Rental prices have increased by 29.4% since the beginning of the pandemic. So, it may surprise you that there's been a decrease in overall price growth once it peaked in February 2022.
The market is still tough, but potential tenants are less likely to balk at your property listing than in the past few years.
It's as good a time as any to try attracting renters with some quality property marketing. But how do you ensure you're one of the better choices among many?
You don't have to fight the battle for tenants alone. This article has three tips to attract tenants in a challenging Bethesda market.
1. Use Social Media to Attract Renters
Social media is one of the most useful (and cost-free) marketing strategies. Various people use Facebook to search for apartments for rent.
For example, one helpful tip is to compare and contrast renting vs buying. Mention that rentals mean they aren't responsible for leaky pipes or curb appeal.
Post testimonials from previous or current tenants. Have them tell would-be residents how great renting from you can be. You can also offer virtual tours and discuss the benefits of your neighborhood.
2. Offer Tenants Flexible Renting Options
The rental market may be on a downward growth trend, but many people still suffer financially from the pandemic. The second tip on our list of ways to get tenants is to be flexible with rental options.
Asking for the first and last month's rent alongside the deposit is standard practice. But you could consider asking for the first month with their deposit instead. Other options include:
- Temporarily cancel rent for tenants away for travel
- Or offer a discount
- Allow renters to sublet when away
- Charge rent every other month
- Consider allowing pets
- Many people own pets, and you'll increase your renter's pool.
- Offer to pay for cable or internet
It's advisable to price competitively. If a similar nearby property is $2,000 per month, try not to charge much more. Better yet, you may wish to consider giving renters a discount. You could ask for $1,900, for example.
3. Network Amongst the Community
Social media is a practical choice, but there's nothing wrong with old-fashioned word of mouth. Get out amongst your neighbors and spread the word. Try participating in (or arranging) community events.
You'll accomplish two goals: first, you'll have told more people you're looking for tenants. In turn, they can tell others, and so on.
The second goal is that you'll begin to build tenant relations. Landlords can more easily build a reputation as trusted, reliable figures if people recognize them.
Property Marketing: Make Your Rental Stand Out
It doesn't matter how fantastic your property is if you don't have property marketing. These marketing strategies aren't too hard, but it's surprising how little time landlording leaves you for even work-related tasks.
PMI Capital Region can help. We're part of a 400-strong national property management company that can make your rental stand out in the Bethesda market. Contact us today to speak with one of our property managers.