How to Find Quality Tenants

September 8, 2016
Finding Quality Tenants

Attracting tenants to your apartment community is one thing, but finding quality tenants that will stay year after year and pay rent on time is another. Some apartment community owners are too focused on occupancy rates and keeping tenants in units that they may lose sight of the quality of the tenants. It is generally better to have a vacant unit than to have a renter who disrespects your property, creates a hostile or uncomfortable living environment for others around them, or who does not pay rent. At Top Floor Insurance, we have met with dozens of apartment community owners and have compiled the top five ways that they are able to attract high-quality renters.

  1. Make a waiting list – having a running tally of those apartment seekers who are interested in your property is a great way to keep your units filled. When you receive notice that a renter is moving or not renewing their lease, you’ll have instant access to high-quality tenants who are ready to sign with you and move in.
  2. Create an email list – using free email marketing systems like MailChimp can enable you to reach out to prospective tenants and keep them informed about and engaged with your property. When you host events or give tours, be sure to ask for email addresses and get their permission to send them more information or updates about your apartment complex. Sending out just one email a month can be an easy way to attract high-quality apartment renters who are looking for a welcoming apartment community.
  3. Leverage your best tenants to find more. Identify your ideal tenants, those who pay rent on time, who help out with community events, or those who have lived in your apartment community the longest. Ask them to post or share their experiences with their friends who may be looking for an apartment. Word of mouth advertising and referrals can be the most cost-effective way to find responsible and trustworthy tenants.
  4. Approach surrounding businesses or organizations. Ideally, as an apartment community owner, you want tenants who have a steady stream of income and will not have a problem paying rent on time. A great way to find financially stable, working professionals is to reach out to nearby companies or professional organizations. Advertising in their newsletters or asking their human resource departments to include a flyer to your apartment community in their new hire kits or orientation materials can be a great way to get exposure to new apartment seekers in your area.

Attracting good tenants may take some upfront work, but in the end, you will reap the benefits of having a responsible and loyal tenant you can trust. At Top Floor Insurance, we would love to hear what strategies have worked for you to attract tenants. Post your story on our Facebook page.