The lease-up phase is the most important period for multifamily property owners striving to achieve high occupancy and steady rental income. Unfortunately, property managers tend to overlook important marketing techniques.
Rather than focusing on one or two traditional marketing approaches, the modern property owner needs to get creative. But where do you start?
In this article, I’ll rank various marketing strategies according to the impact and effort required. That way, you can target potential tenants.
*Note: Our team has taken the liberty of ranking each “best practice” according to:
- Cost
- Impact
- Effort
Impact Rankings
High: Generates significant leads or leases.
Medium: Effective but dependent on execution.
Low: Limited impact unless paired with other efforts.
Effort Rankings
High: Requires substantial time, skill, or resources.
Medium: Moderate time or expertise needed.
Low: Quick and easy to implement.
1. Enhance Online Listings (Low Cost)
For property managers, posting on platforms like Apartments.com, Zillow, and Facebook Marketplace is one of the most effective marketing strategies to attract prospective renters. But there’s a right way (and a wrong way) to do it.
Don’t neglect photo quality and the power of a well-written description. Trust me – tenants will recognize if you’ve put in a decent amount of effort to provide a comprehensive description of your property.
- Why It’s Effective: Listings with professional photos receive more engagement from potential tenants. In the same way, descriptions that highlight property features are more appealing to prospective renters than vague or generic descriptions.
- Impact: High (broad reach through renter-focused platforms).
- Effort: Medium (requires creating and maintaining listings).
DIY Cost: $0–$100 for basic photo editing.
Outsourced Cost: $300–$1,000 for professional services.
2. Leverage Social Media (Low Cost)
- Impact: Medium to High (builds engagement over time).
- Effort: Medium (requires regular updates)
- Social media marketing is a skill that takes time (and, in some cases, professional help).
- DIY Cost: $0–$200 for boosted posts or ads.
- Outsourced Cost: $500–$2,000/month for professional management.
There is a difference between having social media accounts and building a social media presence. A good presence on social media compounds and enables you to reach a wider pool of potential residents. But be warned: posting once a month won’t be enough to turn social media into a profitable channel. Like any relationship, your relationship with your followers requires nurturing and a consistent investment of time.
In your social media strategy, first, figure out where your renters spend their time. If they’re younger, they’re likely on platforms like X or TikTok. If they’re older, they might spend more time on Facebook.
Why It’s Effective: Consistent content that showcases your property and the surrounding area is a great way to drive interest. I know real estate agents who spend a considerable amount of time creating content around things to do in the area. After all, you aren’t just selling an apartment; you’re selling a lifestyle!
3. Host Open Houses (Low to Moderate Cost)
- Impact: Medium to High (drives foot traffic and engagement).
- Effort: High (requires planning and coordination).
- DIY Cost: $100–$500 for materials and refreshments.
- Outsourced Cost: $500–$3,000 for event planning.
Everyone loves open houses. It’s really the only way for future residents to see what they are signing up for. While you’ll need to shell out the money for refreshments and entertainment, open houses and community events will pay for themselves if they drive enough interest and engagement.
Why It’s Effective: Open houses can fast-track the leasing process by showcasing the apartment building directly to prospective residents. Remember: a positive experience with a leasing agent or community manager can be the deciding factor between your property and the property two blocks down.
The reason why is simple. How you treat prospective residents will speak volumes about how you treat your active residents. If your team demonstrates attentiveness and communicativeness during the application process, a prospective resident will have more confidence that you’ll respond to an everyday maintenance request or complaint with the same commitment to customer service.
4. Google Ads and PPC Campaigns (Moderate Cost)
- Impact: High (quick, measurable results).
- Effort: Medium to High (setup and optimization required).
- DIY Cost: $500–$1,000/month for ad spend.
- Outsourced Cost: $1,500–$5,000/month for agency services.
PPC campaigns help you achieve immediate visibility to potential renters already in the market. A powerful Google Ads campaign can target the perfect niche; that way, you don’t waste marketing dollars. The best part is since you pay per click, you only pay for engagement.
Why It’s Effective: PPC guarantees you only pay for actual engagement from potential renters.
5. Email Marketing (Moderate Cost)
- Impact: Medium (maintains contact with warm leads).
- Effort: Medium (requires design and strategy).
- DIY Cost: $50–$200/month for platforms.
- Outsourced Cost: $500–$1,500/month for managed campaigns.
Email marketing is still king. Email campaigns keep your property at the forefront of prospects’ minds and drive the desired action. If you work on understanding the renter’s decision journey–and tailor your messages accordingly–you can generate more leads.
Why It’s Effective: A prospective tenant is more likely to click on an email that is geared to their very specific situation/need. Rather than spamming a lead with six different generic email campaigns, send emails sparingly and strategically.
6. Direct Mail Campaigns (Moderate to High Cost)
- Impact: Medium (effective with strategic targeting).
- Effort: Medium (requires execution and tracking).
- DIY Cost: $500–$2,000 for printing and postage.
- Outsourced Cost: $2,500–$5,000 for full-service campaigns.
Most marketers do the same thing for every direct mail campaign – impersonal messages with some sort of incentive. The thing is, they are already getting DOZENS of these! To stand out, try learning about your prospect and sending personalized invitations to tour your property (or send an invitation to an open house).
Why It’s Effective: Direct mail done well can add a personal touch, reaching renters not actively searching online
7. Virtual Tours and 3D Walkthroughs (High Cost)
- Impact: High (especially for out-of-town renters).
- Effort: High (requires technical expertise).
- DIY Cost: $1,000–$3,000 for equipment
- Outsourced Cost: $3,000–$10,000 for professional services.
Virtual tours allow prospects to explore your property at their convenience. They can take a tour in between meetings, on their lunch break, and even late at night. The best part is that virtual tours operate on the renter’s schedule rather than your management team’s. The downside is it can be a little more expensive and maybe unnecessary if you have professional photos posted on your site.
Why It’s Effective: Interactive experiences showcase property features and engage potential tenants.
8. Traditional Advertising (High Cost)
- Impact: Medium to High (depends on market and execution).
- Effort: High (coordination and resources needed).
- DIY Cost: $2,000–$10,000 for ad placement.
- Outsourced Cost: $10,000–$50,000 for full-scale campaigns.
Radio, TV, and billboard ads can generate buzz around your apartment lease-up property.
Why It’s Effective: Increases visibility in the local market and builds brand recognition.
Creative Ways to Increase Monthly Revenue
If your lease-up process takes longer than anticipated, you can look for creative opportunities to earn ancillary revenue (that will supplement lost monthly rent revenue). For example, did you know you can rent extra space or vacant parking spots to non-residents? Neighbor finds you qualified renters looking for extra space to store their possessions. It’s easy – sign up, take photos, list your space, and Neighbor will do the rest. The best part? Neighbor guarantees payment. With less stress and more monthly income, you can focus on getting your vacancy rates up.
Final Thoughts on Lease-Up Marketing
A successful lease-up process requires high-impact strategies–but don’t just look for quick wins. You want to establish sustainable growth channels that will continue to give well beyond the lease-up phase. Start with online marketing efforts like enhancing listings and leveraging social media. As you approach your lease-up goals, reinvest in advanced tactics like virtual tours or traditional advertising to sustain your momentum.
Don’t forget to engage with the local community through partnerships with local businesses and events. A strong lease-up strategy not only helps attract residents but also creates satisfied residents who will recommend your property to others.
Focusing on your target audience and the local market can increase lease-up velocity and set your apartment community up for long-term success.
