Property Management Marketing Checklist: How to Reach a New Generation of Renter

The population of Toronto is expected to grow to more than three million people in the next 15 years, up from 2.79 million people.

Because of the scarcity of available rental units, developers have recognized an opportunity to capitalize on this underserved market. In 2015, there were already 23 apartment buildings, or 6,500 units, under construction. In the last quarter of 2015, developers have set their sights on building another 43 buildings, translating into 10,000 more units.

On the surface, it appears that renters are in a tough spot. In cities like Toronto with very low-vacancy rates, available units seem few and far between. In 2014, the vacancy rate fell to as low as 1.3 per cent, making that squeeze even tighter. For a long time however, the condo rental market has been helping to meet the needs of renters looking for a place to call home where the supply of apartments has fallen short.

Average cost of a one-bedroom in the greater-Toronto-area

To cater to renters’ differing wants and needs, property management company TorontoRentals.com has created a helpful all-in-one infographic outlining key criteria to help renters make a more informed decision.

• Toronto – $1.201/mo
• Mississauga – $1,149
• Markham – $1,077
• Richmond Hill – $1,150
• Oakville – $1,124
• Vaughan – $1,081
• Pickering/Ajax – $900
• Brampton – $1,041

Source: TorontoRentals.com

TorontoRentals Publishes New Report Highlighting Cost of Living in Neighbourhood-to-Neighbourhood Comparison for Toronto Area

By comparing rental prices, transportation options and costs and tenant income, renters can approximate where they might find the best value for their money.

(Click the image to see the full infographic)

Source: TorontoRentals.com 

Property Management Marketing Checklist

With more rental units on the horizon, renters will soon have even better options. This means a shift in marketing strategies by property managers to attract the right tenants. Why should a tenant want to rent from you versus your competitor? What information and services can you offer to sweeten the deal to drive more demand for your properties? More importantly, how will you present your information?

Accessibility
Tenants who drive want to know how easily and quickly they can come and go.

  1. Indicate the time and distance to major highways or parkways.

Stand out above the crowd
Different kinds of units come with their own benefits and drawbacks. Highlight the benefits of your properties based on a local market comparison to attract prospective tenants.

  1. Highlight the square footage of your units compared to other units if this puts you at an advantage.
  2. What’s behind the walls?
    • Insulation to keep the unit warm in winter and cool in summer. This is especially important for tenants that pay their own utilities.
  3. Indicate if there is soundproofing between units.
  4. Indicate any renovations that the property has recently undergone:
    • New bathroom
    • New kitchen
    • New energy-efficient appliance

The new normal
Ten years ago, pets were a deal-breaker, not many people biked to work and the sharing economy didn’t exist. This is all changing and prospective tenants look for these benefits. Have your properties caught up?

  1. Highlight pet-friendly amenities.
  2. Clearly defined onsite pet rules.
  3. Proximity to local parks and walking trails.
  4. Onsite and secure bike parking.
  5. Proximity to carshares.
  6. Indicate if you have carshare pick-up and drop-off parking spots.

Easy to get around
Knowing what’s nearby can be a major deciding factor when it comes to choosing where to live.

  1. Share the neighbourhood Walkscore (if it’s high).
  2. Indicate the number of nearby grocery stores and markets.
  3. Name a few of the more well-known restaurants in the area, especially if they are a popular eating destination.
  4. Local entertainment and nightlife venues can be a major draw
  5. Point out major nearby public transit points nearby

Interest(s): Property Date: March 29, 2016