According to a CNBC article posted in June, renters are avoiding buying because home prices are soaring. In fact, only 52 percent of renters surveyed by the National Association of Realtors quarterly report stated that they feel now is a good time to buy a home – this is down from 62 percent a year ago. With renters on the rise, property managers need to constantly be prepared for an individual to move out. When a current renter decides to move out, it’s standard practice to provide property managers and owners with a 30-day notice. And as property managers prepare for the renter transition, it’s critical to emphasize the unit and building amenities, and even take the time and resources to make updates when possible.

Marketing a vacant unit in a multi-family complex is integral to filling the property within a reasonable timeframe. When a rental property is vacant, it costs money for every day it sits empty. Therefore, it’s important to reduce that time between qualified, paying renters to the bare minimum. No matter what tactic property managers use to market vacant rental properties, there are a couple things that will maximize the impact of their outreach efforts.

On one hand, marketing the unit and building is crucial to standing out. Everything about the rental property – from the outside of the building to the front door and the interior – needs to be attractive and look rent-ready. While writing enticing copy for a listing, include all the features and updates of the unit and building. Specifically, if your property includes updated appliances, shared building amenities and smart home technology, like an integrated access control system or a smart interconnected lock, renters – especially millennials – will take notice of these details.

On the other hand, making the investment to update the unit and property with new amenities and features will attract more potential renters. For example, smart home technology is changing the way property managers and owners operate their buildings, but is also a feature more and more renters expect to see. While it may be an investment to update properties with new technology and amenities, these features are driving rental sales. The smart home has been made possible through the internet of things and will continue to enhance the renter experience by creating operating efficiencies.   

Overall, making a rental property stand out to potential renters in this crowded market involves a two-pronged approach: marketing a unit and building effectively by showcasing updated and tech-friendly features, and making the investment to update amenities and building technology.