If you’re in property management, one of the decisions you may be facing when filling up apartments with residents is whether to cast a wide or specific net. For example, if you want to attract as many potential residents from all walks of life, you can create a residential environment that is diverse and inclusive. On the other hand, if you target specific demographics, this specialization may make it possible for you to create an apartment environment with a more predictable residential character, giving you a sense of control and security in your management.

A Specialized Residency

How you decide to approach an apartment property and whether or not to specialize is something that can be done to varying degrees. For example, on the one hand, a comparatively minor form of specialization is deciding that an apartment building will have a “No Pets” policy. By doing so, your property management tasks are now simplified somewhat since you no longer have to worry about maintenance issues caused by pet damage or have any need to address resident concerns based on pet issues. Of course, maintaining a “No Pet” property also means losing out on potential residents with dogs or cats, so you must carefully consider the return on investment not just in terms of finance but also operational costs, maintenance, and other factors that may be more important.

The other end of this spectrum can also be financially productive, but it requires more investment. For example, if you decide to cater a property toward senior residences, one of the best ways to do this is with specific renovations that benefit seniors. Installing walk-in showers and baths in bathrooms, for example, now means that those seniors with mobility issues, or even wheelchair users, can now take advantage of your property without requiring any additional investment on their part. The same goes for ensuring mobility and wheelchair accessibility for infrastructure such as elevators.

One of the biggest advantages of targeting specific demographics, such as seniors, is the ability to cater to their needs better. Investing in the infrastructure that benefits a demographic most creates a “positive feedback loop,” where those features and facilities will attract more of this demographic, which in turn provides more motivation and a reliable income stream to reinvest in features beneficial to that demographic.

Marketing Matters

This also means that the apartments must be properly marketed. While it’s true that word of mouth and testimonials will often play an important role in helping potential residents to make a decision, they will only arrive at a situation of choosing to live at your apartments if they are first aware of the option.

It is important to not just have desirable features and facilities for apartment properties; it is crucial to take advantage of the local marketing channels you have available to get the word out. If you know what websites, mailing regions, and population concentrations contain the demographics you are trying to reach, ensure marketing about your property availability reaches those places.

If you’d like to help better manage your property rental investments, contact Occupancy Solutions and let us help.