For several years, the multifamily rental market has been on the rise. More and more people are choosing to rent instead of buying a home. And while multifamily rentals are still popular, build-to-rent (BTR, also noted as B2R and BFR) is becoming increasingly popular as well. In this blog post, we will discuss some of the key trends in the BTR market and how these developments are changing things.
What Are Build to Rents (BTR) Communities?
BTRs are purpose-built rental properties that are managed by professional property management companies. These properties are built specifically to be rented out and provide residents with a high level of amenities and service. BTRs are typically newer than single-family rentals held by private or small-scale investors and offer a more luxurious living experience.
BTR Market Projects to Grow in 2022 and Beyond
According to a new report by JLL, the Build To Rent market is set to grow in the next few years. The report states that the number of BTR homes will double by 2025, reaching a total of 3.5 million. There are many reasons the growth of BTRs is on the rise. First, there is an increased demand for rental properties. This is being driven by many factors, including the rising cost of homeownership, economic uncertainty, and lifestyle changes. Second, there is a growing preference for urban living. This is especially true amongst millennials and gen-z’s, who are increasingly choosing to live in densely populated areas where they can access amenities and nightlife. Finally, the rise of the millennial and gen-z renters is also playing a role. This demographic has different priorities than previous generations and is more likely to value experiences over ownership.
Tips for Promoting your Build to Rent
As BTR communities continue to grow, it’s more important than ever to have a strong marketing strategy in place to help you stand out from the crowd and attract new residents. As we see these types of communities expand, it is important to separate your marketing from traditional multifamily marketing strategies. Below are some tips on promoting your BTR business and ensuring your properties are top of mind for potential renters.
Know Your Target Resident:
The first step in any successful marketing campaign is understanding your target audience. Who are you trying to attract? What are their needs and wants? What kind of lifestyle do they lead? Knowing the answers to these questions will help you craft a marketing strategy that resonates with your target resident.
Utilize Online Listings
Thanks to the internet, listing your rental property online is easier than ever. There are a number of different websites and platforms that allow you to do this, such as Zillow, Trulia, and Realtor.com. By listing your property on these sites, you’ll be able to reach a wide audience of potential residents. And, since more and more people are starting their rental search online, it’s essential that you have an online presence.
Make Sure Your Website Is Optimized for SEO
When potential residents are looking for a new place to rent, they will start their search online. That’s why it’s critical that your website is optimized for search engines so that you can ensure your properties are appearing in relevant searches.
Some things you can do to optimize your website for SEO include:
- Researching and using relevant keywords throughout your site content
- Creating informative and engaging blog posts about topics related to renting
- Creating listings for your properties on popular rental websites
Use High-Quality Photos and Videos
When potential residents are searching for a new place to live, they want to see photos and videos that accurately represent the property. Invest in high-quality visuals that show off your property in its best light. Keep in mind that first impressions matter, so make sure your photos and videos make a good one!
Create Compelling Copy
Once you have beautiful photos and videos of your property, it’s time to start writing copy that will persuade potential residents to choose your units over others. Write headlines that grab attention and highlight the unique selling points of your property. And be sure to use persuasive language throughout—after all, you’re in the business of renting units, not selling them!
Backlinks are links from other websites to yours; they act as votes of confidence from these other sites, telling search engines that your site is trustworthy and authoritative. The more high-quality backlinks you have pointing to your site, the better; however, quality is more important than quantity here, so focus on building backlinks from reputable websites in your industry or field. You can proactively seek out opportunities to guest blog or get featured on other sites, or simply make sure that your own website’s content is share-worthy enough that others will want to link to it.
Use Paid Advertising to Boost Your Visibility Online
Paid advertising can be a great way to ensure your BTR properties appear in front of potential residents actively searching for a new place to rent. Platforms like Google AdWords allow you to target specific keywords related to renting so that your ad appears when people search for those terms.
Get Involved in Local Events and Initiatives
Hosting or sponsoring local events is a great way to raise awareness of your brand and get people talking about your properties. You could sponsor a community clean-up day, host a block party at one of your properties, or donate tickets to a local charity raffle. Not only will these initiatives help get people talking about your brand, but they’ll also help position you as a business that cares about its community.
Offer Incentives to Potential Residents
Another great way to promote your build-to-rent property is by offering incentives to potential residents. For example, you could offer a free month’s rent or a waived security deposit. This will help make your property more attractive to potential renters and give you an edge over the competition.
Use Traditional Marketing Tactics
In addition to promoting your business online, don’t forget about traditional marketing tactics like print advertising and direct mailers. While these methods may require a bit more investment upfront, they can still effectively reach potential renters who may not be as active online.
As BTRs become more prevalent in the marketplace, it’s more important now than ever to educate renters and promote communities. Let’s develop a tailored strategy to market your BTR property. Reach out to us today!