So you’re looking to fill your vacancies, and your listing is as comprehensive as can be. You’ve reduced friction in the leasing process, enabled tracking for better analytics, and received reviews that highlight the best your community has to offer. But your lead volume and conversion rate still aren’t where you’d like them to be. What’s left to do?
It may be time to rethink your pricing strategy. Here’s what to know about smart pricing and how to get started.
Price matters to renters
Price is renters’ top consideration, and if you’re not getting the leads you expect despite strong marketing efforts, your property may not be priced appropriately for the market.
In survey after survey, price tops the list of renters’ most important considerations. And for three-quarters of renters, going over budget is more than a frustration — it’s a deal-breaker.
What is smart pricing?
Smart pricing is about finding the right price for your property in your local market. When rents are set too low, your property can miss out on essential revenue necessary to cover your operations, make capital improvements, and maintain a high quality of life for residents. At the same time, rents that are priced too high for your market can suppress your occupancy, leading to lost revenue from prolonged vacancies.
To set your pricing appropriately, you need to consider a range of factors, including the size and quality of your units, the amenities your community offers, and the current dynamics in your local market, including demand trends, recent supply additions, and rent growth (or lack thereof).
Knowing the competition is key. Which multifamily properties in your submarket are drawing from the same pool of renters? How do their offerings and pricing stack up against yours?
With this data, you can find the pricing sweet spot that lets you hit your occupancy goals and generate sufficient revenue.
That’s where your rent comparables report from Apartments.com comes in.
What’s in your rent comp report
As an Apartments.com advertiser, you’ll receive a rent comp report every month, at no added cost. The report identifies all comparable properties in your local market and shows you how your property stacks up.
The report includes important details such as the asking rent for each type of unit, the number of units, the average square footage per unit, and the quality class of the property according to the CoStar building rating system.
You’ll also see vacancy, availability, and effective rent, as well as breakdowns by specific unit type, such as one-bedroom or two-bedroom.
And importantly for lease-ups and properties in areas with an active supply pipeline, you can also keep an eye on properties under construction, including their estimated delivery dates.
To get your rent comp report, log in to your account on the Apartments.com customer portal, or talk to your Apartments.com representative.
And if you have questions or need help pricing your units appropriately, your rep can provide personalized advice. An expert in your local market, your rep can walk you through your rent comps and offer tips on pricing your units effectively.
Explore more ways to optimize your listing
Check out all the tips on unleashing the full power of your Apartments.com listing:
- Multimedia in Your Listing: A Key to Better Lead Quality
- How Unit-Specific Details Help Your Listing Stand Out
- Have You Updated Your Property Description?
- Go All In: How Price Transparency Pays Off in Higher Lead Quality
- Your Guide to Getting Leads Faster
- Renters Want to See Reviews on Your Listing
- What’s Driving Traffic? How to Track Every Lead from Your Listing
You can also download a printable checklist (PDF) of 10 steps to level up your listing.
What is Apartmentology?
Your source for multifamily insights, Apartmentology brings you the latest data and analysis from industry experts.
