Most landlords dislike vacancies. The longer a rental property sits empty, the more money the landlord loses. Luckily, we live in an era where advertising a rental unit for rent is easier than ever, and most methods are completely free! While there are a lot of options out there, this article narrows down the three best ways to advertise a rental and find tenants quickly so you can minimize your effort while maximizing your results.
1. Create a free listing online
According to Zillow's Consumer Housing Trend Reports, 83% of all tenants use online resources in their rental property search. If your rental unit isn't marketed online, you are missing out on an enormous pool of prospective tenants.
Fortunately, there are dozens of free resources to help you list and market your rental unit for free. Most property management software programs will automatically market and list your rental vacancy to the top websites, but you can list your rental on each individual website as well if you prefer.
The primary websites for rental advertising
2. List it for rent on social media
Social media platforms like Facebook are another great resource for advertising rentals. Facebook has over 2.7 billion users worldwide, and Marketplace, Facebook's platform for buying, selling, and advertising items for rent or purchase, has nearly 800 million users per month.
If you have a Facebook account, you can create a Facebook Marketplace listing for free. You can then share your listing on your own Facebook page for friends to see and share.
3. Word of mouth
The second most widely used search method for finding a rental is word of mouth. This could include hearing about a vacancy from a friend, relative, or colleague, seeing a sign posted in a yard, or meeting the landlord or property manager by chance.
It's important to advertise a rental offline as well. Share the fact that you have a rental unit available for leasing with those you know. You never know who is looking for a place to rent, and it can be a great way to find a qualified tenant before taking your marketing efforts online.
Market where it matters most
There are other methods of advertising a rental, like posting your unit for rent in the newspaper or creating flyers to send via direct mail or post on bulletin boards at local schools, restaurants, or shops, but with less than a third of all renters using those avenues to search for rentals, those methods yield lackluster results. Market where it matters most, putting forth the most effort on the platforms that yield the most results.
Most prospective tenants expect a reply in 24 hours or less, so be prepared to respond quickly. Be explicit in your post about your qualification requirements and screening process so tenants can determine whether they will qualify before contacting you. If you price your rental well and focus on using these 3 best ways to advertise a rental property you will likely find tenants quickly and fill vacancies faster.