So, you’ve turned your home into a rental property and listed it on Apartments.com. How do you make sure you’re reaching the right renters?
While listing your property with Apartments.com can help you reach millions of potential renters in minutes, there are a few extra steps you should take to ensure your listing is optimized to catch the right eyes. The first step starts with understanding your target market.
Why It’s Important to Understand Your Target Market
Understanding your target market can give your rental a competitive edge over similar rental properties. Here’s why you should identify your target market when listing your property for rent.
To target the right audience
Understanding your target market is essential in marketing your rental to the correct audience. Different demographics of renters prioritize different features and amenities when searching for a rental, so understanding your target market can help you focus on the top amenities to improve.
For example, a recent Apartments.com survey found that renters ages 18-24 are more likely to prioritize pet-friendly policies, while renters ages 55 and up are more likely to prioritize a patio or outdoor space.
To price your rental correctly
Identifying your target market can help you understand the monthly rent your potential renters can afford. Pricing your rental too high can drive away renters who would otherwise be interested in your property. It’s also possible that a potential renter will filter rental units by setting a maximum rent price and not even see your property if it falls outside of their range.
Keeping up with rent trends in your area and referencing rent comp reports can help you determine an appropriate rent price. Listing your property with Apartments.com includes a complimentary rent analysis report that you can use to understand your region’s market better and determine how much you should charge for rent.
To invest properly
Understanding your target market can help you decide which amenities to invest in. Different demographics prioritize different amenities, and identifying the groups most likely to rent from you can help you pinpoint which amenities to prioritize.
If you advertise your property as pet-friendly, landscaping for a front or back yard can increase your property’s appeal to dog owners. Investing in high-speed internet and modern appliances can be a selling point if your rental is in the business district.
Meeting your tenants' needs and preferences can lead to higher satisfaction and longer lease terms. Happy tenants are more likely to renew their leases, reducing turnover and vacancy rates.
How to Identify Your Target Market
The first step in understanding your target market is identifying the population most likely to rent from you.
Consider the area
Who makes up your target market largely depends on where your rental is. If your rental is in a quiet suburb with an extensive school system, your target audience will be different from a studio apartment in the heart of downtown. Thinking about how your location can impact who your target audience might be can help you figure out which amenities to invest in and highlight in your listing.
Consider the architecture
Your rental’s build can also impact your target market. The number of bedrooms and bathrooms in your rental will attract specific demographics. For example, a four-bedroom rental home in a suburban area will naturally attract a different renter from a one-bedroom high-rise apartment in a metropolitan area.
Understanding how your rental’s location and build impact the people who will be looking to rent from you can give you a competitive advantage. If you know what potential renters value about your property and its location, you can market your rental more effectively by emphasizing the nearby amenities that may interest prospective renters and focusing on the renovations that count.
Consider previous tenants
If you’ve rented your property before, consider your previous tenants. Are there any patterns in their ages, income, or lifestyle? Which amenities did they value the most? Finding patterns in prior tenants can help you identify the renters most likely to lease with you.
Fair Housing Act
It’s important to note that while identifying, understanding, and advertising to your target market is essential in listing a property, excluding groups of people in your listing or denying a rental application for anything other than objective business reasons is illegal.
The Fair Housing Act prohibits discrimination against renters due to race, color, sex, religion, nationality, disability, or familial status. Further protections may vary by state, so check the rental laws in your state.
While understanding that your rental’s location, build, and amenities will naturally attract specific renters, you cannot specify your target market in your property listing. Even simple phrases like “great for families” could violate the Fair Housing Act and get you in trouble.
Identifying Renter Preferences
Once you have identified your target market, the next step is to understand potential tenants’ preferences by conducting market research. As a landlord, there are several ways to conduct market research; a mixture of techniques may be the best way to fully understand renter preferences.
Analyze local data
Data can be a good starting point for your research. Data from the U.S. Census Bureau can help you understand the demographics of your area. This can, in turn, inform your renovations and marketing strategy.
