Effective Marketing Strategies for Filling Vacant Units

Looking for effective marketing strategies for filling vacant units? It’s no secret how the real estate industry is thriving. So, investing in rental properties can be a great idea for monetary benefits. But what better way to ensure success than to have your properties constantly occupied?

The facts and figures below paint a clear picture of the rental business status in the U.S.: 

According to Consumer Affairs, the average home vacancy rate was 7.4% as of the first quarter of 2024. Likewise, Statista cites that the apartment vacancy rate was 6.7% as of May 2024.

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The statistics above pose a challenge to every landlord in the country: How do you maintain your properties’ occupancy and minimize your vacancy rate? A robust marketing approach is key!

Because real estate investing can be financially beneficial, this article will share with you some effective marketing strategies for filling vacant units. Don’t know how to proceed? Here are the crucial steps to take:

1. Set your marketing gameplan

As with any strategic business move, begin with proper planning and solid preparation. That’s a good start to nail your real estate marketing gameplan. The key? Study your prospective renters and align your marketing tactics with them. Here’s you need to do:

  • Get to know your target renters. Extensive market research is key—you’ve got to do some digging. What rental units are they looking for? What amenities do they need? What property aesthetics and curb appeal attract them? 
  • Develop clear tenant personas. These personas are essentially detailed profiles of ideal tenants for your rental properties. They are built around things like demographics, psychographics, and lifestyles. Are you catering to students, yuppies, couples, or families? 

Take it from Brooke Webber, Head of Marketing at Ninja Patches. She claims that successful marketing is about understanding and connecting with your audience on a deeper level. She says this applies to all industries, including real estate where landlords seek to promote their rental properties.

Webber explains, “It takes performing due diligence before setting your marketing strategies in place. You’ve got to research your target market, create messaging that clicks with them, and make sure they see why your offer is irresistible.”

2. Optimize platforms like a Pro

In real estate, optimizing means updating three things: your SEO ranking, real estate website, and property listings. These marketing tactics put your rental properties in the spotlight amid the sea of digital competition. Don’t worry if you’re a bit clueless—here’s how they work:

  • Search engine optimization: SEO is all about boosting your site ranking on the search engine result pages (SERP). What does it take to take the top spot? Spruce up your website, post keyword-rich content, and build solid backlinks. The higher you rank, the more eyeballs you’ll get on your rental properties!
  • Real estate site optimization: Website optimization is exactly that, but consider it part of your technical SEO strategy. However, it isn’t just about boosting your online presence or website traffic. It’s also about keeping potential renters engaged with you—from the moment they land on your web page to the time they convert to actual tenants!
  • Property listing optimization: Your rental properties should stand out on rental platforms, so don’t forget about your property listings! Make sure you use the right keywords in your property descriptions and upload high-quality images. Doing so can make a world of difference in your marketing efforts!

Jeffrey Zhou, CEO and Founder of Fig Loans, stresses the importance of SEO across industries, and real estate is absolutely no exception. He claims that this online marketing strategy is crucial for augmenting online presence and driving site traffic.

Zhou states, “SEO not only boosts your search rankings and drives traffic, but it also helps you engage directly with rental prospects. In real estate, this can be a game-changer for generating potential tenants and getting your properties rented.”

3. Make the most of social media

It’s no secret—social media is a massive force in today’s digital realm, with over 5.17 billion users globally. And guess what?  Some of these users are probably looking for rental properties out there. So, how can you connect with them on these platforms and get them to convert? Here’s how:

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  • Share regular content. Don’t just sit on your social media couches—be active and proactive! Post helpful rental tips on Facebook, eye-catching property pics on Instagram, and exciting virtual tours on TikTok. Who knows? These pieces of content might resonate with potential renters!
  • Run pay-per-click ads. Get the word out about your rental properties through targeted ads on Facebook, X, and Instagram. Be pretty straightforward about what you’re offering and who you’re looking for. Make sure qualified tenants know what’s coming even before your units become readily available.
  • Stay engaged constantly. Posting content pieces and ad copies isn’t enough, for all we know. The thing is, you’ve got to actively engage with your audience. How? Respond to comments, answer rental questions, and share property updates to keep the conversation going.

Roman Zrazhevskiy, Founder and CEO of MIRA Safety, absolutely gets this idea. Their company also has social media pages where they regularly update information and communicate with their prospects.

Zrazhevskiy explains, “Social media is huge in today’s digital world. It’s the perfect place to connect with your audience, but you’ve got to keep them interested and engaged. Use it right, and it’s a powerful tool to win over new customers and clients—or in real estate, tenants or renters!”

4. Kick your properties up a notch

Real estate marketing isn’t limited to promoting your rental properties. What better way to make your units appealing to renters and occupied by tenants than to maintain and improve them? Here are three crucial steps to take for your home improvement projects:

  • Property fix: Your rental units will eventually show signs of beyond-normal wear and tear. You should fix major property damages to avoid shooing prospects away. Even minor issues should be tackled so they won’t escalate into major ones.
  • Robust upgrade: Real estate trends and tenant needs are ever-evolving. As such, you must update your rental units to keep up with these changes. For instance, consider makeover ideas for increased home value by transforming your properties.

