Best Way To Advertise Apartment For Rent – This week we completed rent forecasts for 127 metro area apartment markets. We maintain an upward demand outlook, with key variations depending on the market. With such wide variation in the market, good timing can lead to great opportunities.
To help assess the “climate” (objective of the game) of market changes and the “forecast” of the market, we have divided trends into four categories:
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1. Boomburbs (suburban growth): Suburban growth markets benefited greatly from migration out of cities during the pandemic. The low cost of living, quality of life and relative affordability have attracted residents from all over the country looking for a place to live. Hopefully some (not all) of these tenants will move back into apartments near their jobs after the “all clear” of COVID. Rents for these markets will decline slightly (between 1%-2%) in 2021 due to some migration (assuming Covid is over), but we expect rents to return to growth in 2022.
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Suburban markets have received the most positive headlines in 2020, attracting investment and development capital. We’re still good at locations that offer an “affordable alternative” to city apartments that are close to work, retail and entertainment, and real estate.
2. Braintowns (College Towns): These markets are student-driven and had a big impact in 2020 (5%-10% rent reduction). We see demand and rents declining with this decline improving in the first half of 2021 as more students return to campus.
Properties near the campus will be advantageous. More students want to live off campus, maintaining demand for apartments.
3. Downtowns (Urban): The pandemic and the resulting ability to work from home reduced demand in urban markets. Many markets have already seen significant rent reductions (5%-15%) in 2020. We expect a further decline in 2021, but to a lesser extent, as renters gradually move back to cities and some people return to work in their offices. Rent growth will moderate in recovering metros and submarkets with new apartment construction and/or prolonged COVID restrictions.
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Urban markets are not dying. As investors and capital move away from urban areas, some assets may depreciate. This may be a good time to consider investing in property and developing near the city centre.
4. Bonds (High Unemployment): These are markets to watch as layoffs expire. We expect rents to decrease in 2021 through early 2022 and vacancy rates to increase. However, construction levels are relatively low in many of these markets, which alleviates some of our concerns.
We see a positive long-term future for apartments, just on different timelines, depending on their location and unique attributes. But in a year where the sales market dominated the headlines, don’t forget that a third of the population lives in rental housing, for which the long-term future is bright.
Please contact Jeff Kottmeier, Lesley Deutch or Ken Perlman for great ideas for success. Our team of experts is always available to help.
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If you have any questions, please contact Jeff Kottmeyer, Vice President, at (202) 815-3080 or by email. If you have any questions, please contact Lesley Deutch, CEO, at (561) 998-5814 or by email. If you have any questions, please contact Ken Pearlman, CEO, at (858) 281-7214 or by email. Update: This post has been updated with new scores and winners based on changes or improvements to some products and services. We’ve also included new products we’ve noticed since the last update. Read on to see our best free online ways to advertise a rental property 2022:
Any landlord knows that a rental property can quickly turn a balance sheet from black ink to red ink. The first step in filling a vacancy is to reach out and attract potential new tenants. Online property management software products can significantly streamline the process of marketing vacant units. As you’ll see in this article and others we’ve written, we believe these products improve the ease and profitability of managing rental properties. We take a look at the top software providers, many of which offer free online ways to advertise rental properties.
These are our winners of the best free online ways to advertise rental properties. Read below for complete criteria and marks:
If you are asking us to recommend a great software product for promoting and managing a large portfolio of properties (25+ units??) we love TenantCloud. The platform offers robust features from vacant listings through maintenance and financial management. While products like Avail also support a large number of units, we think TenantCloud’s subscription price – while unattractive at first glance – becomes a good value when you have a few tenants.
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RentRedi’s app is really convenient and user-friendly for both landlords and tenants. Your vacancy ad can be easily managed from any mobile device, allowing you to easily contact potential tenants from anywhere and in real time. Renters who expect mobile convenience and we see RentRedi as a great tool!
Landlords have many options when looking for free online ways to advertise their rental property. We’ve rated these top real estate management software products to help you find the best solution for your needs.
Avail is end-to-end property management software that helps small landlords create online listings, receive applications, run inspection reports, collect rent, and get instant access to attorney-approved leases and electronic signatures. It does a lot of the work for you, including contacting previous landlords, so you can quickly fill vacancies with qualified tenants. Here is a complete overview of our products.
Buildium property management software supports DIY owners and large property managers. The software includes tools to help with accounting and bookkeeping, lease and document management, maintenance tracking, applications and analysis, and more. Here is a complete overview of our products.
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TenantCloud is a full-service property management software tool that does a great job of meeting the needs of landlords managing anything from a single home to hundreds of units. There are features that are important for owner managers and property managers. From office leasing to financial reporting to maintenance coordination with service providers, TenantCloud provides valuable solutions. Here is a complete overview of our products.
Rentec Direct provides property management software and tenant viewing solutions for landlords and real estate professionals to manage properties, tenants and accounts online. Members can collect rent payments, vacancies, screen applicants, rent and more. Here is a complete overview of our products.
RentRedi is particularly attractive to homeowners who move and renters who do the same. Their attractive and intuitive app allows employers to post vacancies, ask pre-questions, request information and accept or reject applicants from their mobile device. Listings are posted on the RentRedi website, as well as the highly trafficked Doorsteps.com and Realtor.com. Here is a complete overview of our products.
Hemlen takes property management software a step further by allowing owners to outsource maintenance coordination and/or leasing. The platform disseminates job listings across all listing services (30 sites) and facilitates applications, screening and fare collection. Hemlen charges a flat fee per unit, and at the top level, repairs and gaps are shouldered by the owner. Here is a complete overview of our products.
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LandlordStudio has recently entered the rental advertising space and has created a simple and easy interface to create attractive listings. Our favorite feature is the long list of pre-screening questions that landlords can ask applicants to answer, which we find to be a very effective way to narrow down our search and save time. LandlordStudio really shines when it comes to financial tracking and accounting, but they don’t syndicate ads to listing sites, so you’ll have to do that yourself. Here is an overview of LandlordStudio’s features.
We graded each software provider on a 10-point scale on 5 key rental marketing factors, plus two bonus features. Read on for more details, here’s how they stack up:
How many potential tenants does your vacancy ad reach? “Syndication” is how property management software platforms submit your vacancy advertisement to rental listing sites. There are many such sites and each software service chooses which one to associate. Until last year we were only using Craigslist to advertise vacancies. We still post ads there, but we’ve found that renters are using more dedicated rental listing sites. We give high scores to services that integrate with Craigslist because we still see renters shopping there. The use of social media to reach potential tenants is a trend predicted to grow, so we give credit to those who post on Facebook Marketplace. Usability: 9.5/10 Score:
Get your listing on all high traffic ad sites. In addition to the Zillow Network (which requires a paid account, see note above) and Avail’s website, your ad will be shared with Zumper, Apartments.com, Padmapper, Rentable, ApartmentList, Doorsteps.com, Realtor.com and Walkscore. com. This all happens as soon as you activate your listing on Avail. Avail doesn’t list your vacancies on Craigslist, which is the only reason we’ve given them a less than perfect score. Buildium – Score 10/10:
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Your rental listing on Buildium automatically places the same ad on the Zillow family of sites,
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