Gen Z's desire to live the NYC lifestyle has driven vacancy rates down to a historic low of 1.4%. If your real estate in New York is still empty, you've likely neglected current rental market trends. You'll lose thousands in potential revenue every month the longer it remains vacant.
Before that happens, use these property marketing strategies. With these marketing tactics, you can attract renters in a tough market. Gain a competitive advantage today!
Research Real Estate in New York
Before creating new marketing campaigns, research New York's real estate market. About 69% of households in New York rent. About half of these tenants live in rent-regulated apartments.
Compare your rentals to similar properties. What amenities or special features do you offer that others don't? What offerings have you not considered?
Gathering this research can help you make informed changes to your real estate in New York. You can discover ways to stand out from competitors.
Use this information to complete a rental analysis. Setting your rental rates too high can scare away potential renters. Instead, use competitive rates to make your properties more desirable.
Enhance Your Type of Property
Improve the property's appearance to attract renters. Choose rental upgrades that boost the property value. Effective yet inexpensive upgrades include:
- New floors
- Energy-efficient windows
- Fresh coats of paint
- New kitchen cabinets
- Smart home technology
- New light fixtures
- Backsplash
Talk to your existing tenants. Ask about the upgrades they'd like to see.
Some may ask for high-speed internet, fitness facilities, or a dog park on the roof. Making changes based on their feedback can lead to more lease renewals. Generating lease renewals can improve your occupancy rate.
You can further stand out by leveraging technology. Use property management software to simplify processes.
You can use an online tenant portal to accept rent payments and maintenance requests. This offers new tenants ease and convenience.
Invest in Tenant Screening
Tenant screening services can help you find reliable renters you want to retain. It can take time and money to screen multiple applicants. Instead of the do-it-yourself option, outsource.
A property management company can gather more comprehensive information, including:
- Employment checks
- Credit scores
- Eviction histories
- References
Establish and adhere to a selection process. Make sure you follow antidiscrimination laws. Consider requiring a guarantor before choosing renters.
Leverage Digital Marketing Tactics
Digital marketing tactics will maximize your visibility. You'll have an easier time generating applications.
Use a multifaceted strategy to reach New York renters. Consider search engine optimization, social media marketing, and paid advertising.
Outsource
Developing an effective property marketing strategy can steal valuable time from your busy schedule. Consider outsourcing. Partnering with a property management company can help you find reliable renters without delay.
A full-service property management company can use proven strategies to fill your vacant properties. They can become your competitive advantage in today's market.
Update Your Property Marketing Strategy
Don't let New York's saturated market stop you from generating income. Instead, use these tips to improve your property marketing plans. With these tips, you can create effective campaigns.
Remember, working with a property manager can give you an advantage. Our team at PMI New York City uses proven strategies and state-of-the-art technology to maximize profitability.
Rely on our 20 years of industry experience. Contact us today to find great tenants.
