- Recovery in the rental housing market started in 2021.
- Regular inspections and maintenance prevent significant problems in the property.
- Competitive pricing makes properties appealing in the market.
- Promote the rental property in the market.
Following an initial decline due to the pandemic, the rental housing market saw a resurgence in 2021. According to the Housing Vacancy Survey findings, 44 million households were documented during the third quarter of 2021. The figure represents a growth of about 870,000 since the first quarter of 2020! This increased demand resulted in an overall rental vacancy rate of 5.8 percent.
As a business owner or entrepreneur, one of your main goals is likely to maximize profits from your rental property. To do this, you must ensure that your property is consistently filled with tenants. Here are some tips for increasing tenancy in your rental property.
Conduct Regular Inspections and Maintenance
One of the most important steps you can take toward keeping occupancy levels high is conducting regular inspections and maintenance on your rental property. This ensures that the space remains in top condition and is attractive to potential tenants.
It also helps prevent problems with existing tenants, such as leaking pipes or malfunctioning appliances. Regular inspections and maintenance can significantly reduce tenant turnover, which means more money in your pocket in the long run.
Benefits of Regular Inspections and Maintenance
The benefits of regular inspections and maintenance extend beyond just tenant retention. Regular inspections and maintenance can also help you spot potential problems before they become larger, saving you money in the long run. Additionally, regular inspections and maintenance can help extend the life of your rental property and make it more appealing to prospective tenants.
A few ways to ensure that you are conducting regular inspections and maintenance on your rental property include:
- Hiring a professional inspector to assess the condition of your rental every two years
- Scheduling regular maintenance visits with trusted contractors
- Regularly inspecting and cleaning common areas
- Create a checklist for yourself to inspect all living spaces in the rental at least once a year.
By investing in regular inspections and maintenance, you can ensure that your rental property is attractive to potential tenants and remains in optimal condition for years to come.
Set Competitive Prices
To attract visitors, you need to make sure that you are offering competitive prices on your rental properties. You should research the market and find out what other properties in the area are charging for comparable features and amenities, then adjust your pricing accordingly.
Setting competitive prices can be a great way to draw potential renters into your property and encourage existing tenants to renew their leases. Be sure to keep your prices in line with what the market demands, and you’ll be able to attract more renters and boost your vacancy rate.
Discounts and Promotions
Additionally, consider offering discounts or promotions on specific properties or for certain periods to draw attention from potential renters. These may include multi-month discounts for longer stays, reduced rates on certain properties, or even special deals for community members. Doing this will encourage more people to check out your rental properties and increase your occupancy rate.
When it comes to rental property management, setting competitive prices is one of the keys to success. A well-priced property can result in increased occupancy and more return on investment. Take the time to research the local market and decide the best pricing strategy for your rental units to maximize your potential profits. With a little effort, you can attract more tenants and increase your chances of success with rental properties.
Market Your Property Aggressively
Marketing is key to increasing occupancy levels for any real estate venture, whether residential or commercial. You should use online and offline strategies such as advertising campaigns, social media posts, direct mailers, flyers, etc., to get more people interested in renting from you. Additionally, consider partnering with local businesses or organizations for added visibility.
Safety of Tenants
Your marketing efforts should highlight safety and security features, such as an alarm system or video surveillance. You should also get an official gas safety certificate to help promote the property. Getting the certificate shows that all the pipework and gas appliances are correctly installed. This assures potential tenants that all gas-related facilities meet government standards.
It’s also essential to make sure your website and other digital marketing platforms are up-to-date with eye-catching visuals and well-written content. Finally, don’t forget the power of word of mouth – ask current tenants for referrals and customers who have rented in the past for positive reviews. Doing so will demonstrate that you value customer satisfaction and provide a great experience for renters. With these tips and strategies, you can successfully market your property to attract new tenants.
Increasing tenancy levels at a rental property require dedication and effort from the landlord or business owner. However, by following these simple tips, you will be well on your way to building a successful rental business. With dedication and hard work, you can ensure that occupancy rates remain high and profits soar.