44.1 million households in the United States rent rather than own their properties. Although there are a lot of potential tenants out there, vacancies are still common if you don't know how to fill your property quickly.
When aiming to avoid vacancies in your rental property, there are various tactics you can take. Using these strategies can reduce your vacancies and help increase the profitability of your real estate investment property.
Want to get a leg up in the Wichita rental market? Here are the creative rental leasing strategies you should use to decrease vacancies in Wichita, KS.
Start Off Right
To reduce vacancies in your rental property, start from the beginning. Market your property thoroughly so that the highest number of applicants will apply. This will also increase the chances that high-quality tenants will apply for the property.
Also, make sure that you're thoroughly screening tenants by performing background checks and credit checks and checking their rental histories. Great tenant screening will help you find good tenants who are more likely to stay a long time and renew their leases.
Be a Great Property Manager
To encourage more lease renewals, you need to manage your property as well as you can. Be sure that you're giving tenants what they want and taking care of them once they sign lease agreements.
Stay on top of routine maintenance and repairs and listen to your tenants' needs and concerns to build strong relationships with them. You may want to hire a property management company to ensure this is all done right.
Increase Lease Flexibility
A creative way to ensure reduced vacancies is to offer more flexibility in your lease terms. Providing more lease lengths and options may attract a wider pool of applicants and help you fill gaps more quickly.
Consider looking beyond standard 12-month leases and offering either shorter or longer lease terms as well.
Allow Pets
Another thing that can help you attract a wider tenant pool is to allow pets on your property. While doing so comes with some disadvantages, many people are pet owners and won't even consider a place that doesn't allow pets.
Pet owners are often families or individuals with a high level of stability in their lives, so attracting this tenant demographic can be worthwhile.
Create Rental Bundles
One way to help your property stand out among the competition is to bundle utilities with the cost of rent. Simplifying monthly costs for your tenants can attract them to your property and make it more likely that they'll enjoy renting from you.
With this differentiation, you may find it easier to fill vacancies and increase your rental income.
Using These Creative Rental Leasing Strategies
If you want to decrease vacancies in your rental property, consider using these creative rental leasing strategies. Screening tenants well, offering flexible lease terms, and allowing pets are a few of the ways that you can reduce vacancies and make a better return on your investment.
If you need help with rental property leasing in Wichita, consider hiring us. We have strong experience managing properties and our trustworthy team is ready to help meet your needs.
Ready to get in touch? Contact us today to learn more about how we can help reduce vacancies in your Wichita rental property.
