Smart residential apartment marketing can increase a property’s attractiveness and annual revenue while reducing vacancy rates. Over time, these changes can potentially decrease operational costs at various types of residential properties such as multifamily apartment complexes, condos, duplexes, and other multi-residential properties.
How Can I Increase My Apartment’s Marketing and Revenue?
1) Convert Space Into Additional Apartment Units
One apartment community conducted an internal analysis of its property. Management found that they had multiple laundry facilities spread across the residential property. They consolidated the laundry rooms and were able to create three additional studio apartment units.
As a result, the apartment marketing was able to advertise the additional units available to lease. The multifamily apartment increased its monthly revenue by almost $2,000. The value of the commercial asset increased to $308,500.
There are other space conversion methods to increase your apartment marketability. Property management companies can convert old storage rooms into apartment units. Residential apartment managers and owners may let perpetually vacant apartment spaces decrease in quality. As a result, the empty apartment units may be filled with supplies and tools. It is substantially cheaper to buy a separate storage shed for the apartment complex than to use an apartment unit.
2) Provide Residents with Optional Storage Space
One residential complex had four garages that were filled with junk and miscellaneous clutter. Property management cleaned out the garages and installed locks. The old garages became new residential storage. This amenity increased the apartments marketability and attractiveness. Apartment marketing led to contracts and resulted in additional $200 of revenue per month.
3) Offer Short-Term Leases
The market is changing. Short-term leases are attractive to tenants who have not settled down or perform short-term contract work. This usually lasts between three to six months. Residential properties can charge a premium on the rent of a short-term lease.
One apartment complex was able to fill the market’s need and generated additional monthly income. Short-term leases are growing in demand. It’s important for property managers to adapt to the changing market and provide adequate apartment marketing of this option.
4) Utilize Residential Amenities
Many class A apartment complexes have underutilized amenities. This can include unused office space, fitness centers, club houses, and swimming pools. A residential property can offer these spaces available for an event. This action can also increase a more pleasant atmosphere in the community. Property managers can distribute apartment marketing informing residents of this option.
5) Install an Apartment Security System
Live video monitoring can reduce crime and increase property value and income. Our sister company Stealth Monitoring’s client had a 30% occupancy rate due to the drug deals and crime on the site. Criminal activity was so bad that the owner was told that he could not hire just one police officer to patrol the site. The owner would need to hire two police officers to ensure its safety. Stealth Monitoring installed a customized apartment security system with live video monitoring. Crime steadily decreased. In less than two years, the occupancy rose to 77% and the average rent per unit increased by $100.
Stealth Monitoring is the leader in remote video surveillance in Canada and the U.S, with over 400 employees, 11 offices, and 3 live video monitoring control centers. Stealth’s proactive video monitoring watches over 17,000 IP and CCTV security cameras. Our security solutions feature advanced technology and can detect and deter crime while reducing security guard and other expenses. Our remote monitoring service can reduce or even replace security guards at a fraction of the cost. A remote surveillance operator can see suspicious activity, activate a speaker warning, and call the local police.
Please call toll-free (855) STEALTH or contact us today for more information to protect your outdoor assets. Visit the Stealth website to see real arrest videos at construction sites, multifamily apartments, shopping centers, office buildings, warehouses, auto dealerships, and other commercial real estate properties.