Who Will Your Neighborhood Attract?

As you prepare to market your property to potential tenants, consider the attributes of your neighborhood as well as your units. The question to ask yourself is “Who is likely to be attracted to this neighborhood?” Certainly undergraduates are interested in being close to campus but a young family may not find a campus address desirable. Determining who your neighborhood would appeal to, will help you target your marketing.

To answer that question, you must think and act like a potential tenant. According to several sources, over 50% of tenants found their present housing by driving through neighborhoods in which they wanted to live. So, take to the streets and look at your neighborhood with fresh eyes.

First observe if the neighborhood is attractive. Are the homes well kept? Are there trees and streetscaping? Is the neighborhood free of litter?

Next, take a look at who currently lives there. A neighborhood populated with senior citizens may not appeal to young singles and vice-versa. If there are bicycles and toys in the front yards, then you’ve probably living among families with young children. In that case, safety, schools and recreation will be important to your tenants.

Observe how your neighbors use the area. Are people gardening or is this a commuter community? Are there a good number of pedestrians? If so, do they appear to be friendly to each other? Both attractiveness and friendliness are important factors in determining a good neighborhood.

What services are near your neighborhood? If you’re close to shops, restaurants, gyms and theaters your units might appeal to singles and ex-homeowners who are “renting by choice”. If you’re close to a hospital, you are likely to appeal to hospital staff as they work long hours and prefer a short commute. Parks will appeal to a wide range of tenants.

Once you’ve determined the positive attributes of your neighborhood, include them in your advertising. If you’ve done a good job of matching your neighborhood to potential clients, you’re more likely to attract residents who will feel at home for several years.

Housing research conducted by Kenneth J. Gruber and Gladys G. Shelton of North Carolina AT&T State University concluded “neighborhood perceptions of apartment residents were influential in affecting housing satisfaction.”