In the past, many property owners would focus on renting out their properties more during the warmer spring months, as opposed to the autumn and holiday seasons. The reasoning was that the main audience looking for new homes—families with children—would be searching during the spring and early summer, when the kids were out of school and moving was easier.
However, with millennials moving out on their own more and empty nesters favoring renting over buying, renters’ schedules are no longer solely dictated by a school calendar. These groups of renters may be actively looking to start a new lease in the fall and winter months, so they are good times for listing your properties. In fact, it may even be more beneficial for you financially due to less competition during this time.
Here we’ll go over some tips for appealing to both millennials and empty nesters during the fall season.
Marketing Rental Property to Millennials
Millennials are active renters and can be looking up rental options 24/7, so you’ll benefit from having vacant rentals ready to show at all times. Since they are always connected, it is likely that most millennials will contact you on their own time to see a house or apartment, as opposed to waiting for an open house. As soon as you have a vacancy, get the property in shape and listed online.
Also, use photos—and good ones! Make your online property listings stand out. Simply posting details about how great the unit is will not be enough. Millennials will want the instant gratification of seeing the space in pretty pictures, or they’ll likely move on to another listing.
Marketing Rental Property to Empty Nesters
The empty nester approach to renting property is normally different from millennials; they will go through the process more slowly and methodically.
Many of them are hoping to downsize their living situations, which is good news for apartment renters. But it also means that they’ll be juggling finances as they sell their home and put other things into place before moving. They may be stressed with other steps in the process, so it’s a good idea to expect they need some time to make big decisions. Be accommodating of their response times.
As a rental property owner, it’s important to know and understand your renters. And in a more “off” season like fall, it’s likely your renters will include millennials and empty nesters looking for a new place. Work on tailoring your marketing to what these renters want when filling those vacancies.