Florida has one of the hottest real estate markets in the country. That is good news for investors and property managers, but it also means increased competition.
Vacant properties equals lost income. So, landlords have to put their best foot forward to keep units rented.
The good news is that there are some tried and tested strategies for doing so. Below are a few of them. Keep reading for some creative rental leasing techniques to decrease vacancies and increase income.
Flexible Lease Terms
One easy way to attract a broader pool of renters is to structure lease terms to accommodate a diverse set of housing needs for tenants. For instance, offering the option of one-month leases might appeal to people who need temporary housing, such as business travelers or people who are relocating to the area.
Consider offering a lease-to-own option for properties you already plan to sell, where a portion of the rent goes toward the purchase price. That can be a major tenant attraction for people who are seriously considering buying but are not quite ready yet.
Customizable Space
Many renters hate that they have little control over what a particular home or apartment looks like. And most are not going to spend the time or money to make any upgrades.
Advertising customizable interior design options is a great way to catch the eye of prospective renters. Offer a range of paint colors or fixture options to make the space feel more personalized.
This requires more work on the part of the property owner, but these upgrades often need to be made between tenants anyway. Letting a renter make aesthetic choices can go a long way toward filling vacancies fast and charging a premium in rent.
All-Inclusive Leasing
Offering the chance to pay a single price for a rental is a great way to lease it quickly. Most renters are on a fixed budget, and eliminating variables in what they pay each month can be very attractive.
Renters often have no clue what the extra costs will be when moving into a space. The property owner does. Get an average of utility costs and tack that amount onto the rental price.
Consider throwing in things like internet and cable, or free parking in urban areas. Covering these nominal costs could translate to faster leasing.
Discounts and Incentives
A final creative way to decrease vacancy rates is by offering discounts to renters. Consider move-in incentives, such as making the first month free. Offer gift cards from local businesses or advertise half-off security deposits.
You can do the same for renters who renew leases or refer friends. These types of "loyalty programs" can help keep tenants happy, making them even more inclined to stay longer.
Get More Creative Rental Leasing Strategies
Now that you know how to decrease vacancy with creative rental leasing, you can get the most out of your investment property. An experienced management company can further advise you on leasing tips to ensure units stay rented so that you maximize income.
PMI Best Assets provides professional property management and real estate brokerage assistance to the Fort Lauderdale area. We offer a range of services, including marketing, tenant screening, lease management, and more.
Contact us to schedule a free consultation or to discuss real estate strategies.
