With inflation and skyrocketing rental costs in recent years, budget concerns are a major driving force in renters’ decisions in 2022. Higher costs of living are causing many people to seek out rentals in new locations. According to a Redfin survey, as many as 64% of renters reported that inflation is impacting their moving plans, and 62% were concerned about rising rent costs. One in five renters said that they plan to relocate to find lower rates.
In a competitive and expensive market, leasing teams need to find ways to maintain trust with renters and illuminate the value of their properties. These are some of the best strategies in 2022 to retain residents and make meaningful connections with potential renters:
Show Off Specials and Move-In Deals
If you have any weeks off rent or move-in deals, make sure you highlight them to prospects and residents alike. Specials are easily shareable through advertisements, social media marketing, and listings. Many online platforms like ApartmentGuide.com will even show a reduced rent price on your listing, making the added value of your property immediately clear while browsing.
If your property has a peak leasing season or high demand among a specific audience, word of price deals can spread quickly. Be sure to have onsite staff share specials, promotions, or referral programs via word-of-mouth during follow-up communication and on-site tours. One of the best ways to share news about your property is through renters who already have high interest.
Highlight Money-Saving Amenities
Traditionally, amenities are thought of as additional luxuries and conveniences that make a property more valuable and make renters more comfortable. While this is true, it can be helpful to look at your amenities in a new way, and focus on how much they can directly save renters on other expenses. Having access to onsite amenities not only adds convenience, but can reduce additional expenses for residents each month.
For example, having an on-site gym or fitness center in a multifamily complex eliminates the need for a monthly membership at a gym elsewhere. Cozy community areas and pools that allow residents to host gatherings can encourage social events while avoiding the costs of going out. Reframe your amenities as such to show renters how much they could save. Share creative ideas for how to use shared spaces and resources such as:
- Pet grooming
- Barbecues and pool parties
- Work-out classes or groups
- Book clubs in common areas
- Afternoon walk groups
Work-From-Home Culture is Everything
Don’t miss out on the work-from-home trend — more and more renters are now working remotely, and understanding this is one of the best ways to connect with prospects and residents. Being able to work from home saves money and time on travel and expenses at public workspaces.
By now you should have considered optimizing a common area into a community workspace (if you don’t have one already). Amenities like business rooms, printing stations, and coffee machines should be front and center in your marketing. Additionally, if your units offer a space for an at-home office or smart home features that make working from home even easier, always share the value of those features.
Be Ready to Respond to Pricing Questions
Budget and rental costs can be sensitive topics, so it’s important to be prepared to handle these subjects in the best way possible. Ensure that your entire staff is fully educated on the team’s policies and that they know the best ways to approach conversations on rent and price increases. This is not only critical for securing leads, but for reputation management as well. Renters will often mention rates in property reviews — responding to these reviews are great opportunities to address questions around fair pricing and portray to prospects that you care about these matters and the residents.
Use Branding to Raise Perceived Property Value
Especially in a time of skyrocketing rental costs and tight budgets, renters will be asking themselves, “is this worth the cost?”. For any added fees or higher rates, renters will be evaluating if your property is really worth it.
One great way to answer their questions are with your brand. Weaving brand value into every detail of your property is an effective way to portray to prospects that your property is more than worth it. If you’re known as having a the best-in-class service, most modern amenities, and a seamless online portal, these elements stand out to renters. You want to communicate these features with your brand so that prospects see the true value of the property. Find ways to strengthen the perceived value of a property in onsite operations, listings, within the community, and through marketing.