As apartment supply reaches demand in many cities across the country, a rent plateau or even decline could be on the horizon.
Bob Clouser, vice president of business development for digital marketer RentPath, suggests the following tactics to keep occupancy high when the market softens.
- Stay on top of market trends so you can adjust marketing tactics and rents accordingly.
- Keep your website and listings copy and photos fresh to improve search engine optimization.
- Pay attention to your online reviews. Seventy percent of prospective residents look at apartment community ratings and reviews before leasing an apartment, according to a recent study.
- Develop contests and promotions for current residents to encourage referrals and renewals throughout the year.
- Research additional marketing tools to expand your reach.
Clouser suggests using rent concessions as a last resort because they can dilute the value of your brand. However, concessions might become necessary for communities that stopped their marketing efforts when times were good, particularly if their competitors never stopped marketing.
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