Landlords are fighting rising vacancy rates. In California, the rental vacancy rate reached 4.1% last year. If your investment properties remain vacant, you could lose thousands of dollars every month.
Instead, use these rental leasing strategies to attract new renters. With these tips, you can boost your occupancy rate to generate more passive income!
Enhance the Curb Appeal
Making a strong first impression is essential if you want to attract renters. You only have one-tenth of a second! If your landscaping looks dead and unappealing, you'll lose potential tenants.
After all, about 87% of house hunters rely on photos when exploring properties. Improve the property's curb appeal by:
- Mowing the lawn
- Adding flowers
- Updating the exterior lighting
- Adding a fresh coat of paint
Use a bright, eye-catching color like red for the door. Enhancing the property's curb appeal will make it more visually appealing. You can lure renters in to increase the chances of gaining new tenants.
Before using the rest of these tips, explore the property. Look for areas that require improvement and consider making a few upgrades. Enhancing the property will allow you to set a higher rental rate.
Making upgrades can make the property a more desirable place to live. You can also increase the rental rate to generate more rental income.
Offer Competitive Rates
Before establishing your rental rate, research the local market. Explore similar properties and complete a rental analysis. If you need help, consult an experienced property manager.
Completing a rental analysis will ensure you set a competitive rate. If the price is too high, people won't give the rental property a second glance. When you set the price too low, you'll attract more renters but lose rental income.
Consider offering incentives to entice potential renters. For example, a month of free rent or a discounted security deposit. Choose offerings that balance profitability and affordability.
Use Digital Marketing
You won't attract renters to your listing without an effective marketing strategy. Use digital marketing strategies to get more eyes on your listings. These include:
- Content marketing
- Search engine optimization
- Social media marketing
- Paid advertising
- Email marketing
Keep up with current real estate marketing trends, including video, 3D, and virtual tours.
Improve Tenant Experiences
You can maximize your profitability by retaining the amazing tenants you already have. Start by improving tenant experiences. Use an online tenant portal to provide excellent customer service.
If you need help, hire a property management company. Your property manager can improve your tenant satisfaction rates, which can lead to more renewals.
Apply These Rental Leasing Tips Today
Failing to attract people to your rental properties can lead to costly vacancies. Before that happens, start using these rental leasing tips. Remember, you can always ask for help to ensure your success in today's competitive market.
Our team at Advantage Property Management Services has been advocating for landlords since 2010. We use proven strategies to deliver the best possible outcomes for our clients.
We don't settle for the status quo, instead constantly pushing ourselves to ensure each client's success. Contact us today to maximize your occupancy rate.
