The rental vacancy rate in Colorado is now 5.4%. As another real estate investor fills their vacant units, you could have a more difficult time attracting renters. With these rental leasing strategies, you can find new tenants and retain the ones you have.
Filling your rental properties will maximize your earning potential. Read on to discover the best strategies to use to improve your vacancy rate today!
Update Property Listings
Before using the rest of these strategies, update your rental properties. Make sure they're clean, well-maintained, and attractive. A beautiful rental property is more likely to attract new renters.
Stage your rental properties before hiring a professional photographer. High-quality photos will entice more people to explore your listings. Listings with high dynamic range photos increase online views by 118%.
To give yourself a competitive advantage, consider adding drone or aerial photos to your listings. Otherwise, invest in video marketing. Listings with videos generate 403% more views.
When updating your listings, include:
- A strong, compelling headline
- Location-specific language
- A detailed description of the property
- Lists of special features and amenities
- An exciting call to action to book tours
Share the property on multiple listing sites. Reaching more people online will help you generate more applications.
Leverage Digital Marketing
Use various digital marketing strategies to generate more online visibility. The best strategies to use include:
- Video marketing
- Search engine optimization
- Paid advertising
- Email marketing
- Content marketing
- Social media marketing
Offer Flexible Leasing Terms
Remain willing to negotiate with renters to improve your vacancy rate. Some tenants want a one-year lease term. Others may prefer a monthly or two-year option.
Remaining flexible will help you satisfy the needs of more tenants. You can use this strategy to attract new tenants and generate more lease renewals.
Invest in Property Maintenance
Don't let your rental properties crumble. Instead, provide renters with a stunning place to live.
Gather competitive bids from multiple contractors to save money. Keep up with maintenance and routine inspections.
Consider Discounts and Incentives
Offer special discounts or tenant incentives to encourage new leases or renewals. For example, you can offer a complimentary month of free rent. Consider gift cards to local shops and restaurants or cash gifts.
Try offering your existing tenants upgrades to generate lease renewals. You can offer:
- A free cleaning service
- Energy-efficient windows
- An on-site doggy daycare
- An on-site gym
- New hardwood floors
- New kitchen appliances
Talk to your renters! They can help you choose upgrades that will help you remain competitive in the local real estate market.
Ask for Help With Rental Leasing
You don't have to apply these rental leasing strategies alone. Instead, consider consulting an experienced property management company. They can help you thrive, even in a competitive real estate market.
We can recommend the best strategies to use to maximize your earning potential. At Team PMI Mile High, we use the latest technology and proven strategies to ensure each client's success.
Rely on our 20 years of industry experience to boost your occupancy rate and profits. Contact us to become a successful real estate investor in Westminster!
