The Challenge of Finding Tenants for Multi-Bedroom Apartment Units

If you are a landlord or a property manager, you’ve likely noticed an uptick in the demand for studios and one bedrooms over the last few years. There are quite a few reasons this is taking place and it has put a hitch in an otherwise smooth-moving rental market. Currently, less people are looking at these units as they are either desiring their own place or simply can’t afford more than one bedroom. In addition to the limited rental pool, filling multi-bedroom apartment units with the right tenants is another piece of the puzzle. As daunting as it may seem, there are some tricks of the trade that can be used to keep your units filled and your rent payments rolling in.

What is Causing this Challenge?

Apartment units with multiple bedrooms offer plenty of space and—in most cases—desirable amenities. While that may be attractive to some, it certainly isn’t the right fit for everyone—nor is it always in the budget. These kinds of units often pose hurdles when it comes to tenant acquisition and this is due to a few different reasons.

The main challenge in filling multi-bedroom apartment units revolves around matching the property's features and amenities with the preferences and needs of potential tenants. To make matters more difficult, competition from other rental properties and the fluctuating demand for larger living spaces further complicates the tenant acquisition process. Lastly, the task of finding and screening multiple tenants at the same time can be overwhelming for property managers.

Best Practices for Success

1. Use Unique Marketing Strategies

Implementing targeted marketing campaigns that highlight the unique features and benefits of multi-bedroom apartment units will attract potential tenants and help you really sell the place. To do this, you can utilize a mix of online and offline channels, like social media, property listing websites, and local advertising platforms, to reach a bigger pool of people.

2. Showcase What Makes the Place Stand Out

Focus on the fact that multi-bedroom units are versatile and can be used in countless different ways. You can do this by showing off various usage scenarios, like family living, roommate arrangements, closet rooms, or even home offices.

3. Be Competitive with the Pricing

Do your research to determine competitive rental rates for multi-bedroom units in your area so that you can place yourself in a unique position. Offering competitive pricing incentives, like a move-in special, will help you attract prospective tenants and set your property apart from competitors.

4. Trust Alcove with Your Rentals

Finding tenants can be made a whole lot easier with the help of a trusted platform like Alcove. Here, property owners can list their units online and we’ll take care of the rest. This includes background and credit checks, leasing support, property services, and so much more.

Final Thoughts

Dealing with the challenge of finding tenants for multi-bedroom apartment units isn’t easy but it is more than possible, especially when you follow the best practices outlined in this blog. When in doubt, trust Alcove with your leasing needs and find an easier way to rent.