The rental market can be unpredictable. Some available units fill almost instantly one year, while vacancies sit open for months the following year. However, rental properties are only beneficial investments if they’re occupied by rent-paying tenants, so a tough market may require extra effort and creativity.
7 tips to make your unit stand out
Rental Listing: With most potential renters starting their search online, your rental listing is a crucial first step in attracting applicants. Professional photographs will enhance visual appeal, especially if you stage your unit beforehand. Include key details (lease term, rent, and the number of bedrooms and bathrooms) up front so tenants don’t need to search for these crucial factors. Be sure to highlight your property’s unique features, like a prime location or a large backyard.
Online Presence: In addition to viewing your rental listing, potential tenants may look for your property online. Ask current renters to leave reviews, especially if they’ve been satisfied with their experience. Post professional photos or a virtual tour of your unit on social media. If it’s easy for someone seeking a rental unit to find your property, you’re more likely to fill a vacancy.
Amenities: While there’s no need to completely overhaul your rental property’s appliances and technology, a few upgrades can make your unit stand out. Consider whether updated fixtures, a new washer and dryer, or doorbell camera might be worth the investment.
Curb Appeal: First impressions matter, especially when it comes to the place tenants call “home.” Spruced-up landscaping, fresh paint, or a good power wash can make all the difference in a potential renter’s decision to give your property a second look. Make sure interior spaces are equally clean and inviting so any tours or drop-ins will still receive a positive impression.
Pricing: Sitting on a vacant unit in a tough rental market isn’t the time to ask for top dollar. Of course, you’ll want your rental price to cover expenses and turn a profit. But getting lower rent than you’d hoped for each month is still better than receiving no rent. Research similar units in your area to determine a rental price that will attract tenants without undercutting your investment cost.
Incentives.: Even if you can’t offer a low monthly rent for the entire lease term, consider up-front incentives that might draw money-savvy tenants. A waived pet fee, complimentary additional amenities, or discounted first month’s rent might give your property an edge.
Flexibility: When potential tenants view various rental options, a minor inconvenience could shift their interest. So, when possible, be flexible! Agreeing to a lease term adjustment or offering evening tours for applicants with daytime conflicts might be well worth it when you secure a quality tenant.
Remember that any applicant may become a future renter, so start the relationship on the right foot with open, prompt communication. Keeping tenants happy through attention and responsiveness will usually set the stage for long-term leases and lower turnover.
About Rentals America
Rentals America provides full-service property management for residential rental properties. Our team is completely dedicated to property management, and we’re here to help landlords navigate the rental market.
