet:
Social media marketing
Social media is a huge asset for landlords with limited marketing budgets. Not only does it allow you to reach a large audience for free, but it also lets you further curate your property’s image outside of a traditional online listing. On popular platforms like Instagram, Facebook, or TikTok, you can get creative with your advertising strategy. Rather than posting stagnant photos that can be found on your online listing, you can share dynamic posts like house tours or neighborhood highlights to really make your rental stand out.
Networking and word-of-mouth
Word-of-mouth marketing is another affordable marketing tactic to consider. If you’ve built strong relationships with local businesses, neighbors, or even current/past tenants, don’t be afraid to ask them to spread the word about your listing. If you don’t have pre-established connections, try attending local social events or joining online groups to meet people in your community. Doing so will strengthen your network and, as a result, help boost your listing’s exposure.
Encouraging renter testimonials and reviews
Part of your marketing strategy should include connecting with current and past tenants. If your tenant has had a positive living experience, encourage them to leave a review or testimonial about your listing. The more positive feedback your property has, the more likely someone new will come along and sign a lease. So, don’t hesitate to reach out to current or former tenants to aid your marketing efforts. You can also offer incentives, such as discounted rent or gift cards, to encourage them to leave reviews.
Hosting virtual tours and open houses
Hosting a virtual tour or open house is an interactive and cost-effective way to market your rental property. Rather than spending money on professional cleaning services or attendee refreshments for an in-person event, virtual tours require much less preparation and spending. Not to mention, they’re usually more convenient for tenants, especially those moving long distances.
Listing on a free platform
When it comes to rental marketing, it’s sometimes more about where you list rather than how you list. By this, we mean be selective of the platforms you choose to advertise on, as some may be more effective and affordable than others. For example, Apartments.com offers free online listing services for landlords and property managers looking to maximize exposure and minimize expenses. When using our platform, you’ll find it’s easy to reach renters while staying within your marketing budget.
Understanding Your Target Market
Marketing rental properties is all about reaching the right audience at the right time. To do this, it’s important to understand your target market and how your property can satisfy renters’ wants and needs. To develop a comprehensive, targeted marketing strategy for your rental, follow these essential steps:
Identify demographics and preferences
Identifying renter demographics will provide insight into the best advertising mediums for your property. For example, if your property is in a college town, you might find success in advertising on campus or through university-specific social media groups. Considering your location and property type will help you narrow down your target market and identify the best advertising platforms. Another thing to think about is your rental history. If any of your past tenants exhibit similar ages, incomes, or lifestyles, consider what that pattern might indicate about your target market.
Research local market trends
Keeping a pulse on market trends is another way to target your audience. This means staying up to date on what renters are looking for in your specific market. For example, in a market like New York, where space is limited, searches for studio apartments are higher than the national average, according to Apartments.com data. Understanding market trends like these will put you in a better position to attract the right tenants.
Analyze feedback from current and past tenants
As mentioned earlier, feedback from current and past tenants can be valuable for your rental marketing strategy. When it comes to understanding your target market, ask former/current tenants what attracted them to your property in the first place. What did they enjoy most about living there? What improvements could have been made? Collecting this information will help you tailor your advertising efforts to effectively target prospective renters.
List Your Rental with Apartments.com
Marketing your rental property on a small budget involves strategic planning and creative thinking. By taking advantage of affordable yet effective tactics like social media marketing, networking, virtual tours, and, most importantly, listing your property on an affordable platform like Apartments.com, you can effectively reach renters without overspending.
When you list on Apartments.com, you maximize renter reach while staying within your budget. Our platform offers free online listing services and various property management tools to help optimize your rental business. Check out our expansive suite of Rental Tools today to take your rental business to the next level!
FAQ
What is the best way to advertise a rental property?
The best way to advertise a rental property may vary depending on factors such as location, property type, and target market. However, some universal ways to advertise include using social media, networking and word-of-mouth, encouraging renter testimonials and reviews, hosting virtual tours or open houses, and listing on reputable online platforms like Apartments.com.
Where do most landlords post rentals?
Most landlords post rentals on widely used platforms like Apartments.com to reach a large pool of potential renters and gain access to valuable property management tools.
Does it cost to list a rental on Apartments.com?
Apartments.com offers both free and paid options for landlords to list their properties. The free option promises 21 days of standard visibility, high-quality leads, and exposure across the Apartments.com network. Upgrading to premium will yield these same benefits, along with increased search result impressions, visibility, leads, and the ability to upload videos to your listing.
