Hot Property or Not
KEEPING YOUR PROPERTY HOT
Here in Cleveland, it seems as though a new apartment building is popping up every week. You see new “Now Leasing” signs posted on the curb side, new banners hanging on the side of buildings, and new ads popping up on Google for the “New Hot Place to Live,” or “Luxury Loft Living.” You even see advertisements for apartments while watching your favorite sports teams.
According to a study done by economist Stephen S. Fuller, Ph.D. of George Mason University Center for Regional Analysis, the number of apartment residents is growing. It increased from 36 million in 2013 to 37 million in 2015. In just 2 years the pool of potential renters has grown by 1 million residents. This is great news, as it has added roughly 190.7 billion dollars to the economy!
And, that number is set to grow even more. 7 million renter households could be created by the end of this decade. And, the number of apartments available is set to match the increase in renters as well.
But what does that mean for property managers?
With more properties available, property managers will have to make their offers stand out from the crowd. Hence you’ll need more jobs, more construction, and more competition to keep your property the hot property. But, now is the time to take advantage of the increasing number of apartment residents.
The question is: how do you do that?
- Where is the most effective place to advertise to get the maximum exposure?
- Is the internet the best option? Or is it banners and signs?
- When potential residents come to view the property – how do we get them to sign a lease that same day?
Showing value in your property is the key. Prospective residents are looking for a home, not just an apartment. They want to feel invited when walking in the door. Curb appeal, lighting, and landscaping are the items that stand out the most to people. Small cosmetic differences can set you apart from your competition without having to spend too much money!
Thinking outside of the box will give your residents and prospective residents a different look at your property. Give them a reason to choose your property instead of a competitor. Make your property the place to live.