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4 Ways to Attract Tenants in the Spring and Summer Months

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 sometenant-attracting strategies.

Compared to winter and autumn, the spring and summer months can bring about a slow downfor the CRE biz. Property owners who still have vacancies on their hands should step up thegame 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 theeyes of today’s buyers and renters. Consideroffering special offers on the internet, cable, or TV packages. Properties that are located nearbycommercial assets such as gyms, vets, or cafes can even partner up with these businesses toprovide discounts torenters as a ‘welcome to the neighborhood’ package.When it comes to incentives, get creative. Zero-in on the tenant experience to get an idea ofwhat renters in your area are looking for.

Consider Lowering the Asking PriceDropping the price

pointof your vacant units can be a powerful way to spike the market interestof your property’s listings.

The good news is this actually won’t be hurting your profit margins. Reducing the asking priceby a couple of hundred dollars on a unit that’s been unoccupied for a great length of time cansave 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 anegative asset. Long-standing vacancies take a huge hit to annual ROI.

Multifamily property owners should lower the asking rent for properties that have been sittingon 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 findingthe perfect home, whichinnately means delivering one’s lifestyle goals.

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

Consider sprucing up the exterior of the building with some new landscaping and plantadditions. 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 ofprofessionals is the best way to enhance any deal.Make sure that your choice is actively using technologies to get your listings out to a broaderaudience and catching the eyes of prospective leads. Including HD video content such as VRtouring technologies and overhead neighborhood tours with drones can also enhance yourproperty’s web presence.

Spring and summer are approaching quickly, so use these 4 insider’s tips tofill up your vacantmultifamily units.

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