Make Your Older Apartment Stand Out Against New Construction - Frank Roessler
Make Your Older
Out Against New
Not every market can handle a rapid influx of new apartments. San
Francisco and Boston, however can. These markets are projected to fair
well given pent-up demand. Even older properties are fetching sky-high
rents. But in cities like Nashville and Charlotte, new construction is at risk
of outpacing demand. Even since last fall, Nashville’s vacancy rates have
increased. This is considered a second-tier market and it could become
especially challenging for property managers with older buildings to
compete for tenants.
There is a term used frequently by urban planners and it’s “Differentiate
or Die”. This phrase is used to help communities rethink downtown
development strategy, but the same line of thinking should be used by
landlords and property managers who want their buildings to compete
with the glitz and glamour of new construction. The question then
Play up your property’s best
This is obvious. Ask yourself questions like does my complex have an
incredible skyline view? Do my units have high ceilings, floor-to-ceiling
windows or are they chock full of historical charm? Whatever the best
features are, asses them and take them for granted. It’s easy to forget
the fantastic features your property contains. Try asking a trusted friend
to walk through a unit with you and ask them what stands out the most.
Remember that not
everyone wants the same
type of lifestyle.
The new highrise apartment downtown may have a rooftop pool,
however this might not appeal to some tenants. Many tenants such as
baby boomers, for example, might be looking to spend their weekends
in a much quieter setting. Maybe your building offers a private backyard
that’s great for entertaining. Or raised garden beds that someone can
plant seeds in.
Make small gestures to show
tenants you appreciate
Many people are moving into of one the thousands of newly constructed
apartments feel like a cog in the wheel because their apartment is
nothing special and they’re just one of the many renters in the building.
Try by creating an emotional connection with existing tenants by
bringing them freshly-baked cookies during the holidays. Or, you could
offer them a professional cleaning service once a year. Get to know
them and their family. It costs less to retain a current tenant than it does
try to find a new one.
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