Secrets for Multifamily Listing Success

Did you know that a single sought-after amenity can help sway prospective renters?

Check out these top-searched terms for a successful online marketing campaign.

New apartment listings are scarce these days. The nationwide shortage presents an excellent opportunity for multifamily investors in the next few years—and that’s great news! 

Still, experienced landlords know that high demand doesn’t justify laziness. 

If you have a building or unit that’s about to hit the rental market, be prepared to pull out all the stops when it comes to strategic marketing. A solid advertising campaign can help you attract high-quality tenants and enjoy many lease renewals to come. 

In particular, research shows that certain amenities, both in-unit and community, can dramatically boost your potential tenant prospects and even command higher rents. 

It’s important to understand the value of these offerings, how they can help generate greater interest in your building, and push your online rental listing to the top of the search results page. 

Not to mention, it’s smart to utilize this list of amenities if you’re considering buying or upgrading a property in the future. 

Before we show you the definitive list, let’s discuss a few key pointers. 

A recipe for rental listing success

Trends come and go, but regardless of time and place, there are a handful of amenities that have always helped create buzz for apartment listings. 

“Landlords should not underestimate the value of outdoor attractions,” says Judy Stein, Senior Loan Officer at Everest Equity. “If your building is family-friendly, installing an outdoor playground or even just a swingset is a simple and inexpensive way to appeal to tenants with children.” 

Other desirable outdoor amenities include gyms, rooftop decks, barbecue grills, and the most sought-after of all? No surprise—swimming pools. 

“Having a pool is a huge plus for all kinds of rentals from multifamily buildings to student housing. You really can’t go wrong!” says Mrs. Stein. “Ever since Covid, any kind of outdoor space or amenity designed around pleasure ranks high.”

But keep in mind—not every apartment amenity is created equal. It’s important to consider your target demographic, the behaviors and preferences of renters in your market, as well as the class and size of the building to determine what’s even possible. 

“Implementing luxury amenities like onsite gyms, spas, 24/7 attended lobbies, and state-of-the-art conference spaces is the best way to attract residents to Class A buildings,” notes Mrs. Stein. “More affordable rentals might prioritize package delivery systems, smart locks, and high-speed broadband for renters who work from home.” 

She notes that community laundry offers a win-win scenario, as it’s convenient for tenants and income-producing for the landlord. From a mortgage perspective, the addition of coin-operated washers and dryers can also help decrease DSCR (debt-service coverage ratio).

And no matter the extent of your offered amenities, make sure your rates are competitive with neighboring buildings. 

According to Mrs. Stein, “Buildings that don’t charge an amenity fee may be able to charge slightly higher rent. But if the number is unusually high, prospects may balk at the extra fees and choose a different building.” 

So, let’s make it our mission: find the happy multifamily medium! 

For your next apartment reno project, commercial investment, or online listing, try to incorporate some of the top trending amenities below. Doing so can help maximize your rental income, reduce vacancies, and achieve lease-up stabilization in no time. 

8 Amenities to Include in Your Rental Listing

If you’ve got it, flaunt it! When crafting your next online unit listing, be sure to brag about the following most sought-after amenities for 2023. 

In-unit laundry

Shared laundry is a wonderful addition to any apartment building, but private appliances? That’s the grand prize! Having an in-unit washer and dryer continues to be a top priority for renters in 2023. 

Stainless steel appliances

Say goodbye to the bland white “landlord special.” If you really want to whip up a special rental listing, invest in a stainless steel oven, refrigerator, dishwasher, and other appliances. This shiny new standard is sure to please prospects when they browse your kitchen pictures. 

Kitchen islands

Back in the day, having a kitchen island in your apartment was quite extraordinary. But nowadays, discerning renters are actually hunting for this in-unit amenity and are willing to sign on just to enjoy one. Even if you fit a small central island—it’ll be well worth it! 

Balconies

As Judy Stein suggests, outdoor space remains at the top of most renters’ wish lists. Private balconies can help differentiate your unit from competitors whether you’re leasing in the city or suburbs. “They can also double as workspace as long as there’s a flat surface, electrical outlets, internet access, and a comfortable place to sit.” 

Parking spaces

Another multifamily mainstay! In searching for their dream apartment, renters young and old alike demand dedicated, reliable parking. Many are willing to pay more if it means saving time circling the block or having to walk a mile to their front door.

Pet-friendly spaces

No more neglecting our furry friends! Now more than ever, renters are choosing to keep pets (even with limited living space). This is why many of today’s top multifamily operators are incorporating onsite dog parks, dog runs, and flexible green space for tenant use. 

Air conditioning

Even in the year 2023, air conditioning continues to be classified as a luxury amenity in some rental markets. If your multifamily comes with central air, a mini split, or window units, be sure to advertise in the listing. Mrs. Stein adds, “Smart thermostats are also great from a mortgage standpoint. Installing these enables each unit to be billed separately for their utilities, thus reducing the landlords’ burden and increasing cash flow.” 

Digital communication

Instead of stopping by the property manager’s office and paying by cash or check, today’s renters desire remote convenience. “The ability to communicate with the landlord through digital means and pay rent online is a big perk nowadays,” says Mrs. Stein. Be sure to market this as an actual “amenity” to make your listing more appealing. 

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Everest Equity

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