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Hoping to get the best return on your property investment? Then you'll need to keep your property occupied consistently. But finding reliable tenants in Richmond's competitive market means you'll need to be creative.
Read on to discover the best rental leasing strategies to help decrease vacancies!
Provide Customizable Spaces
You can boost rental occupancy in Richmond when you give tenants more control over their future homes. In other words, give a tenant the option to customize their space.
Let them paint walls or introduce new fixtures, for instance. They'll appreciate the ability to tailor their new living space to their aesthetic preferences.
Adding a splash of color to the walls or cabinets for tenants is a relatively low-cost offering. Likewise, repainting after someone moves out isn't a significant time investment. And these steps can be worthwhile if they earn you a long-term lease.
Focus on Amenities
One of the best Richmond leasing solutions is to appeal to tenants with strong amenities. Offering a gym or community garden, for example, can work well. Other options include a clubhouse or rooftop deck.
Be sure to advertise these amenities to prospective tenants in online listings. Tenants who know they'll have access to a workout space or attractive outdoor patio might just be more likely to renew their leases, too.
Bundle Services
Other helpful vacancy reduction tips include bundling costs like utilities or trash services. Pulling all of these services into one package with rent payments simplifies things. For tenants eager to maintain a budget, you'll be providing a helpful step.
You also could consider bundling costs for internet access. Or perhaps you could include a covered parking space.
Be Flexible
You might want tenants to sign a lease agreement that spans at least a year. However, being willing to be flexible can help your occupancy rate. If a tenant wants a six-month lease because they'll be moving for a new job, it can be worth it to agree.
Yes, a shorter lease timeframe means you'll need to find a replacement tenant sooner than you'd like. But you'll be guaranteed occupancy for six months. Ultimately, you'll build a positive reputation for professional rental property management that can help you score other good tenants.
Offer Incentives
When it comes to effective leasing methods in Richmond, discounts and incentives are always a good bet. For example, incentives could include upgrading a tenant to a better unit. Another good option is to offer a free month of rent to a long-term tenant.
When tenant retention is your goal, it pays to make some concessions. Plus, you'll save yourself the trouble of trying to track down a new tenant.
Pursue Renal Leasing Strategies
The best rental leasing strategies use incentives and great amenities to attract tenants. Consider letting tenants customize their spaces. And look into bundling services to simplify their budgetary bottom line.
At Renters Warehouse, we bring nearly a decade of experience to Richmond's real estate landscape. Our skilled property management team can help with anything from tenant screening to accounting. Contact us today to learn more!
