10 Ways to Make Your Rental Listings More Competitive
January 16, 2021
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How To Make Your Rental Listings More Competitive?
Today, rental listing sites are the primary hunting ground for renters searching for their next home. But as more renters move their hunt to the web, the market continues to become more competitive for landlords. In order to lock down applicants and fill vacancies, landlords must create listings that stand out amongst the crowd.
Even if you write the perfect rental listing, it may not be enough to compete in your local market. So how do you create competitive listings? Sometimes all it takes is including the right keywords, and we’ve gathered the best ones for you. Below, we provide 10 ways to make your rental listings more competitive.
According to NMHC, 74% of rentals have at least one car per unit. In large cities where parking is scarce, renters are desperate for affordable and accessible parking spots. Mentioning in your listing that you offer one parking spot per rental can be an easy way to attract more renters. What’s more, you can charge additional fees for parking amenities, adding a revenue stream to your rental business. It’s a win-win.
Advertise Single-Family Properties
NMHC reports that 41% of renters live in single-family properties (stand-alone structures), beating out all other building types. If your property is a single-family dwelling, highlight that fact in your listing. It’s important to market the features that renters are searching for, and this is certainly one of them.
Highlight One-Bedroom Units
RENTCafé found that renters search more for one-bedroom rentals than two- and three-bedroom units. In support of that data, NMHC reported that 49% of apartments are occupied by only one renter. With those numbers, it’s clear that one-bedroom rentals are a hot commodity. If you manage any one-bedroom units, be sure to include that information in your listings.
Mention Local School Districts
According to NMHC, out of 100 single-family renters, 89 households have school-age children. Based on those numbers, you should be marketing to families if your unit has more than one bedroom. A good strategy for targeting families is to mention local school districts in your listings. This information shows renters that your area is a good place to raise children and that their property manager is happy to have families in their rentals.
Offer Competitive Prices
According to Apartmentguide.com, 44% of renters say the primary factor they look for in a rental is that it fits their budget. If that’s not enough, RENTCafé reported that “cheap apartments” accounted for more than 25% of the total rental-related Google searches in 2018.
There’s only so much you can do to lower rent while still turning a profit, but competitive rent prices are a must. If you’re not sure how much to charge, research comparable properties in your area and see what their prices are. If you can’t beat them, at least try to match them.
Provide High-Speed Internet
In the age of the internet, everyone wants fast Wi-Fi. And for some renters, high-speed internet is necessary for work. NMHC found that 42% of renters telecommute to work at least part of the time. For these renters, fast Wi-Fi isn’t just a luxury. Featuring high-speed internet in your listings is a simple way to win over renters. And like parking spaces, you can charge an additional fee for renters who choose to use your internet access.
Market to Renters under 30
Marketing to renters of a specific age range might not be easy, but it’s definitely worth it. According to NMHC, 49% of rentals are occupied by renters under 30. If your property is located near a university, reaching these renters will be pretty simple. For other landlords, however, it’s time to get creative. Mentioning the nightlife in your area, the age of your other young tenants, your high-speed internet, and other attractive features of your property can help attract renters under 30.
Feature Your Pet-Friendly Policy
The American Veterinary Association estimates that 50% of renters have pets. They also found that 35% of renters without pets said they would if their rentals allowed it. Enacting a pet-friendly policy and advertising it in your rental listings is an easy way to attract more renters. Because pets are likely to cause more damage, you can charge pet fees to renters who choose to bring in pets.
Use Listing Syndication Software
The more places you post your listings, the more renters you’ll be able to reach — this is a simple fact. But posting on lots of sites can be time-consuming and expensive, depending on where you choose to list your rentals. Luckily, listing syndication software makes your job easier. Listing sites that offer syndication post your listing on not only their site, but all of their partner sites as well. If you’re unfamiliar with syndication sites, check out our guide on how to use listing syndication software.
Advertise Green Initiatives
RENTCafé reported that 75% of renters are interested in recycling options and 65% care about sustainability and green initiatives. As such, advertising that your properties offer recycling and/or eco-friendly appliances can be a simple way to make your rental listings more competitive.
With listing sites constantly flooded with new rentals, your rental property listings must be competitive in order to stand out. With these tips, you should have no problem successfully creating competitive rental listings.