Skip to main content

4 Ways to Attract Tenants in the Spring and Summer Months


As we’re approaching the industry’s slow seasons, we all can benefit from adopting some tenant-attracting strategies.

Compared to winter and autumn, the spring and summer months can bring about a slow down for the CRE biz. Property owners who still have vacancies on their hands should step up the game to get tenants - especially when it comes to multifamily properties.

Here are 4 winning ways to lease rental properties within multifamily buildings.

Everybody Loves Incentives

If you’re looking to attract tenants to your multifamily property, you’ve got to sweeten the deal.

Incentives can work wonders in catching the eyes of today’s buyers and renters. Consider offering special offers on the internet, cable, or TV packages. Properties that are located nearby commercial assets such as gyms, vets, or cafes can even partner up with these businesses to provide discounts to renters as a ‘welcome to the neighborhood’ package.

When it comes to incentives, get creative. Zero-in on the tenant experience to get an idea of what renters in your area are looking for.

Consider Lowering the Asking Price

Dropping the price point of your vacant units can be a powerful way to spike the market interest of your property’s listings.

The good news is this actually won’t be hurting your profit margins. Reducing the asking price by a couple of hundred dollars on a unit that’s been unoccupied for a great length of time can save money in the long run.

Having vacant units sitting in your complex is probably costing you more money than you think. Empty apartments are still consuming utilities but not producing positive income - resulting in a negative asset. Long-standing vacancies take a huge hit to annual ROI.

Multifamily property owners should lower the asking rent for properties that have been sitting on the market as we’re entering into the spring and summer.

Don’t Ignore the Power of Curb Appeal

Appearance plays a pivotal role in attracting tenants to your multifamily property. Remember, it’s about more than just choosing a unit in a commercial real estate property. It’s about finding the perfect home, which innately means delivering one’s lifestyle goals.

And, this isn’t only achievable via ultra-luxe amenities. Aesthetics play a powerful role in giving the market what it wants. Today’s buyers and renters are looking for a multifamily property that lives up to their design goals.

Consider sprucing up the exterior of the building with some new landscaping and plant additions. Lobbies are a big point of influence  - so don’t forget to focus your efforts there, too.

Work With a Tech-Savvy Team of CRE Pros

As with any commercial real estate endeavor, working with an outstanding team of professionals is the best way to enhance any deal.

Make sure that your choice is actively using technologies to get your listings out to a broader audience and catching the eyes of prospective leads. Including HD video content such as VR touring technologies and overhead neighborhood tours with drones can also enhance your property’s web presence.

Spring and summer are approaching quickly, so use these 4 insider’s tips to fill up your vacant multifamily units.


Comments

Post a Comment

Popular posts from this blog

4 Senior Housing Trends That Will Continue to Change the Space in 2020

Senior housing developments have been a popular conversation within the commercial real estate business. As the life expectancy of seniors keeps getting older and older, the growing elderly population faced a serious housing crisis in 2019. The 80+ population skyrocketed before CRE could keep up. And when it finally did, there was a lot of work to do. In order to accommodate today’s aging population, senior housing developments were a serious need. Even though investor demand started off slow, the sudden boom motivated commercial real estate developers and investors to take action and begin making moves. With more CRE pros jumping on the senior housing market opportunities, the competition went from 0 to 100 in no time. As a result, an amenity-war has broken out - but it’s unlike anything you’ve ever seen before. Let’s look at these 4 senior housing trends that are redesigning the senior housing module in 2020 and beyond: In-House Medical Services Seniors ...
Post a Comment
Read more

NAI Emory Hill Sells Wilmington Shopping Center

  Wilmington, DE – NAI Emory Hill ( www.naiemoryhill.com ) is pleased to announce the sale of a 8,710 square foot shopping center located at 2308 Concord Pike in Wilmington, DE to The Wittig Family at DSM Commercial. Dave Morrison and Jim O’Hara Jr., of NAI Emory Hill, represented the purchaser and Seller in this transaction. This retail center is anchored by Mattress Firm, Green Drop and China Inn. The center is strategically located at the intersection of Sharpley Road and offers a great retail location along the busy Route 202 corridor. NAI Emory Hill is a completely full-service commercial and residential real estate firm serving Delaware and the surrounding counties of Maryland, New Jersey and Pennsylvania. Founded in 1981, we have the resources to design, build, finance, lease, sell, manage and maintain commercial and residential properties throughout the Mid-Atlantic . Learn more about our services at: www.propertymanagementdelaware.com www.emoryhillhomes.com
Post a Comment
Read more

Protecting NOI in the Senior Living Space

When observing the latest trends in senior living, don’t jump to any conclusions - make sure you’ve got the whole picture first. CRE’s senior living sector is facing low occupancy rates - but that doesn’t mean the industry isn’t standing strong. When it comes to NOI, occupancy isn’t everything. While a property’s occupancy rates can act as the main contributor to net operating income, there are other elements that help fuel profits for commercial real estate investors . So what’s going on in the senior living spaces that are sparking turbulence for commercial real estate? Here’s a breakdown: Construction is Booming For the last few years, senior living spaces have been undergoing a surge of construction. Unfortunately, this elongated period of growth has taken a major hit on occupancy rates. In the five years between 2014 and 2019, national occupancy rates for senior living facilities have dropped 2.5% . As reported by the National Investment Center for Senior H...
Post a Comment
Read more