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How to Reduce Your Cost Per Lease Up

28 May 2020 Simon Banks Read time: 3 min
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Simon Banks

Getting renters in your shiny new Build-to-Rent apartment is the name of the game. But doing it cost efficiently is important, as you don’t want to spend extravagant amounts per new rental agreement.

However, there’s no need to walk a tightrope, constantly juggling the budget with the need to get renters in your apartments quickly. Instead, you can market to renters using cost-efficient and proven methods that draw attention to your lovely homes.

What are those methods? We’re glad you asked. Read on, and find out how to reduce your cost per lease up on Build-to-Rent properties and entice high-quality renters. You’ll have eager beavers desperate to relax in your plush apartments without breaking the bank in no time.

Use social media to expand your reach

Person using social media platforms

You probably know the stats by now: more than three-billion people have a social media account, which is almost half the world’s population. There’s a pretty good chance that your next renter is on social media, especially considering most are good at the tech stuff.

Social media is the perfect platform to market your Build-to-Rent property, whether you’re getting people excited with images on Instagram or using Facebook to create a community. And the best thing is that it’s entirely free to use.

Post regularly using great imagery, and renters will start flocking to your page, and then to your apartments. With 81% of buying decisions influenced by social media, can you afford not to have a strong social game?

Content kings and queens

If you’ve got a fantastic Build-to-Rent property, then you really need to tell people about it. And what better way to do it than by creating content? From blog posts to infographics and ebooks to emails, create a story behind your brand and offering.

Write articles about your property and the area where it’s located. Show renters that you’re the pros when it comes to everything there is to know about Build-to-Rent homes. Renters who see that you’re a de facto voice are more likely to move into your properties.

Keep it moving with Movebubble

Movebubble One logo

If you want to attract renters, then getting your properties on Movebubble gives you access to loads of them. Our Movebubble One feature was created to market renter-specific homes and is a bespoke advertising option that gets your properties in front of the most important eyes of all.

We tell renters about the community lifestyle and the benefits of living in a home that’s curated entirely for their needs. Not to mention all the fantastic perks renters get at Build-to-Rent properties. Did someone say five-star service, on-site amenities and regular community events? 

Sponsor community-led initiatives

Build-to-Rent was built on community and creating a space where renters can enjoy homes designed for them. Being active in your local community is vital to helping reinforce those ethos, so it’s worth looking into sponsoring local events.

Any sponsorship needs to be within budget, of course, but keeping things local and in the community is often more cost effective. Are there any events going on near your Build-to-Rent properties that you can put your name to? If so, it’s definitely worth exploring opportunities.

Offer discounts

Limited offer design

There’s nothing quite like getting a discount on a purchase, especially when it’s a home. Are you in a position to offer money off for renters when they first move in? Even if the discount isn’t in the form of a rental reduction, perhaps you can provide benefits another way.

Work with local businesses to offer perks for renters who move into your Build-to-Rent property. Ultimately, any decision to move into a property will be driven by the love for the home. But it doesn’t hurt to offer incentives that might get someone currently sitting on the fence to decide their next move.

Don’t be afraid to big yourself up

If your Build-to-Rent property provides benefits like flexible contracts, pet-friendly homes and deposit-free renting, make sure you let everyone know. Use social media, write articles, tell the local press, tell us! Let the world know that renting with you doesn’t just promise an awesome home; it comes with genuine benefits that renters really care about.

There are plenty of ways to reduce your cost per lease up. You just need to be a little creative with your ideas. With our tips, you can find high-quality renters while keeping costs down. Now that sounds like a game you’re winning.

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