Perhaps you are new to multifamily properties or are looking to expand your portfolio. Often, one of the most difficult parts of owning a multifamily property is attracting and keeping tenants. As the premier agent for apartment buildings for sale in British Columbia, I would like to share some tips on how you can reduce your vacancies in 2019 and retain your tenant base.
If attracting the right tenant has been a challenge for you, think about sweetening the pot and offering a discounted rate or other incentives to fill your apartments. Traditionally, middle income residents have the lowest vacancy and turnover rates, so offering a smart promotional plan that is going to attract this group may be a very smart business decision.
Promote these incentives online through various rental sites and offer virtual tours to allow would-be residents the opportunity to see your suites before committing. Implementing smart strategies such as these will make your property stand out and should bring you a host of new tenants.
Invest in Features
No matter what type of specials you are offering or what the outside of your building looks like, the most important piece of attracting and retaining new clients is what condition each suite is in and what features they contain. Certain amenities that each suite in your property should contain include:
- A dishwasher and updated kitchen, with granite countertops.
- Smart appliances that will save both you and your tenants energy and offer other additional functionality.
- Hardwood or laminate floor instead of carpet.
- In-suite laundry.
Offering some of these amenities will entice clients and will save you from providing costly and time-consuming, large scale renovations. These features will also add monthly revenue as tenants are quite willing to pay extra for these added conveniences.
Another key piece in attracting and retaining tenants is offering a wide range of community connections as part of an overall wellness connection. Some ways that your multifamily property can meet this goal include:
- Add a community room where tenants can gather and visit or host various social events or holiday parties.
- Add a fitness center, so residents can focus on their health and well-being goals.
- Outdoor areas which can include outdoor cooking spaces with communal BBQ’s, children’s playgrounds and even green space where tenants can relax and enjoy being outside.
Other services that tenants are looking for include covered and reserved parking that is safe and well lit. Another easy fix feature that is quickly gaining popularity is safe and secure package lockers. As the popularity of online shopping increases, so too will the demand for this feature. Be a frontrunner and establish a competitive advantage over other multifamily properties.
These simple tips should have you putting out your no vacancy sign and enjoying the full benefits of your new multifamily investment. If you would like more tips on how to attract and retain tenants or are interested in some of the new and exciting multifamily properties available, please contact me today. I look forward to working with you soon.