CoStar rental market trend reports provide neighborhood-specific data on vacancy rates and rent trends that may be valuable in pricing your property. They also offer marketing suggestions to help you develop a strategy to renovate, list, and advertise your property.
Monitor online forums
Find online forums where the renters you want to target discuss their renting experiences and preferences. Reddit, Facebook, and Nextdoor are common platforms for renter discussions about budgets, preferred layouts, top amenities, and positive or negative landlord experiences.
Staying active on these online forums can help you understand what makes a rental valuable to your target market. Learning about renter experiences with landlords, positive and negative, can also help you become a better, more empathetic landlord.
Survey former and current tenants
Regular tenant satisfaction surveys are vital in gauging your tenants’ comfort in your rental. Asking for feedback from current and former tenants can be a lucrative way to understand what renters like and dislike about your property so that you can prepare your rental for tenant retention.
Crafting Compelling Property Listings
Your property description is your opportunity to persuade potential renters to lease your property. Your goal is to make your rental property listing stand out, so make sure you include high-quality photos of your rental and a detailed property description.
Highlight key features
In your property listings, emphasize unique or sought-after amenities like wood flooring, stainless steel appliances, smart devices, and in-unit washer and dryer duos. Also, mention your neighborhood community’s amenities, such as a pool, dog park, fitness center, or tennis court.
In addition to in-unit and community amenities, describe the area surrounding your rental. Renters will want to know what living in your rental will look like, so pointing out nearby amenities and attractions can grab a renter’s attention. The nearby amenities you mention in your listing should also vary depending on your target market. For example, local nightlife may not be important to a renter looking to lease a four-bedroom rental home in the suburbs, just like an extensive school system may not appeal to someone looking to rent a studio apartment in a metropolitan area.
Use persuasive language
Property descriptions should be persuasive, so write with intent and detail. Most of the selling in your property description can be done just by describing what a day in the life will look like for a renter. Where will they shop? Where will they go out to eat? What are the nearby entertainment and recreation options? The better you paint a picture of everyday life in your rental property, the more persuasive your property description becomes.
How Rental Manager Resources can help
The Rental Manager Help Center can help you list and advertise your property with Apartments.com and manage potential renter leads. Once you list with Apartments.com, you’ll have access to tools that can help you compare your rent price to similar rentals in your area, screen potential tenants, and create a lease agreement. Staying organized with Apartments.com allows you to focus on improving your amenities to attract and retain tenants.
Connecting with Your Target Audience
Reaching your target market goes beyond just listing your property. Connecting with potential renters through targeted advertising or social media can boost your visibility and build your reputation as a landlord.
Effective communication strategies
A key component of marketing your property to renters is your communication style. Being approachable and reachable can go a long way; respond quickly to inquiries and follow up with potential renters to answer any questions and gauge their interest. Establishing yourself as engaged and responsive can show potential renters that you care and lead them to lease with you.
Utilize targeted advertising
Targeted advertising is a good way to advertise directly to your target market. Find out how your target market interacts with media and place ads where they will see them. Local newspapers, online community pages, social media ads, or Google Ads are all great ways to advertise directly to potential renters.
Use social media
Social media can be a good way to connect with potential renters and market your property. Sharing your listing across social media with relevant hashtags and location tags can expand your property’s visibility. Understanding your target market is useful in identifying which social media platforms to prioritize and how to use them, as different demographics gravitate toward different platforms.
Other ways to connect
Placing the classic “For Rent” sign in front of your rental property is an easy and cost-effective way to market your rental. A “For Rent” sign on your property can increase your property’s visibility and promote word-of-mouth advertising.
Hosting an open house is a great way to show off your property in a low-pressure environment. Prospective renters can come and go as they please, walk around, and ask questions about the property and its amenities.
Identifying and understanding your target market can help take your marketing strategy to the next level. Knowing your target market and what they look for in a rental property can help you focus your efforts on the amenities that matter most and emphasize those in your property description. Connecting with your target market through targeted advertising or social media interaction can expand your property’s audience and generate more leads.
While there’s no right way to list your property, appealing to your target market can make your rental stand out.
