Statistics show that 65% of US renters are young adults who don’t own homes yet. In the US, there are 44.1 million households that rent as of right now.
If you are a property owner, you may be worried about vacancy rates. This is a huge problem since it means you aren’t getting an income from those properties.
In some instances, vacancies could last several months. This guide will help you understand how to lower vacancy rates for your rental properties.
Keep reading to find out how to reduce your vacancy rate with these tips.
Market Your Properties
A rental property vacancy can be a huge problem for property owners. If you do this professionally, this is probably a big part of your income.
A lot of property owners make the mistake of not using rental property marketing. You cant always expect renters to find your properties themselves.
You need to market your properties to quality tenants through different methods. You may want to list the properties on renter sites or have physical displays.
Some landlords use billboards and flyers to help attract attention. You can also put yourself online to establish a reputation and a following.
Keep Properties In Good Condition
Rent stabilization needs to be a top priority if you rent out properties. There are several ways you can make your properties more desirable for renters.
What are the best ways to do this is to make sure the property is in good condition. Some landlords neglect properties and allow them to become outdated.
The first thing you need to do is make sure the properties are cleaned after each tenant. Hire cleaning services and make any necessary repairs.
It is also a good idea to update the property every few years. The inside or outside may need a new coat of paint, or the structure may need an inspection.
Keeping the home modern is a huge incentive for quality tenants. Follow the latest real estate trends and update properties to reflect them.
This may feel like a big expense, but it is an investment into that property. A lot of property updates also last a long time, creating a large return on investment.
Provide Renter Benefits
Depending on your location, there may be a lot of options for renters. If that is the case, you need to make sure your properties stand out in some way.
The best way to stand out is to provide unique benefits for renters. An example of this is allowing any type of pet.
A lot of rentable properties do not do this or have tight pet restrictions. You could also make the home easy to access with ramps and alternatives to stairs.
This sets the property apart as being more accessible for the disabled. A lot of homeowners also add features to the home that are more desirable.
You can install smart home features like automatic lights and a security system. You can also have energy-efficient windows installed to reduce power bills.
If the neighborhood is not ideal, you may want to consider adding a fence around the property. These are features that any renter would appreciate were looking for a home.
Hire a Property Management Company
Lowering vacancy rates can feel quite challenging for landlords. As a landlord, you probably already juggle a lot of different tasks.
Because of this, it may be a better option to hire a property management company. You can hire Utah County Services to help you find the best tenants.
A property management company handles marketing and screening for you. They also handle the financial side of things, collecting rent from all your tenants.
Many managers also deal with daily details like repairs and complaints. Overall, most landlords could benefit from outsourcing to one of these companies.
The return on investment is significant since these companies have the experience that you may lack.
Provide Competitive Rent Rates
There are instances where vacancy rates can come down to rent prices. Your prices may be too high, putting renters off.
It is important to do local research when it comes to rent prices. Look at properties similar to yours to see how much those landlords are charging.
The best way to find more tenants is to offer them some kind of deal. You may be able to lower rent prices so that they are more appealing.
Or you could offer the first month in the property for free before rent kicks in. Some landlords even go as far as covering basic bills like power and utilities.
These are all examples of financial incentives that encourage more renters. Keep in mind that you still want to make sure you are making a profit every month.
If your property is high value, you don’t want to sell it short. You also don’t want your prices to be so low that they attract low-quality tenants.
Vacancy Rates: How to Get More Renters Fast
Are you struggling with low vacancy rates? If so, you may need to start marketing more or adding special features to the property.
Smart home features and offering renter incentives are all great ways of encouraging renters. You can also hire a property management company to help you with this.
You should also make sure your property is up-to-date and in good condition.
Are you looking for more resources as a property owner? Check out the other real estate content on this website.
