Rental property investors are facing a tough rental market in places like Palm Coast, where homeowners represent over 70% of the population. With a small pool of renters to appeal to, it can be difficult to fill those vacancies.
However, that doesn't mean that it's an impossible feat. At the end of the day, tough rental markets require creative property marketing.
Today, we're going to talk about some of the property marketing strategies you can use to appeal to renters even when the market slows down. From appealing to stabilized prices or showing off unique amenities, these strategies will help you stand out.
Read on for five property marketing strategies to keep you ahead in a challenging rental market.
1. Take a Cost-Forward Approach
Though it may seem counterintuitive, it may be time to consider lowering your rental prices. Florida renters are struggling to keep up with ongoing rent increases while landlords in other states are confronting this issue head-on. If you drop your rent below the market average, make sure to showcase those prices in your marketing.
2. Incentize Referrals
Word of mouth is a powerful tool, especially when typical marketing tactics aren't doing the trick. Your current tenants probably know others in the area who are looking for a place to live. Offer gift cards or reasonable rent discounts to any tenant who secures an applicant for your property.
3. Try Guerilla Property Marketing
Who is the target market for your rental properties? Maybe it's young professionals, retirees, students, or wealthy travelers. No matter your market, use a guerilla marketing approach by posting fliers and other print materials in the areas that market tends to frequent, from coffee shops to venues to laundromats.
4. Show Off Unique Qualities
Maybe you're one of the only property owners who can offer in-unit laundry or you allow tenants to own a certain type or number of pets. Maybe your property has a luxury pool or gym or quick access to shopping, dining, and nightlife. Assess your property for its unique qualities and make sure that they're front and center in your listings so that potential tenants don't have to dig to find the appeal.
5. Keep Current Tenants Happy
You can spend less time and money on rental property advertising when your tenants have a tendency to stick around for another year or two. To increase lease renewals, you need to keep your current tenants happy. Partnering with a property management team can make a big difference in tenant relations, especially when you're hoping to take a more hands-off approach to property ownership.
Call PMI for Expert Property Marketing
When you're facing a tough rental market, whether that's due to high competition or low renter rates, it's time to get creative with property marketing. PMI can not only reinvigorate your listings and marketing efforts but improve your property, overall.
We offer customizable property management services, including full-service property management that gives you that hands-off experience. To learn more about how we can help, contact PMI Daytona Flagler today.
