The rental vacancy rate in Denver, CO is over 6%. If your rental properties are sitting vacant, you'll lose money instead of maximizing profits. Before that happens, update your rental leasing strategy.
With these tips, you can discover new ways to attract tenants. You can even keep great renters to reduce expenses. Boost your ROI with these tips today.
Improve Tenant Relations
Your existing tenants won't consider renewing their leases if they find you unreliable or unprofessional. Find ways to improve tenant relations. Build strong tenant-landlord relationships even before renters move in.
Start by providing renters with access to an online portal. From there, they can submit rent payments, inquiries, and maintenance requests.
This will consolidate communications. You can avoid missing messages when using multiple platforms.
Gather feedback from your tenants. Ask what you can do to improve their living conditions.
Responding to their requests will show them you care. Otherwise, they'll look for another landlord. Your vacancy rate will rise.
If you're stretched thin between multiple tenants, outsource. Hire a property management company. They can engage tenants and increase satisfaction rates.
Offer Flexible Leasing Terms
You could narrow your tenant pool down if you only offer one leasing option. Instead, remain flexible. Some renters may look for a monthly or 24-month lease agreement.
Remaining flexible will help you generate more applications. You can have your pick of renters.
Be willing to negotiate when tenants want to renew their leases. Instead of increasing the rent, explore other options.
Choose Upgrades and Incentives
Upgrades and rental incentives can help you attract and retain renters. Cost-effective upgrades include:
- New floors
- New kitchen cabinets and counters
- Smart home technology
- New kitchen appliances
- Fresh paint
- New light fixtures
- Backsplash
Consider offering new tenants free rent for the first month to generate applications. You can also offer a move-in fee discount.
Incentivize existing tenants to help you find new tenants. Create a referral program and offer gift cards or rent credits.
Discover New Ways to Attract Tenants
Find new ways to attract tenants using digital marketing. Property marketing strategies include:
- Paid advertising
- Social media marketing
- Email marketing
- Content creation
- Search engine optimization
- Influencer marketing
Personalize your campaigns. Consider what type of renter you're trying to reach. For example, you can appeal to families, traveling workers, or busy business professionals.
Appealing to their needs can lead to more applications.
Hire a Property Manager
If you need help applying these leasing strategies, hire a property management company. Their proven strategies will save you time and money.
They can help you improve tenant relations. For example, they can ensure maintenance is completed quickly. Otherwise, delays could frustrate tenants, leading to fewer renewals.
Upgrade Your Rental Leasing Efforts
Developing a rental leasing strategy can help reduce your vacancy rate. As you fill units, you can reach your full earning potential. Apply these effective strategies today.
Remember, you don't have to do it alone. Our team at PMI Elevation uses state-of-the-art technology and proven tactics. Trust our 20 years of industry experience and skilled staff.
We can maximize your profitability. Contact us today to discover our leasing strategies.
