As a landlord, you’ve probably encountered many types of renters.
Maybe you rent to Gen Xers, Millennials, parents, multigenerational families, couples, students, or traveling professionals. Gen Zers are recently old enough to start renting their own housing.
Each of these groups has unique needs and preferences when it comes to renting. Whether your rental properties are targeted toward a specific audience or are more general, knowing how to attract certain groups can help you secure the renters you want.
While you can’t discriminate against any group, knowing which features and amenities to advertise creates an applicant pool already filled with qualified renters.
Here are five types of renters and how to attract them to rent your properties.
Student housing is a profitable market, especially if your properties are located near a college or university. While renting to students often means high tenant turnover, there will always be students looking for housing in a college town.
Attracting student renters does not require making any substantial changes. Ultimately students are looking for affordable, convenient housing. In your listings, emphasize the proximity of your properties to campus, your mail/package services if you have them, furnishings, cleaning services, or low prices.
Many students will also be moving to your town from far away. Providing storage space for students who need somewhere to keep their belongings over the summer might also appeal to students.
Finally, utilize online and social media advertisements. Students are on social media sites like Instagram and are much more likely to see an advertisement on Zillow or Apartments.com than in the newspaper. Campus resources are also a great place to spread the word about your rentals.
- Young Professionals
Does your city typically attract a lot of recent college grads or working professionals? If so, you might want to target these individuals for your rentals.
College grads and younger adults are likely to move around for jobs, relationships, and families. An influx of young professionals means plenty of opportunities for housing tenants who likely have at least a little renting experience.
As this population is just beginning their careers and less likely to have significant savings or salaries, attract them by emphasizing your affordable prices. You could also highlight local restaurants, bars, or social spaces.
Keep in mind that many of these tenants might also work from home (WFH). WFH tenants need quiet settings and adequate space to work. They might also appreciate local walking trails or outdoor patios. Advertise any of these features to attract WFH tenants.
Using best property management software also interests young professionals. This population is accustomed to managing their work, school, and social lives online. They will expect to be able to pay rent online too.
According to recent Census data, the U.S.’s population is aging. This means the next decade will see an increase in retired seniors, not all of whom own homes.
Plenty of seniors will continue to rent after retirement. Seniors are often looking for long-term, accessible rentals to call home. This means renewed leases and steady income for you, plus fewer of the headaches you get with younger tenants.
You can attract senior renters by addressing accessibility and mobility concerns. For instance, you could install and advertise safe appliances, large showers and doorways, and secure locks.
Another tactic is to emphasize your property’s proximity to shops, banks, drug stores, grocery stores, or laundromats. Seniors don’t always drive and will appreciate that necessities are nearby.
Finally, consider organizing or highlighting social opportunities for seniors.
- Roommate Households
Roommate households consist of individuals who rent a unit together but aren’t related. They may be friends, acquaintances, or complete strangers.
Roommate households are common among students and younger individuals moving to new cities for school or jobs.
While roommate households are likely to lead to higher turnover rates, you can minimize vacancies by renting “by the bedroom.” This means instead of one joint lease, tenants will rent their bedrooms and shared spaces individually. No one is responsible for anyone else’s rent.
If one roommate decides to move out, you’ll only have to replace the one bedroom. You can maintain a steady stream of income from the other roommates while facilitating convenient housing for tenants on the move.
Attract Great Renters for Your Properties
No matter who your target tenant is, there are concrete ways to attract them. By thinking about the types of renters in your area and what they want, you can successfully employ audience targeting and fill your units with high-quality tenants.