Turn hard-to-sell apartments into high-demand property with some simple and efficient marketing tips.
Studio apartments are one of the most challenging units for property owners to sell. Finding the right balance between affordability and profitability makes finding tenants difficult. If the space is marketed correctly, the pool of potential renters opens up significantly. Proper marketing requires capitalizing on what makes a product appealing. Small spaces have their appeal to the right market, plus they can be upgraded by smart owners. All it takes are a few moments in the shoes of the type of renter who is looking for a small space to call their own.
Studio Apartment Upgrades that Attract
One of the big misconceptions about studio apartments is that there’s a lack of basic appliances or that the living space is lost to kitchen appliances. Small apartments can still be well-appointed thanks to compact appliances. All the appliances renters expect – like stoves and refrigerators – exist in smaller, more efficient versions that can be found online. Most big box stores only carry the biggest appliances because those offer the best profit margins. Small appliances that appeal to the world market have existed for many years. But they have only recently shown up in common retail chapters, with more American consumers looking to reduce energy costs and due to space concerns. Even washers and dryers exist in small room units, which might speak to renters who don’t want to lug their dirty clothes to a laundromat or a basement laundry room. Upgrading these appliances to energy-efficient models is a worthy investment that will continue to save you money on energy costs for years, and it provides a great selling point when marketing your property.
Making the best use of space is one of the biggest ways to upgrade a studio apartment. Renters still need ways to store their stuff. Offering solutions right off the bat means they don’t have to head out to Ikea or build their own options. A studio with built-in bookshelves will get college students and booklovers to take a second look. Do-it-yourself shelves inspire ways to make a solution that works for the space whether its books, food or anything tenants need to store. Well-deployed storage units open up living space and make things seem bigger on the inside.
Studio Apartment Benefits to Highlight
Microunits are an emerging trend within rental properties. With more demand for single units rather than family units with multiple bedrooms, some cities are turning larger units into super-efficient smaller spaces. Most tenants coming out of college don’t share the dreams of their parents for eventually moving up and out of the city into the suburbs. They are managing money in different ways and have to balance student loans, credit card debt and living expenses. They also don’t want to manage the social dynamics of roommates that all sign up for a communal living space and split the costs. Landlords with a big unit that’s been vacant for over a year might want to consider converting it into a few microunits instead.
Renters looking for studio space have different priorities than renters looking for large units. These renters prize accessibility over square footage. Large cities like New York and Los Angeles have dealt with this tension for years. Small spaces still get high rent prices when an apartment is located close to public transportation, business hubs or nightlife. Studio apartments are often the only way that young people who find these traits desirable can get what they want in a way they can afford it. Get the word out to them and finding renters for these units becomes a lot easier.
Apartment Marketing Tips
Think Social. Finding young renters means going into the places where they get their information. The renters interested in studio apartments don’t read print classifieds. They’re even unlikely to check out very many online listings. If they aren’t on a website that’s within the first five hits of a search engine, the listing won’t be seen. These renters are most engaged with social media. Ads don’t have to sound cool or use slang, but reaching out on Facebook or Twitter to talk to potential renters satisfies what they want and gives landlords another way to screen potential renters. A social media presence also helps build a sense of community, which is a key to attracting good tenants.
Provide visual examples. Some people have a hard time seeing the potential of a small space if they only see it empty. Consider “staging” a vacant unit in a way that makes the best use of the space available to give people a visual to really connect to. Include attractive furniture and easy storage solutions that fit the space. Then take photos of your impressive setup (no one needs to know it’s just for show!) and use those visual examples to market to your targets via social media. Pictures are perfect for today’s short attention spans.
Be Green. Another attractive trend for new renters is buildings that are conscious of their ecological impact. Going green is a win-win proposition for many landlords. Improving energy efficiency saves overhead for the property owner and it makes the renter feel better about choosing their space since they feel like they are making the world a better place. Even hotels, from small boutiques to the large international chains, are realizing the advantage of eco-friendliness.
Studio apartments have a marketplace to be sold. Property managers just need to direct marketing efforts in the right places. Take a little time to look into compact appliances and storage space solutions to maximize the appeal of the unit. Decide if any spaces can take advantage of being turned into a microunit. Realizing the different desires of renters allows studio apartments to be turned to meet those demands. Reach out on social media to potential renters. Making a studio space even more energy efficient makes it more valuable to renters.
Everyone needs a space to call home, big or small. The small spaces just need to get in front of the right people.
Featured image “studio apartment” courtesy of Flickr user Taras Kalapun licensed under CC by 2.0.
Images “Design Studio Home Office Inspiration” courtesy of Flickr user I am Ronna licensed under CC by 2.0.