If you're a landlord, then this scenario might sound familiar: you find the perfect tenant to rent your property, only to find they're uninterested in renewing their lease. This isn't as common as you'd think - data from RentCafé (and reported by the Rental Housing Journal) explained that two-thirds of renters renewed their leases in 2022.
So why do you have so many vacancies?
The trick to reducing vacancies is with creative rental leasing strategies. This includes curb appeal, competitive rates, and digital marketing, working to secure good tenants and steady rental income in Auburn, Michigan.
Here's how.
Invest in Curb Appeal
Curb appeal is paramount in attracting renters. It doesn't matter if you're renting apartment buildings or commercial real estate, prospective tenants look for well-maintained rentals as it shows their landlord cares about the condition of the property.
Curb appeal for your Auburn Hills, Michigan investment property can be as simple as:
- Mowing the lawn
- Adding some landscaping, including flowers
- Painting or replacing exterior doors
- Removing trash and clutter from your rental's exterior
- Power washing and painting your rental
Ensure your rental's exterior is clean and inviting, keeping walkways free from trash and debris. The goal is to impress prospective tenants as soon as they arrive.
Keep Rates Competitive
When finding new tenants, it's important to consider the current market value for rentals in your area. This means you'll have to conduct some market research to determine pricing in Auburn Hills, Michigan.
Look at similar properties in your area, checking to see what they rent for. If you're unsure, you can always work with a professional property management company.
When asking too much monthly rent for your property, prospective tenants won't take the time to even check it out. Conversely, when rent is too low, you'll find more renters interested but won't have a robust income.
You could always look for incentives to attract renters, preventing vacant rentals. A great rental leasing strategy is to offer one month of free rent or reduce your security deposit. You could also make your rentals pet-friendly.
Don't Forget To Market Your Property
According to the National Apartment Association (NAA), 98% of prospective apartment renters rely on the Internet when looking for places to rent. If you're not marketing your property appropriately, you're restricting how many people see your rental. Digital marketing is one of the best ways to get your property in front of tenants.
There are various types of digital marketing campaigns to consider. These include:
- Social media advertising
- Paid advertising
- Email marketing
- Online listings
- Web design
Take a look at how your competition markets their rentals. You may want to consider 3D tours, virtual tours, and other types of video tours to entice renters.
The Best Rental Leasing Strategies
You can have the best rental property on the planet, but if no one knows it exists, you'll find it difficult to prevent vacancies on your property. Be sure to advertise your property, focus on curb appeal, and keep pricing competitive.
An experienced property manager is another source for rental leasing strategies. Contact PMI Great Lakes today for a free rental analysis and get ready to find new tenants.
