Marketing Your Rental Property: Get to Know the Neighborhood

Location, location, location, the official mantra of anything real estate.  Whether investing, buying, or renting, the importance of that phrase cannot be overstated.  Make sure you include facts about the neighborhood when marketing your rental property.

As investment property owners, knowing about your neighborhood is vital when marketing your unit.  Prospective tenants want to be close to work, restaurants, shopping, parks and walking trails, good schools, entertainment venues, etc.  An ideal location can have a significant impact on your revenue.  Often tenants focus on an area that fits the lifestyle they desire for themselves and their family.   They may be willing to pay a little more and might overlook some rental unit shortcomings if the property is in a great neighborhood.

When you purchased your investment property, I am sure location played a pivotal factor in moving ahead.  Along with cash flow, appreciation, ROI, etc., you probably toured the surrounding neighborhood or looked online to see the proximity of good schools, shopping, and so on.

But to properly market your rental property to prospective tenants, take it a step further and treat the neighborhood as your own.  Spend time in the area as if you lived there or become a tourist for a day or two.  I had one English teacher who recommended one should “write what you know.”  By getting to know your rental property neighborhood, you can better relate to its positive aspects, whether through your marketing ad copy or when answering questions your prospective tenants might have.

Quick Story

A few years ago, my wife and I had some work being done at our apartment complex in midtown Sacramento (2 hours from our home), which required us to spend the night.  We had one car, and my work at the complex took longer than expected, so around 5p, she decided to walk to the hotel less than a mile away.  The walk to the hotel, located in the downtown area near the Capital, was eye-opening.  We had had many tenants who worked at the Capital and had no understanding of how alive the area became after work hours when we walked to dinner that evening.  This experience enabled us to have a whole new appreciation for the area where we own our rental property!

These days, when she is showing property, I will walk the dog to look for anything I can include when marketing our rental property.  I have discovered a dog park, yoga in the park, a strip mall with grocery stores and coffee shops, an independently owned hardware store, etc.  The list goes on and on.  Maybe consider doing the same before or after you are meeting someone at your property.   Do these “discovery walks” in the morning, midday, at night, and on weekends.   We have lived in our suburban neighborhood for 10+ years, and when the pandemic hit, we started walking in it.  We found a beautiful, woodsy walking trail we never knew existed!

Entertainment and Leisure Facilities

Is the property near movie theaters, restaurants, coffee shops, bars, museums, parks, community pools, or playgrounds?  Find out where to go and how accessible these things are by exploring the area. Being within a reasonable distance to places to jog, kayak, or bike might be important to your next tenant.  Easy proximity and access to basketball or tennis courts and golf courses can also make people feel this is the right area for them.

Entertainment facilities make a neighborhood come alive. Take in a ballgame or a concert.   Besides enjoying yourself and having a good time, you gather data and experiences to pass onto your prospective tenants.  You are not just regurgitating a list of “things to do”; you are marketing great features with firsthand knowledge.

Acquaint yourself with the area so you can become like a hotel concierge, recommending a fantastic restaurant, unique shops, nearest grocery stores, or a great coffee shop. When out and about, ask locals about farmers’ markets, seasonal events, celebrations, and parades in the area.  Check-in with the local chamber of commerce who can provide plenty of information to pass on to your tenants.  At the very least, follow local sites on social media like Instagram and Nextdoor.

Visit the neighborhood both during the day and at night. An area’s energy can completely transform when the sun goes down – either filling with a bustling social scene or completely emptying out.

Once you have a better understanding of the area’s lifestyle, you can better market the home to the right tenant.

Educational Facilities

For tenants with school-aged children, the school district is a significant priority.  Quality education is at the top of many parents’ list.  Knowing that the local elementary school is within easy walking distance on safe sidewalks can make a big difference to anxious parents.

Public Transportation / Freeway Access / Commutes

Since we all have lives outside of our homes, it’s important to consider transportation and infrastructure. Find out what transportation options and traffic obstacles exist in the neighborhood.   Know the distance to public transportation hubs for travel to city centers and entertainment facilities.  Are you able to walk to the local entertainment district for dinner and a movie?  Consider taking a drive around the area. How is the local freeway access, and what are the commute times to downtown, shopping, and other business areas?  Parking is an important consideration. If you can’t offer off-street parking, try to direct tenants to a parking garage within a few blocks of the property. Let them know firsthand what parking is like, and they will appreciate your honesty.

Know Proximity to Large Employment Facilities

Many tenants want to live close to work.  Know the distance to large medical facilities, government buildings, universities, tech companies, and warehouse distribution centers where potential tenants may work.   When creating marketing for your rental property, include the distance to these workplaces in your ad copy.  Use phrases like “2 miles from XYZ Medical Facility” or “15 minutes on Light Rail to downtown”.

Part of being a hands-on landlord is providing a home you are proud of for your tenant.   We realize not all units are located in optimal areas but do your best to pick the positive aspects of your neighborhood when marketing.  Sell the location and make prospective tenants proud to live there too.

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