How many of your rental properties are empty, waiting for tenants? As your rentals remain vacant, you'll lose potential rental income. In fact, your properties could even become a financial burden.
The national rental vacancy rate is nearly 6.4%. Before your vacancy rate increases, use these creative rental leasing strategies. Start attracting and retaining renters today!
Consider Your Pricing Strategy
Make your property more enticing to local renters by adjusting your pricing strategy. First, complete a rental analysis. Compare your rental property to similar units in the area.
Adjust your rental rate accordingly. Setting the rate too high will scare renters looking for a better deal. Setting it too low will hurt your profitability.
If you need help, consult a professional property management company. Their pricing tools can help you set better rental rates.
Offer a Flexible Lease Length
Not every renter wants to stay in the same place for a 12-month term. Appeal to a broader range of renters by offering a flexible leasing length.
Some renters will prefer renting on a month-to-month or rolling basis. This flexible option could help you fill vacancies quickly.
Other renters are looking for stability. They may prefer an 18- or 24-month lease. Market these options and remain willing to negotiate to appeal to more renters.
Emphasize Unique Features
Help your rental property stand out. Recognize the amenities and features you offer that other rentals don't. For example:
- Energy efficient windows
- Smart home technology
- Private outdoor spaces
- In-unit laundry
- New kitchen appliances
- New hardwood floors
If your rental property is old and outdated, it could deter potential tenants. Consider making a few strategic upgrades. Select upgrades that will enhance the property's value and make it more desirable.
Offer Incentives
Market move-in incentives to attract renters. These can include:
- Gift cards
- Discounts on the first month of rent
- Waived application fees
You can partner with local businesses and universities to offer gift cards to nearby stores. Choose incentives renters want.
Create a Referral Program
Encourage your existing tenants to help you find new tenants. Create a referral program to maximize your occupancy rate.
To generate more referrals, offer renters something in exchange. They may want a gift card or rent discount.
Work With a Property Manager
Instead of developing your leasing strategy alone, work with a property management company. An experienced property manager will know the most effective tactics. They can attract renters to your property by making it more attractive.
For example, they can maintain the property to make it a more desirable place to live. If it's falling apart, renters will look elsewhere.
Choose a property management company that offers digital marketing services. They'll expand your reach, ensuring more locals find your vacant units.
Improve Your Rental Leasing Strategy Today
A strong rental leasing strategy can help maximize your occupancy rate. Use these tips to stand out from other local rentals. As your occupancy rate increases, so will your ROI.
Remember, you don't have to develop your strategy alone. Our team at Crown Property Management offers a personal touch. We'll help you make the most out of your rental investments.
Rely on our seasoned professionalism, effective strategies, and customized services. Contact us today to discuss your leasing strategy.
