You worry because you have vacant apartments way too often. Unfortunately, every vacancy results in lost income. But you can't seem to find a way to keep the units occupied.
There is a solution, but it takes some work.
You must find creative rental leasing strategies. These strategies improve your occupancy rate, which naturally reduces your vacancy rate.
What are the best strategies to use? Continue reading to learn five.
1. Be Flexible With Your Rental Leasing Options
Of course, you want long-term tenants for your rental property. However, some tenants need different leasing options. You might reduce your vacancies by allowing tenants to have different options.
For example, do you have a tenant needing a six-month lease instead of a one-year one? Let them move in for six months. You could even charge a slightly higher rate for allowing a shorter lease.
The same is true for month-to-month leases. Allow them, but ask for a higher monthly rental rate.
2. Offer Incentives
It's common knowledge that incentives motivate employees to work harder. This principle is also true for tenants. Offering incentives has a way of motivating them to move in or stay longer.
Talk to a rental management firm to learn about the types of incentives to use or come up with your own. For example, offer gift cards to tenants when they renew their leases.
3. Focus on Lease Renewals
Once you get a great tenant, you'll want to keep them. Therefore, focusing on lease renewals is an effective strategy for decreasing vacancy rates.
Let your tenants know in advance about lease expirations. Ask them to sign new ones and offer incentives if necessary.
4. Use Prorated Rent
Prorating rent is one of the most misunderstood concepts in the rental property business. Prorated rent doesn't cause you to lose money. Instead, you make more money.
It's the process that lets you calculate a partial month of rental income. If someone moves in halfway through the month, they pay half the rental amount.
You'll generate more income by letting tenants move in on various days of the month instead of requiring moving in on the first.
5. Let a Property Manager Handle It
The best option is to hire a property management firm. They can offer landlord advice and help.
You can hire them to handle tenant placement services. Tenant placement focuses on improving occupancy rates by locating great tenants.
A property manager can also offer other management services. For example, they can handle repairs and maintenance. They can also handle other types of tenant services.
Learn More About Effective Rental Leasing Options
Using creative rental leasing strategies helps you:
- Decrease vacancy rates
- Increase occupancy rates
- Increase rental income
Therefore, every landlord should focus on this crucial aspect of a rental property business. Do you need assistance with managing your properties? Look no further!
PMI Northbay offers property management services in the Fairfield area. With decades of experience, our team of experts can help you find solutions that work.
Reach out today to learn more about our property management services.