5. Offer perks and incentives

Nothing can be more frustrating for landlords than having vacant properties. If you need help promoting your units, consider providing incentives or perks. That said, offer something special, such as the following:

  • Special discounts: During low seasons, offering discounts on deposits or even monthly rental payments is a good idea. It’s better than having your units unoccupied for a few months or so.
  • Referral bonuses: If you own a number of units, encourage your tenants to refer your vacant properties to potential renters. In exchange, strategically provide them with incentives for their monthly payments.
  • Flexible terms: You can offer flexible rental contracts just to keep your units occupied. For example, you can turn your units into vacation rentals and allow short-term stays.

Gary Hemming, Owner & Finance Director at ABC Finance, suggests setting financial strategies for your rental property investments. He believes decreasing your monthly rates is better than increasing vacancy rates.

Hemming expounds, “It’s better to earn meager income from your rental units than not having tenants at all. Constant occupancy translates to consistent cash flow.”

6. Hold an open house in place

An open house is one of the most effective marketing tactics for promoting your rental properties. This scheduled event allows potential tenants to explore your units before they decide to rent them. However, it can be done offline and online:

  • Physical open house: Once your properties are vacant, you can let prospects drop by to see your units. However, you must make them as appealing and functional as possible.
  • Virtual open house: As the name suggests, this allows you to showcase your units via digital platforms. Think of live streaming, pre-recorded tours, and virtual/augmented realities for immersive experiences.

Open houses prove effective for real estate marketing and remain relevant today. However, the pandemic has changed the way landlords and renters transact with each other. 

According to the National Association of REALTORS (NAR), over 50% of Americans with internet connections have taken virtual tours. Likewise, half of them have found virtual tours useful in making informed decisions. 

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7. Tap into your real estate network

Real estate marketing isn’t the sole responsibility of landlords. It’s better to partner with others who can help promote your vacant rental properties. Here are some professionals you can rely on:

  • Realtors or brokers: Real estate professionals have a vast network of potential tenants. Consider hiring one if you need help promoting your vacant units. 
  • Property managers: Generally, they handle almost everything—from property marketing and tenant screening to rent collection and tenant concerns. Work with one who can help fill your vacant units!
  • Former and current tenants: Your tenants can help you connect with other potential renters. As cited, offer them referral bonuses. Also, ex-tenants who are satisfied with your services will most likely recommend your properties to others.

Erin Acheson, VP of Business Intelligence at ZeroEyes, recommends hiring real estate experts in marketing. He has his fair share of working with realtors, brokers, and even property managers who helped him navigate the complexity of real estate transactions.

Acheson says, “You might spend a little to hire them to promote your rental units. However, paying them for their services and consistently earning on rental properties is better than having vacant units and not receiving any income at all. It’s still a win-win for both parties!” 

Winning Quality Tenants and Boosting Occupancy Rate

Renting out properties is such a lucrative real estate investment. However, there’s a need to ensure your units are always occupied. A solid marketing approach is key to increasing occupancy rates and decreasing vacancy rates.

That said, follow the marketing tactics recommended above for filling vacant units. Start by strategizing your promotional tactics and end by tapping into your real estate network. More importantly, conduct robust optimization, social media promotion, property updates, and open houses. 

With all these practical tips and steps, you can win the quality tenants you so deserve. Ultimately, you’ll boost your property occupancy rates for guaranteed rental success!

RentRedi Partners

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Easy, Affordable Insurance Solutions for Rental Property Owners

Steadily provides fast and convenient online quote estimates in minutes and connects with licensed landlord insurance experts. Get competitive rate options for many types of rental properties, which helps landlords access affordable coverage in 50 markets nationwide. Learn more.

Market Analysis Has Never Been Easier & More Affordable

BrightInvestor helps you find the best real estate markets, get MLS access, source off-market deals all in one place. Learn more.

Struggling To Find Good Landlord Insurance?

Honeycomb provides better coverage and clarity at a fraction of the cost. Get Property & Casualty insurance for landlords, PMs, & owners. Insurance reinvented! Learn more.

Protect Your Property—Without Increasing Operating Expenses

TheGuarantors provides two types of coverage in one simple solution: rent and deposit coverage which protects you from rent defaults, vacancies, lease breaks, damages, and more. Eliminate the need for co-signers and guarantors. TheGuarantors platform is free for landlords and affordable for renters! Learn more.

Easy, Affordable Insurance Solutions for Rental Property Owners

Steadily provides fast and convenient online quote estimates in minutes and connects with licensed landlord insurance experts. Learn more.

Market Analysis Has Never Been Easier & More Affordable

BrightInvestor helps you find the best real estate markets, get MLS access, source off-market deals all in one place. Learn more.

Struggling To Find Good Landlord Insurance?

Honeycomb provides better coverage and clarity at a fraction of the cost. Get Property & Casualty insurance for landlords. Learn more.

Protect Your Property—Without Increasing Operating Expenses

TheGuarantors provides rent and deposit coverage in one simple solution that protects you from rent defaults, lease breaks, and more. Learn more.