Most landlords aim to avoid three things:
- Leasing to bad tenants
- Violating landlord-tenant laws
- Having vacancies
A bad tenant destroys a rental property and might not pay their rent, violating the law leads to financial implications, and vacancies lead to lost income. Addressing vacancies might require creative rental leasing strategies.
Are you ready to learn how to decrease your vacancy rates with your Orange Park rentals? Continue reading to learn more.
Flexible Lease Terms
A one-year lease is the traditional term for a rental property. However, this only works for some people; others prefer flexible leases.
Offering short-term or month-to-month leases is one of many popular leasing strategies for landlords. When you offer these, it might attract more people to your units, helping you keep your units filled.
Additionally, be willing to use lease negotiations when renting to new tenants. Ask them what they're looking for, and be open to accommodate their needs.
Amenity Upgrades
Providing high-quality units can help you attract more people to your properties. You could consider upgrading the following:
- Granite countertops
- High-quality hard floors
- Improved security
Many people look for these features when renting an apartment. Higher-quality units may attract a different demographic, and you can charge higher rental income for them.
Offering modern amenities is one of the best ways to attract people to your units, but other techniques also work well.
Competitive Pricing
Pricing is a major part of decreasing vacancy rates. Complete a review of pricing in the Orange Park area to see what other landlords charge for comparable units, and price your units in line with those.
Partnerships and Referrals
Collaborating with local businesses, such as realty offices, may help you find more referrals for your units. You could also start a referral program that rewards people, such as your current tenants, for referring people to your units.
Seasonal Promotions
There may be times when you have more vacancies than usual. During these times, offer some promotions.
For example, offer one month of free rent or half-price rent. You might also give gift cards or other perks to tenants who rent during these times.
Professional Property Management
One of the best ways to decrease vacancy rates is by hiring a property management company. These companies provide all the management services your properties need, but you should take your time when choosing one.
You can hire a company to handle every task or only certain tasks, such as tenant selection.
Use Creative Rental Leasing Ideas to Decrease Vacancies
Creative rental leasing strategies can help you:
- Decrease vacancies
- Increase rental revenue
These results can give your business the boost it needs to grow and expand. Are you ready to hire a property manager in Orange Park, FL, for help?
PMI Davis Realty is your go-to business for all your property management needs. We are locally owned and operated, and we know this area.
The owner, Wendell Davis, has a proven track record of helping property owners like you. Hire us and we'll deliver results you'll love.
