The city of Milwaukee's average asking rent in April 2023 was $1,671; nearly a 4% increase from the same time last year. Milwaukee is now the second-most competitive rental market in the US. However, the vacancy rate (5.8%) is one of the lowest in the country.
With the vacancy rate so low, you may struggle to attract renters to your Milwaukee rental properties. They may decide to renew the lease with their current landlord instead.
Before that happens, use these property marketing tips. Stand out in the current market and reach new renters today!
Gather Milwaukee Property Insights
Before applying these tenant attraction strategies, research the local market. Milwaukee property insights can help you understand current trends. For example, what are local renters looking for in available rental properties?
Compare your property to others in the neighborhood. This information can help you recognize where to make improvements. For example, you can add:
- Smart home technology
- New floors or carpets
- Fresh flowers
- Fresh paint
- New kitchen appliances and cabinets
Choose upgrades that will make the property more attractive. You can increase your rental rate by offering a better living experience.
After making these upgrades, complete a rental analysis. This will ensure you set competitive rental rates based on market data.
Improve the Curb Appeal
Improving the property's curb appeal can help you make a strong first impression on potential renters. After all, it's the first thing most people see. If the property looks shabby and the yard is dead, they may look elsewhere.
It only takes one-tenth of a second for people to make a lasting impression. The same applies when marketing rental properties online.
Paint the property's exterior, add new siding, and plant fresh flowers. Help the property pop by painting the door a bright color.
Invest in Professional Photography
After applying these Milwaukee rental tips, hire a professional real estate photographer. High-quality images will attract more people to your listings.
Consider sharing virtual or video tours online. These marketing materials can engage your target audience and drive interest.
Start Marketing Rental Properties Online
Use digital marketing strategies to direct more people to your property listings. Effective tenant attraction strategies include:
- Paid advertising
- Email marketing
- Social media marketing
- Search engine optimization
- Content marketing
Personalize marketing messages to connect with your target audience. You can leverage the fear of missing out or appeal to their unique needs. Emotion-based marketing can lead to more applications.
Hire a Property Management Company
Instead of creating your marketing campaigns alone, work with a property management company. Leverage their years of industry experience to develop effective campaigns.
Otherwise, you could waste time and money on ineffective tactics. Working with professionals can improve your ROI and increase applications. They can even help you keep great tenants in your Milwaukee investment properties.
Attract Milwaukee Renters With Property Marketing
Don't let future renters slip away! Instead, use these effective property marketing strategies. Start reaching new renters today to maximize your earning potential.
Remember, you don't have to juggle these tasks alone. Performance Asset Management is Wisconsin's rapid response manager. We financially outperform the competition using intuitive software.
Our approach can maximize your returns without headaches. Trust our 1,000+ five-star reviews and 15 years of experience. Contact us now for a free rental analysis.
