A lot of people are growing dissatisfied with the scant returns they receive from the savings accounts or Certificate of Deposit investments. The bond market isn’t doing so hot either, with record low-interest rates going on for a few years now. A lot of people are also moving away from putting all their eggs into one basket – like the stock market. So a lot of enterprising individuals are looking into investing into real estate, specifically the rental property market. This is in order to diversify their investments and increase their cash flow.
Before you attempt to market your property, you should know how to attract the right audience for your rental property. This is an important factor in creating interest for the right target market. It could mean the difference between success or disaster during your foray into the rental property market.
Certain neighborhoods attract a particular kind of tenant. You need to have a concrete picture of the type of tenants you want to attract for your rental property. So how do you find your ideal market? Here are some guidelines.
Who are Seattle’s Tenants
Seattle is a very diverse mix of all kinds of people. According to the 2012-2016 American Community Survey (ACS), the racial makeup of the city was 65.7% Caucasian, 14.1% Asian, 7.0% of African origin, 6.6% Hispanic or Latino of any race, 0.4% Native American, 0.9% Pacific Islander, 0.2% from other races, and 5.6% two or more races. Not only is it culturally diverse, but it is also economically diverse as well. The disparity between income brackets is as wide here as it is in any other metropolitan US city.
Diversity is what makes it a thriving city. The mix is what drives Seattle’s continuing growth. “In July 2013, it was the fastest-growing major city in the United States and remained in the top 5 in May 2015 with an annual growth rate of 2.1%. In July 2016, Seattle was again the fastest-growing major U.S. city, with a 3.1% annual growth rate.”
In the past few years, Seattle has seen a growing trend in tech hubs. This fact has changed the real estate landscape for the city. What was once a predominantly white population, is now seeing a growth of the foreign-born population. This is mainly due to the jobs brought in by the tech industry. As a result, the population is more upwardly mobile and a lot of single young professionals are choosing to make Seattle their home so they can be closer to their jobs. Alternatively, baby boomers are also making their way towards this famed city. They are here for the smaller homes and walkable communities.
What is the neighborhood like?
In order to market your rental property successfully, you should be able to understand the inner working of the Seattle neighborhood. This article gives you a snapshot of what Seattle neighborhoods are like and who are most likely to live there. Depending on where your rental property is located, you could be looking at these prospective tenants:
- People who crave country feels without having to stay away from family or jobs in the city.
- Upwardly mobile singles and couples looking for trendy hangout spots and a bustling nightlife
- Hip and trendy millennials who want to try the newest food and social joints
- Members of the LGBT community who want to be near a bustling art scene
- Mid-income families and college grads who need access to transportation options and be near schools and universities
- People who are attracted to high-end urban living
- Tech workers who want to live closer to work
- People who are of Asian ancestry or those who are attracted to Asian festivals and Asian culture.
- Young and single adults who like exploring social hubs and places to mingle.
- Couples who like Renaissance Revival architecture and historic neighborhoods.
- Students enrolled in different universities, first-generation immigrants and mobile singles
- Baby boomers searching for smaller, more manageable homes in areas with recreational facilities and social center options.
If you want to target a diverse mix of tenants, the key is to have something for everyone. You should already have your target market in mind. It would be futile to target all of them, so start with a specific group and grow from there.
How to develop marketing materials for your target audience
Once you fully grasp what the tenants are like and what the neighborhood is all about, you can start to carefully craft your marketing materials to fit your target market. Your materials should resonate with each of the specific audience you want viewing (and eventually, renting) your property. Specific neighborhoods attract certain demographics. It would be prudent to look at the existing demographics and decide if you want to target a few or all of them. Play up your rental property’s amenities to attract the tenants you want. Here are a few examples:
- Families generally like having access to schools, daycare facilities, parks, playgrounds, and other recreational facilities.
- Millennials like being close to work and social and recreational hub spots. They will appreciate hip restaurants and trendy bars.
- Young singles and students would appreciate having easy access to transportation and food joints.
- Everyone appreciates access to the grocery or market.
- Everyone appreciates a safe neighborhood with well-lit roads and walkable communities.
How we can help
Marketing your rental property requires in-depth research about the neighborhoods. It also requires certain skills to know which tenants would be a perfect fit as well as knowledge about the rental property market. Here’s where we can help. Davis Property Management has deep roots in the greater Puget Sound area. We know this neighborhood like the back of our hand. We can help you do the marketing and all the heavy lifting so that you can just sit back and enjoy the fruits of your investment. Schedule a consultation with us today!
Davis Property Management
At Davis Property Management, we provide fast, friendly, and professional service tailored to your individual property management needs.