Build-to-Rent is changing the face of the rental industry. Renters finally have a lifestyle they can buy into, from exclusively designed living spaces to social areas structured in the buildings. However, not everyone can afford to live the lifestyle.
Fifty-eight percent of demand is for affordable properties, yet only around 24% are classed as “affordable homes”. Fortunately, Discounted Market Rent (DMR) provides a solution in Build-to-Rent communities without the need to hand over properties to housing associations or create lower-quality apartments.
But not many renters are aware of DMR, which means they don’t know about its availability. As a Build-to-Rent operator, you’ll want to change that and get the DMR message out. Which is why we’ve put together some tips for marketing your DMR apartments.
Be clear about DMR
Not enough people know what DMR means, so the first message needs to be one that educates. Too often, renters on lower incomes just assume they can’t afford somewhere and don’t even get to the point of enquiring.
Get the message out and tell people about DMR and how much they could save while being clear and concise about what it is and isn’t. Do this, and interest will increase as renters begin to understand how DMR works, how it can help them and whether they qualify.
Think about breaking your marketing strategy into sections, first educating people about DMR and creating content that acts as an explainer. Write articles that detail DMR and everything it entails, then look at distributing them on different platforms.
Using the blog on your website is a free method for getting your the word about DMR apartments out there and letting renters know about your properties. You can link your current DMR offerings to the blog post, and you’ll have free reign over the type of information you want to convey.
The trade press is a great way to get your DMR message out, as it has a higher chance of getting shared in front of the right audience. You’ll create a bit of industry buzz, and renters will buy into the certified status from an official publication. It’s also worth going after consumer-friendly press, though it might come at a higher price.
Head to the community, off and online
There’s no place like the community to get the word out regarding DMR. And you can tap into your local community to market your apartments both online and off.
Build-to-Rent is all about the community, so why not start in the local area? Research local events and have a presence at them, letting renters know about DMR apartments. You should also think about getting involved with the local press to see if they’re willing to feature your content around DMR.
Communities don’t just live offline; they can be found on the internet too. Especially in forums like Reddit and Quora, where you can engage in discussion about renting and highlight your DMR properties. Just make sure that your messages don’t come across as too sales-y. Instead, engage in discussions and offer solutions to renter’s problems.
If you don’t already have a strong presence on social media, it’s time to get in the game. It’s one of the best avenues for promoting your DMR apartments and also provides a chance to educate renters about the scheme.
Use platforms like Twitter, Facebook and Instagram to get the word out there. You’re in control of your message, and therefore social media is a great platform to promote your DMR apartments and attract the type of audience you desire.
Advertise on the right property platforms
Use property platforms to engage with renters and reach your target market directly. At Movebubble, we have a renter-first approach and have built up trust as a platform.
Working with Build-to-Rent operators, we’re able to promote renter-exclusive homes through Movebubble One - a bespoke advertising option for professional renters. With video walkthroughs and renter verification technology, you can even speed up the process of renting your DMR apartments.
Get the word out
DMR is such a beneficial option, and the majority of renters who qualify would jump at the chance to get involved. Hitting the sweet spot with your DMR marketing will have renters flooding in their droves, looking to move into your plush Build-to-Rent apartments. And with Movebubble and the other marketing tips in this article, you’ll fill your properties in no time.