Are you “advertising” your units to no avail, but not seeing interest? Are you running out of ideas for places you can advertise? When you have available units to rent, the pressure is on to fill them fast so you can continue making money. However, this scenario may leave you a little frazzled and maybe even unprepared. If your usual advertising methods aren’t generating any results, it’s time to switch things up.
Where/How to Advertise Multi-Family Building Units
There are several advertising avenues you can go down to increase the exposure of your units.
- Offer incentives: When the economy is suffering and vacancy rates around your city are increasing, it’s time to pull out all the stops. Although, it may be more of a cost to you, it will be worth it in the long run when you have a tenant stay for a long time. To attract renters, try offering incentives with the unit. The sky is really the limit here on what you can offer, but you should keep expenses in mind. Here are a few ideas to get you thinking: offer one month free rent, offer to cover utilities for the first two months, buy your tenant a new television when they sign the lease, a zero or partial security deposit, gift cards, passes, etc. Consider things they might need during their move, or if they’re new to the city, things that will help them explore their new community. Offering these to prospective renters gives you an edge over your competitors.
- Approach nearby universities/colleges: If your multi-family building is near a large post-secondary institution, post your units through their housing offices. This option is cost-effective as they will list your units for little or no fee. As they are college students who may be in the partying stage of their life, it would be beneficial to conduct thorough screening measures to minimize any future resident complaints and damages.
- Advertise on rental websites: There are many websites that will allow you to place ads for your unit to generate exposure and interest. Craigslist will let you list your unit by location, which makes it easily searchable. 4rent.ca is a website used for finding places to rent, as well as rentboard.ca. Kijiji.ca is also a useful website for finding available apartment units.
- Approach companies and other organizations: Companies who bring in employees for long periods of time for work can be a great source for tenants. Nurses, lawyers, tradespeople, etc. are some professions that temporarily relocate due to work demand. Corporate housing is a great place for landlords to look because you know they have a job, can pay rent, and has passed several screening tests to get the job. Additionally, churches can be good organizations to approach as many of them help find homes for new pastors.
With a bit of luck, filling an available unit is easy. When there’s no interest, though, there are many advertising methods you can use to generate interest and exposure. Think out of the box and get creative to decrease your vacancy rate.