Concentrating on the positive side of the income statement, rents generate the income for apartment & multifamily properties. http://karenhanover.com/

1. Marketing & Advertising Media for Apartment &
Multifamily Properties
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Concentrating on the positive side of the income statement,
rents generate the income for apartment & multifamily
properties. Tenants pay those rents, so the focus of
marketing and advertising is to fill the property with
tenants paying market rents. High vacancy rates kill cash
flow. But, there's a balance that must be maintained
between the cost of promotion and marketing and the
results. Filling units by offering three months free rent
might be easy, but that's a really high marketing cost. So,
assuming an apartment or multifamily project that's in
good condition, and represents itself well in the market, or
even has one or more marketing niche opportunities, what
are the available media and the strengths and weaknesses
of each?
Newspaper & Magazines
There's no mystery here, as these print media are staples
for advertising apartment & multifamily properties. Newspapers and magazines can be some of the most
expensive marketing, and the advertiser is paying for the reach, with no idea of how many readers will
actually see the ads. Classified ads, especially those placed in area-specific sections of the newspaper can
be effective and inexpensive, but must run with regularity in the same location.
High end properties, such as executive rentals or luxury units can do well in magazines that are local and
focused on high income readers. There are high income individuals who do not own, or prefer to rent for
a variety of reasons. Targeting them in a city-focused high income reader magazine can work well.
Apartment & Multifamily Marketing On The Web
This isn't just a website, though there's ample evidence that every property should have an Internet
presence with quality photos and descriptions of property amenities. It's also free advertising on
Craigslist. This online resource has grown to huge proportions simply because users like it and find what
they want there. It's free for most advertising, and many “for rent” ads are there. If the prospect tenant
is a tech company employee, there's little doubt that Web marketing has as much or a better chance of
reaching them than print.
Flyers, Bulletin Boards & Specialty Newsletters
Especially for student rentals, flyers strategically placed on campus area bulletin boards can produce great
results. Campus or major employer newsletters may take ads, and can bring quality tenants who want to
be near the school or job.
Marketing and advertising can keep down vacancy rates, but the cost shouldn't negate the value. Begin
with the least expensive and work up. Done properly, many owners find that they never reach the
expensive end.
Marketing & Advertising Media for Apartment & Multifamily Properties, Copyright 2010 by
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