The following article was originally written for multifamily apartments, but the information shared is valuable as a guide when filling any type of rental vacancy.
Why do people lease from this property and not that one? What are some of the “subjective” factors that affect leasing choice? Multifamily demographics is a tool to measure change as it has significant influence on apartment marketing. Think “revere engineering” for lease acquisitions and lease renewals.
Demographics is such a “data rich” topic and one that reflects there are truly no two properties exactly alike. Think about demographics as a real-time tool to measure resident sentiment. Think about the scope of information that a potential resident considers and what makes a property of interest without relying on just numbers.
Here are a few ideas. From the perspective of potential residents…these are questions potential residents are asking themselves:
Property. Do I like the architecture, landscaping, parking availability and sense of place, of purpose and personal safety? These are all things people (potential residence) think about consciously and sub-consciously when deciding on a place to rent.
Neighborhood. Where will I shop? Is my church close by? Where are the parks and public spaces? What is my commute time to work? Do I have to drive to get coffee?
Resident Base. Who are my neighbors? Do we speak the same language, drive the same cars, have the same pets? Are they in my age group?
Property Management. Who is managing? Have I leased an apartment with this company before? Was my experience a positive experience? Is maintenance addressed?
Ownership. Have I leased from this ownership group before? Was my experience a positive experience? Is there deferred maintenance?
From the resident’s perspective, leasing choice is affected by one or more of the above- always. This is why as property manager’s and owner’s we must pay attention to these topical categories and notice when shifts occur that impact the thinking of our customer base.
What is the value of a single lease renewal or new lease? What can we do to assure a high renewal rate, resident referrals and high conversion of showings to lease? What can we do to deliver a positive resident experience in all facets of property management? A resident-focused approach is our best sales tool in multifamily apartment marketing…
By JOHN WILHOIT JR.
Originally published March 22nd, 2016
Republished with permission from Mr. John Wilhoit, Jr. To view the original article, please visit MultifamilyBiz.com.
John Wilhoit, Jr. is President of Wilhoit Investment Network, LLC, (WIN LLC) an owner and asset manager of apartments, condominiums and town homes. Mr. Wilhoit’s career has focused on high volume, large-scale multifamily communities including market rate and mixed-finance developments. He has previously held positions with the U.S. Department of Housing and Urban Development (HUD), Apartment Investment Management Company (AIMCO) and the Maryland Housing fund.