How to Market Your Rental Property During the Off-Season
Photo by Aaron Sousa
You timed the lease to end during peak leasing season, you placed a quality tenant, you sent the lease renewal offer early, and got a signed commitment.
You thought your rental unit was rented, you thought you wouldn’t have to worry again until at least the next busy rental season. But then your quality tenant came to you and told you they were offered their dream job on the other side of the country.
They said there was nothing preventing them from taking this job. Apparently, the lease agreement you thought tied them to the rental unit doesn’t count for much in their eyes. They are moving out in two weeks.
Yes, your lease stipulates that the tenant pay rent until the rental unit is re-occupied and your lease requires that the tenant pay an “early termination fee,” but they’ll be on the other side of the country and don’t seem at all concerned that they actually signed a lease agreement that doesn’t end for months or that your rental unit will be vacant so you can’t count on them to make any further payments.
You have to get your rental unit leased as quickly as possible.
No matter what caused you to be in this position, leasing your rental unit when the busy season is over can be a lengthy and time-consuming process. Below is a list of a few simple steps to take to help ensure you lease your rental property as quickly as possible during the off-season.
Set the Right Price
Be sure your rental rate is attracting prospects and not driving them away. Remember, rental price is always the first consideration for prospective tenants.
In order to set the right price, you must be familiar with your market, you must know what the current market rate is for a rental unit similar to yours. Look at the popular rental listing sites in your area, talk to other landlords, and look at social media outlets to see the rental rates of similar units.
There are fewer prospects during the off-season so this is not the time to list your rental unit above others in the market if you want to rent it as quickly as possible.
Offer Flexible Lease Terms
Consider offering flexible or shortened lease terms.
If you usually require a 12-month lease term, consider offering a 3-month, 6-month, or 9-month lease.
Flexibility in lease terms is extremely attractive to your prospects. The right neighborhood and the right area means something different to everyone so searching for an apartment or rental house while living hundreds or even thousands of miles away is difficult. What if you were to rent an apartment that looks nice in the advertisements and even seems nice in person, but then once you start your new job, commuting to work, making friends, and generally living life, you realize you actually want to live on the other side of town? These common thoughts of relocating renters are the reason flexibility in lease terms is extremely attractive to people who may be relocating to the area or taking a new job.
Offering a shorter lease term also provides you with the opportunity to move the lease end date back to the busy leasing season, so this is an option well-worth considering.
Make the Most Out of Your Advertising Options
You will not lease the rental unit if nobody knows it’s available. You may not usually even have to advertise in order to fill your rental unit, but you have fewer people looking during the off-season so you need to find a way to reach as many people as possible.
Consider listing on a site you may not usually use such as a national listing site, local site,, or a real estate site, or even social media. Doing a quick web search using the phrase, “apartments for rent near me” will give you a good list of the popular rental listing sites in your area.
When creating your advertisement, don’t just list the features of your rental unit, many of your competitors will offer the same features. You must set your rental unit apart from the competition by painting a picture of how special life can be if prospects choose to move into your rental rather than the competition.
An example of this would be the following:
“At the end of a long day, you could come home, park your car in the garage, drop your wet shoes and jacket in the mudroom, and wind down while sitting with a cup of hot tea in your eat-in kitchen.”
Photo by EKATERINA BOLOVTSOVA
Word of Mouth is the Best Advertising
Did you know “Word-of-mouth advertising” is even more effective than paid ads?
Tell everyone you know that you need to lease your rental unit! You’d be surprised how many of your friends, co-workers, or family may provide leads for you.
Ramp up your word-of-mouth advertising by posting a listing in the following places:
Share to your Facebook page
Post it on Instagram
Email your friends a link to the listing and ask them to share
Offer Incentives
Although I’m not a big fan of financial incentives, there are times when just letting people know you’re offering an incentive will create the attention you need.
If you have other quality tenants in the building, provide an incentive to them if they give you a lead that turns into a lease. Providing this offer gives your tenants an excuse to do some word of mouth advertising for you. If you choose to do this, make sure you provide specifics with regards to details such as required move in date and lease term of the incoming tenant.
You could also consider giving a new tenant a period of time in the rental unit for free. Again, if you choose to give this a try be sure to make the specific requirements of the offer clear. Most of the time this would be equivalent to ½ to one month rent.
Virtual Tours and Photography Increase Engagement
Just as pricing is especially important during the off-season, so is the virtual introduction to your property. If you have low-quality pictures, pictures that make the rental unit look small or unattractive, or no pictures at all you will not generate interest in your rental.
Take the time to create quality, visually appealing photos. Considerations for your quality photos include lighting -do not take your photos on a rainy or cloudy day, consider turning on the lights in the unit or using a flash. Take all photos in the same format and don’t switch between a variety of filters it will not show well when prospects are reviewing photos. Remove all cords, trash, or other clutter from the area. Don’t photograph areas of the rental unit that are not attractive. Don’t forget the exterior, renters want to know where they’ll be living so don’t forget to give them information on the building itself by providing exterior photos.
Advertisement engagement increases by approximately 70% when video tours are available so if you can make a quality video of your rental unit, make sure you do it!
Engage With Local Networks
Contact the big employers in your area, the Chamber of Commerce, housing groups, and realtors. All of these people encounter people who are moving to the area, the more you share with them the more they can recommend your property.
Be the First to Respond
Prospects expect immediate responses to their inquiries, do not wait longer than necessary to reply to an inquiry.
Often times prospects will sit at night and send inquiries to everyone who’s listed an apartment as available for lease -you should be the first to respond, but you definitely don’t want to be the last to respond. Make it your standard to respond immediately when possible, but never wait longer than 24 hours or you may have lost the lead.
Photo by Ulises Balbuena
Create Curb Appeal
Prospects will often look at everything you have posted on an advertising site, but then they’ll drive by the rental unit before contacting you. Curb appeal still matters: consider making small improvements such as adding potted plants, giving the front door a fresh coat of paint, or having the driveway and sidewalks swept. A neat and tidy exterior tells a prospect that you care about your property and will likely provide a quality rental unit. If the exterior of the unit has overgrown landscaping, chipping or peeling paint, trash, or other untidy or unappealing aspects of it, you will lose prospective tenants before they ever see the inside of the rental unit.
Signage
Take advantage of the people who drive or walk by the property. Place an easy-to-read sign in a highly visible location on the property. Be sure the sign lets prospects know how to contact you and that you have something available for lease.
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Has this ever happened to you? Do you feel better knowing you’ll be prepared if it does? Have you tried another tactic that worked for you in this situation? Leave your thoughts in the comments below. ↓