.webp)
According to the US Census Bureau's Housing Vacancies and Homeownership report, South Carolina is leading the nation's rental vacancy rate at 15.3%. If your Summerville, SC rental property is vacant, you'll lose rental income. Before that happens, leverage these rental leasing strategies.
These tips can reduce your vacancy rates by helping you attract and retain renters. Not sure where to start? Read on for our expert advice today!
Update the Rental Property
Psychologists at Princeton found that people form a lasting impression of strangers within one-tenth of a second. You have that long to impress potential renters. Otherwise, they'll turn to another listing.
To make a strong first impression, update that property. Consider:
- New kitchen appliances
- Hardwood floors
- Fresh paint
- Improved curb appeal
- New kitchen cabinets
- New light fixtures
- Backsplash
- Bathroom renovations
Research renters in Summerville. What are they looking for as they research local rental properties? They may want a property with smart home technology or energy-efficient upgrades.
Making these changes will help you appeal to your target audience. Maintain the property between renters by scheduling routine inspections. If the property falls apart, renters will turn away.
Consider partnering with an experienced property management company. They'll complete inspections and maintenance on your behalf to protect your investment.
Leverage Digital Marketing
Ensure Summerville renters can find your rental property. Use digital marketing strategies like:
- Search engine optimization
- Content marketing
- Paid advertising
- Email marketing
- Social media marketing
These strategies will expand your reach and open your tenant pool. Once you begin generating applications, screen potential tenants. Tenant screening will help you find renters worth retaining.
Offer Multiple Leasing Options
Remain flexible to appeal to a broader target audience. Different leasing options include:
- Monthly
- Annual
- Two-year
Tenants will see that you're willing to negotiate. They may choose your rental property over another based on an option that suits their needs.
Renew Rental Agreements
Develop a tenant retention strategy to reduce vacancy rates. Consider offering incentives like:
- Flexible leasing terms
- Discount for one month of rent
- Gift cards to stores and restaurants
- Property upgrades
Talk to your renters to determine what they need. Otherwise, work to improve tenant satisfaction rates. Happy renters are more likely to renew their leases.
Respond quickly when your tenants have a question or problem. Complete maintenance projects as soon as possible or offer new amenities. They'll appreciate that you care about their needs.
Hire a Property Manager
Instead of applying these tips alone, partner with a property management company. They can streamline these tasks to improve your vacancy rates. A full-service company can help with:
- Rental agreements
- Marketing
- Tenant screening
- Evictions
- Maintenance and repairs
Their services can improve tenant satisfaction rates, leading to more lease renewals. Rely on their professional services and expertise to gain a competitive advantage.
Apply Professional Rental Leasing Strategies
Leverage professional rental leasing strategies to find and retain renters. With these tips, you can boost your occupancy rate and ROI.
Remember, you don't have to do it all alone. Instead, rely on our strategic team at Oak Trust Properties. We approach each unique portfolio by working closely with clients.
Use our comprehensive services to optimize your investment and maximize returns without stress. We'll help you achieve your financial goals using proven strategies. Contact us now for a free rental analysis.
