A global leader in commercial real estate services and investment, CBRE, forecasted occupancy levels in multi-family housing to remain above 95% in 2022 with a 7% growth in net effective rents. For now, these numbers are promising as new households are placing a high demand on rentals, leaving property owners to just worry about how they will market their multi-family units.
Stay On Top Of Current Trends
Staying on top of current design trends and what amenities renters are looking for could be the deciding factor for potential tenants who are viewing multiple properties to rent from and these current trends definitely speak about how renters are looking to live coming out of the pandemic.
Flexible Workspace – With more people working from home you now have to think about ways to offer office space within units and within community spaces
More Pet-Friendly Than Ever – Pets have gone from individual preference to a necessary way of living as many people own pets in order to cope with life making it key to offer their companions amenities and as well
Secure Mail Rooms – With increased delivery consumerism its essential for tenants to be able to get their mail easily from a secured location
Maximize Natural Surroundings – Integrating natural surroundings provides a sense of freedom and peace. Providing large open spaces that connect with natural elements invites people into that space.
Always Location – Location will always be a primary target for renters who desire life to be readily accessible within a short distance
Optimize Your Digital Platforms
It seems that even digital companies are optimizing their platforms to better serve their followers and that simply equates to keeping up with what’s current. Those who are prospecting multi-family living spaces will not only look over a property’s website but visit social media platforms as well to get a feel for the space and the community. Keeping everything updated is basic maintenance that should not be avoided. An old website will surely have prospects looking elsewhere and this is the same for media platforms.
Posting images every few days as well as events, information and community news is not only attractive to current tenants but to potential tenants as well. Renters are looking for images that express the look, feel and vibe of a multi-family complex. They not only want to see what’s going on within the community but the quality of their surroundings and that includes the surrounding neighborhood. With location and amenities being at the top of the list for multi-family living space appeal it’s vital to incorporate a visual that grabs the attention of potential renters.
What Potential Tenants Are Looking At When Visiting Your Multi-Family Property
Carports Say More Than May Think – It may seem superficial but the quality and quantity of cars in a multi-family complex can leave an impression. If vehicles are in disrepair, parked outside of designated parking spaces, and are overcrowding the complex this can send a variety of messages to potential renters. It can express the age demographic, average income of a complex and even if current tenants are single, married or families. It can also convey the standards of those living within a complex and whether units are bursting from the seams with large families. All of which matters depending on those looking to rent.
Cleanliness Is Key – Signs of uncleanliness around the property will not only be a sign of property management but the standards of current tenants. Structural damage or extreme weathering is an eyesore to potential renters. Sidewalks, railings, and landscaping, poor drainage and strong outside odors are all things people will notice as they walk upon the property.
Don’t Forget The Roofing – Other things renters will look for are the quality of the roofing. If the roof looks like it’s been patched frequently or that the drains are full of debris and trash it speaks volumes to a potential renter. The last thing they want to worry about is major maintenance issues that affect their day-to-day living.
The most Practical Piece – The interior of a multi-family complex is just as important as the exterior aesthetics and imagery. Updated carpets, paint, cabinetry, flooring, fixtures and counters are all visuals that will let tenants know how new or updated the property is as well as whether it’s important to property management. Entryways to units and to the community areas that show signs of wear and tear are the first things that potential tenants will see upon entering so it’s worth the upkeep and maintenance to keep these areas in good shape. Clear windows and well-maintained porches will also be noted for those looking into a multi-family unit.
With more and more people looking for places to rent, multi-family properties will surely be experiencing fuller tenant capacities but the quality of tenants is what will keep properties flourishing in the years to come. Marketing to the standard of tenants property owners wish to fill their complexes with is key to a thriving multi-family property.