The single-family housing market shows no sign of slowing down, but that doesn’t mean you shouldn’t devote time to finding the perfect tenants.
While traditional marketing methods such as word of mouth and for-rent signs are beneficial, knowing how to creatively market your rental properties to your ideal tenants is vital. Even if you’re a seasoned property professional, single-family rental marketing strategies often differ from multi-family ones.
That’s why we’ve gathered the top five rental marketing strategies for single-family rentals (SFRs) to ensure your rental properties shine and your business continues to grow.
1. Know your audience
A crucial part of any marketing strategy is knowing who you’re marketing to. The same goes for marketing rental properties.
Currently, the target audience for the single-family rental market is Millennials and Gen Zers. As home prices have increased and potential homebuyers are outbid, many have moved on to the next best thing—renting.
And since those looking to rent single-family homes have a similar profile to those looking to buy, your rental needs to appeal to them. Here are some of the things a Millennial or Gen Z prospective tenant is looking for:
- Pet friendly
- Large yard or outdoor space
- Safe neighborhood
- Good schools for children
- Nearby amenities or a comprehensive amenities package
Additionally, Millennial and Gen Zers have grown up with the internet, meaning they’re comfortable with digital marketing strategies—and in some instances, prefer them.
2. Use social media
A social media presence, or any type of online presence, will attract more of your target audience. As previously mentioned, Millennials and Gen Zers are comfortable with the internet and use it throughout their home search.
Regularly posting on various social media accounts to show off available properties, share helpful tips, and engage with your local community is an easy and free way to connect with potential tenants.
And even with digital interactions, you can still see success from word of mouth! How often has someone said, “I saw this post…”?
3. Time your listings
While things don’t always work according to plan, timing your listings can ensure they aren’t left sitting on the market.
Spring and summer are the peak seasons for the single-family rental market, so if possible, try to have your leases end around these months. Having empty rentals during a high-demand period can generate more interest.
That said, you should still consider researching your local market. Consider setting up a waitlist online for your properties if you don’t have any rentals available. By gathering information from potential tenants, you can see when the highest demand for your properties is and whether it’s worth adjusting your lease dates to match them.
4. Offer a community
Renting a single-family home is considered a long-term plan for most in the market. Just because they’re renting doesn’t mean they don’t want to make their house a home! Showing the best parts of what a single-family rental community offers is a great way to promote your rental property.
For example, consider the amenities you include if you are developing or building-to-rent single-family homes. Gathering rooms, clubs, and shared areas like parks or trails can help catch the attention of your ideal tenants.
Even existing SFRs benefit from marketing strategies that reflect the surrounding community and neighborhood. If your ideal tenant has children, highlight good schools, daycares, or other nearby amenities that would attract them to your property.
5. Use professional photography
As mentioned previously, most single-family renters are Millennials and Gen Zers, who prefer researching online. If you can’t showcase how great your property is online, you’re not likely to convert leads to tenants.
Beyond posting on social media, using professional real estate photography for your single-family listings will ensure you stand out online. While anyone can take decent pictures with a smartphone, an experienced real estate photographer will ensure your rental property shines and your listing generates more leads. Additionally, if you are part of a brokerage or manage several properties, you’ll create consistency across your listings.
How Virtuance can help market your rental property
If the thought of trying to find photographers, schedule shoots, and manage your marketing resources seems impossible, Virtuance can help.
Not only do we provide online scheduling and a service team, but we also offer HDReal® images shot by professional photographers, ensuring your single-family rental shines and attracts 2x more attention. Finally, if you need help marketing your rental properties, our Marketing Suite has everything you need to get your property in front of your target tenants.
FAQ
While many rental marketing strategies exist, the five best ways to market your single-family rental are social media, professional photography, offering a community, timing your listings, and targeting your ideal tenant.
Creating a marketing plan with these strategies will ensure you stay on top of the single-family rental market.
If you’re unsure who your target audience is for your single-family rental, you’ll need to research. Explore the single-family rental market in your area, check out the neighborhood, and review demographics. In most cases, Millennials and Gen Zers make up most renters looking for SFRs.
That said, depending on where you live, you may discover your target audience works in a particular industry and has pets or children.
