As a side effect of the pandemic, many rental properties have remained vacant for longer than usual. Whether it is due to college and universities going remote, so students no longer need their rental, or a major shift to suburban living overcrowded city life, apartments that are usually a hot commodity have slowed down in rental allure. Thus, filling rental vacancies has become a pivotal part of property management responsibilities.
Here are a few ideas that may help landlords quickly fill vacancies that may occur over the course of the year.
Keep Your Listings Current on Your Website
According to RentTec Direct, “72% of renters use the Internet when looking for a new apartment according to a study conducted by Apartments.com and Google which evaluated the top avenue renters use to find their next rental property.”
If you are not keeping your vacancies up-to-date on your site, you may be missing a large portion of renters that find their next apartment online.
Evaluate Your Pricing
Your future renters will be doing their homework and shopping around to see which spaces include utilities, which do not, and which ones may offer some sort of amenities such as a yard or outdoor entertaining space.
Be sure to examine what the market is telling you your rent should be according to current situations. Once you have examined you can easily justify why the rent is set at a certain amount.
Utilize Professional Cleaners
Apartments that have been professionally cleaned, including the kitchen and bathrooms, appear better to potential renters. If you hire a cleaning crew you will not only save yourself some time and elbow grease, but also make your property look more appealing to those hoping to rent.
Keep in mind that renters check out every corner of the unit before they sign on the dotted line. By contracting this chore out, you will be maintaining your reputation for having spotless units as well as having renters find the unit above reproach.
If you want to fill your rental quickly with quality renters, consider some perks.
Offer your current renters (or outgoing renters) referral awards to entice word-of-mouth recommendations. There is nothing better than finding a renter through a referral from someone who has been a quality tenant for years!
If you do not have a referral program, you should try to advertise a vacancy immediately upon getting notice from the tenants.
Most rental units come with a requirement of giving 30 days’ notice to the landlord before moving out. Act immediately upon getting the notice to advertise the unit so that there will not be a vacancy the next month. Every time that unit sits empty you are losing income from that space.
Follow our blogs for more ideas on how to keep your properties well run and efficient now and going forward.