The most recent U.S. Census revealed several reasons why people move. Understanding these motivations, as a landlord, can help you better attract and serve the renters who will populate your properties.
Making a new start
A large percentage of renters move because of a life change, such as an altered marital status, an employment change or a new romantic partner. As meeting new people will likely be a priority for any of these situations, promote social opportunities to help newcomers adjust. Whether you foster social events for residents or connect them to activities and services in the community, your property will be more attractive if it seems like a neighborly place.
Many older people relocate to downsize or to be closer to their adult children. If you want to attract and meet the renting needs of these residents, promote features that would interest them, such as ground-floor units, social gatherings and proximity to transportation, groceries and other services. Any child-friendly features of your property or the larger community will also be attractive to older residents for when they host grandchildren. Be mindful of your wording when trying targeting specific demographics, though, so that you’re not inadvertently approaching housing discrimination.
Many renters are on the move to find safer housing, especially those with kids. If you can share positive information, such as the presence of a Neighborhood Watch in your property’s neighborhood, it could help you attract residents who are carefully considering crime statistics. What’s more, plenty of lighting and a secure entry area are also draws for the security-conscious renter.
Post-recession, the American Dream is undaunted, and many renters move to live in a nicer home. If your property includes luxury appointments and status amenities, be sure to play these up. It never hurts prospective residents to see your property as “the home of their dreams.”
Why people move, while always personal, is also universal. Tap into the motivations that put your prospective residents on the go and you’ll be a more attentive and responsive landlord for it — all the better able to promote the aspects of your property they’ll appreciate!