Decrease Vacancy in Flint with Creative Leasing Strategies
Rental vacancy rates in the US are continuing to increase, making it more difficult for property owners to find renters. If your investment properties are sitting vacant, it's time to consider new leasing strategies. A strong rental leasing strategy can help you attract and retain tenants.
Not sure how to encourage tenants to renew their leases? Read on to discover the top leasing strategies for higher retention rates today!
Before applying the rest of these tips, talk to your existing renters. Ask if they're happy with their current living experience. Their feedback can help you improve your tenant-landlord relations.
Keeping your tenants happy is key to retaining tenants. Otherwise, they'll turn to a landlord who cares about their needs.
Ask your tenants what's missing from their rental property. They may request:
- Upgrades (like new appliances)
- Safety/security measures
- Communal outdoor spaces
- Open floor plans
- A fresh coat of paint
- New parking options
Choose upgrades that will bolster your property values. These rental property upgrades can improve your return on investment and make the property a more desirable place to live.
Give renters multiple ways to reach out with their questions or concerns. For example, you can provide them access to an online tenant portal.
If tenants can't reach you, they could get frustrated. They may decide not to renew their lease later. Instead, communicate throughout their leasing period.
Market Your Property
Improve your vacancy rates by upgrading your digital marketing strategy. A comprehensive marketing strategy includes:
- Social media marketing
- Search engine optimization
- Paid advertising
- Email marketing
- Content creation
Learning how to market your property online can increase each listing's visibility. You can start attracting more people to your listings, potentially increasing applications.
Review your rental property listings. Share fresh, eye-catching photos and optimize the listing's description. Use location-specific keywords to appear for more online searches.
Offer Lease Renewal Incentives
You can encourage an existing tenant to consider a lease renewal with incentives. For example, perhaps you offer new tenants their first month of rent free. Consider offering the same discount when a tenant renews their lease.
You can also create a referral program. Your current tenants can recommend your investment properties to friends or family members. Reward renters for their referrals by offering a rent discount or gift card to a local store.
Hire a Property Management Company
If you're struggling to apply these leasing strategies, consult a property management company. The best property managers can help market your property and retain tenants.
Choose a full-service property management company. Their services can include tenant screening and marketing. These services can help you find great tenants you trust with your investment properties.
Strengthen Your Rental Leasing Strategy
A strong rental leasing strategy can help you generate more revenue. You'll have an easier time attracting new tenants and retaining your existing ones. Remember, you don't have to apply these leasing strategies alone.
Instead, consider partnering with a property management company like PMI Mid Michigan. We have nearly 20 years of industry experience helping property investors maximize their earning potential.
Rely on our state-of-the-art technology and award-winning services. Contact us today to discuss your rental leasing strategy.