There is nothing more worrying than an investment property that remains empty.
For every new month you don't find a tenant, you wonder whether you made the right property decision. And you look at your bank account dwindling as you pay interest on your loans and ongoing repairs.
If that's you, it's time to get creative. Here are some unconventional suggestions to help you improve your rental leasing.
Create a More Flexible Lease
Tenants like flexibility when they are searching for somewhere to live. You can think of many creative options in your lease that will appeal, including:
- Short lease durations like nine months
- Early termination options
- Month-to-month leases
A certain subsection of the rental market will be attracted to these types of terms, which might include students and temporary workers. These sorts of incentives are great for helping you attract attention to your property and reducing rental vacancies.
Offer a Tiered Pricing Lease
Tiered pricing is where you set a lease at one standard rental rate and offer lower rates for extended terms.
For example, you may offer a 5% discount for a lease of two years and a 10% discount for at least three years. It's an incentive that can help you attract long-term renters, keep your property off the market, and net you uninterrupted income and better cash flow.
While landlords might hesitate about dropping their asking price, you should weigh that cost against the expenses you incur from having a vacant property that you need to market.
Property Upgrades
Improving the condition of your property is a valuable way to help your Chester County rentals stand out from similar ones on the market. It could secure you a tenant faster. Here are some ideas you could try:
- Upgrade old appliances like refrigerators
- Add eco-friendly features like solar panels
- Replace an old HVAC unit
- Offer high-speed broadband
- Upgrade your property's security system
- Install smart lighting throughout the property
All these features can create a wow effect when tenants view your home. Nevertheless, you should always balance any financial benefit against the cost of that upgrade.
Friendly Lease Policies
Rental rules can sometimes be off-putting for those who want to make it their long-term home. Relaxing some of these rules can help attract the tenant who wants a long-term lease, reducing your overall vacancy rates. You could offer:
- A pet-friendly policy
- Dedicated parking
- Allow the tenant to make specific cosmetic changes to the interior
These offers also help you build a better long-term relationship with your tenant. They will value you as a reasonable landlord who places importance on their tenant's well-being.
Rental Leasing Strategies That Secure Great Tenants
The trick to any rental leasing strategy is to focus on incentives that attract the best tenants. Use these rental property tips to help you resolve a vacancy problem.
Key PA Property Management is dedicated to providing first-class customer service to our clients, which means we go above and beyond to secure tenants for you. You can learn more about our leasing services in Chester County.
