Increase Your Property's Occupancy Rate

As a property investor, the one metric that defines the profitability of an apartment investment is the occupancy rate.

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It isn't rocket science: When you have tenants making rent payments each month, you profit from the income your property generates.

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But what if a majority of the available rental space you have is vacant? You end up hemorrhaging money on property taxes, maintenance costs, and everything else. Especially if your apartment investment is located in the Big Apple, the costs will run high.?

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That's something you will need to avoid if you want to boost your property's earning potential. And the best way to do that is to ensure your occupancy rate doesn't?fall below 90%.

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With that being said, here's what you can do to bring more tenants through your doors.

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1. Advertise through social media

Social media is the most accessible and, by far, the most affordable way to promote apartment vacancies. According to Digible.com, more than?80% of apartment hunters?use social media to look for ideal living spaces. Use platforms like Instagram or Facebook to highlight the best features of the property. It also helps if you can video tour the vacant units to give renters an excellent reason to take a closer look.?

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2. Invest in maintenance and renovation

This sounds costly, but you need to appeal to renters who prefer cozy, clean, and quiet apartments. Consider giving the property a total makeover starting with the interior. You can replace old appliances and furniture as well as add other features like pet-friendly facilities, a co-working space, and an outdoor space. To be sure, do your research on the amenities that renters want. That way, you can attract people who might be interested.

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3. Get referrals from professionals and friends

Do you have a network of professionals you are close with? You can reach out to them and ask if they could refer your apartment to renters who are actively looking for an apartment that matches their needs. Word-of-mouth marketing still works even in the age of social media because people are more likely to accept offers through the friends they trust. In return, you can reward referrals with incentives for the help they have done.?

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4. Get help from a real estate professional

Finding ways to increase the occupancy rate of your apartment investment is a daunting task - that is if you go through it alone. You will need the help of a local real estate professional who can tap into their networks for people who might be interested in your apartment. That way, you won’t have to spend too much time and resources looking for quality tenants.

Raising your occupancy rate is critical to the profitability of your apartment investment in NYC. And as home prices remain historically high and demand for rentals continues to rise, today’s market offers an opportunity to maximize your cash flow.

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Your best bet would be to connect with a real estate professional who knows their way around the NYC rental market.

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If you are looking to attract more tenants, I know a few people who might be interested. Call me at?917-627-5677?or send an email to?[email protected]?so we can get started!

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Talk soon,

Eli