As the rental vacancy rate in the US continues to increase, you could have a more difficult time filling your vacant properties. With each empty unit, you'll lose the chance to generate thousands of dollars of income. Instead, read on for the rental leasing strategies you need to ensure your success.
With these tips, you can lower your vacancy rate and increase your earning potential. Attract new tenants and boost your renewal rate today!
Improve Tenant Relations
Happy tenants are more likely to renew their leases. They'll also rave about you as a landlord, which can help you attract new tenants.
Invest in an online tenant portal. You can streamline communication and quickly respond when tenants need help. Always be professional and courteous when interacting with renters.
Ask your tenants what they're looking for in a Rogers rental property. Their feedback can help you make improvements that align with their needs. For example, your tenants may ask for:
- Better parking options
- Energy-efficient windows
- Open floor plans
- Outdoor spaces
- A doggy daycare
- Security measures
- New kitchen appliances
- Hardwood floors
Choose upgrades that will improve the property value of each listing. You'll have an easier time retaining renters and attracting new tenants.
If you're struggling to improve tenant relations, hire a property management company. They can engage with renters on your behalf. They'll ensure renters always have what they want and need.
Attract New Tenants Online
The first step 47% of people take when searching for properties is to check online. Use digital marketing to attract new tenants to your available listings. Effective digital marketing strategies include:
- Content marketing
- Search engine optimization (SEO)
- Paid advertising
- Social media marketing
- Email marketing
Before using these strategies, clean and stage the property. Have a professional capture stunning images you can show off online.
Offer Flexible Lease Terms
Remaining flexible will open your tenant pool. Instead of only offering one-year lease terms, consider a monthly or two-year option. You could gain a competitive advantage if other landlords aren't offering the same.
Remain willing to negotiate with your existing tenants. Instead of rushing to increase the rent, talk to your renters. They may agree to property upgrades or longer lease terms instead.
Incentivize Renewals
Encourage your existing tenants to renew their leases by offering incentives. For example:
- A cash gift
- A gift card to a local restaurant
- Property upgrades
Make it easy for tenants to renew their leases. Use an online tenant portal to send them the renewal agreement. The longer the process takes, the more likely they'll explore other options.
Apply These Rental Leasing Strategies
Applying the right leasing strategies can help lower your vacancy rate and maximize your profitability. Use these rental leasing tips to attract new tenants and keep the ones you have. Your occupancy rate will increase, leading to a higher ROI.
You don't have to apply these strategies alone. Instead, consider partnering with an experienced property management company.
PMI Heritage has 20 years of industry experience helping property owners maximize their earning potential. We can help lower your vacancy rate. Contact us today to apply these leasing strategies.
