Are you a landlord in Phoenix? It's clearly one of the country's most popular cities, as it has had a growth rate of almost 4% since the start of the decade.
But if you're reading this, it's because you haven't benefitted as much as you'd like from this growth. Tenants are there, but you still have high vacancy rates.
This guide has the solutions for you. We'll show you the best rental leasing strategies that will decrease vacancy rates. This will help you find and keep the best tenants.
Here's what you have to do:
Upgrade Your Rental Property
Remember that your rental property might be an investment for you. But for your tenants, it's their home - at least, that's what they're hoping it'll be!
Don't just include generic furniture and artwork on your property. Take your time to create a welcoming feel for your tenants. Your rental property must feel comfortable, but not with the over-the-top feeling you might get with a hotel.
Consider the amenities you'd like to offer your tenants. Modern appliances, gadgets, and SMART technology will make your tenants feel relaxed in the property.
Offer Competitive Pricing
This is always a challenging task. How much do you charge for monthly rent to build a decent rental income?
Your main goal should be to have tenants stay for the long-term. You can offer them a discount for signing a longer lease. For example, you may charge $1,000 per month for a six-month contract. For a year-long contract, you can charge $850 per month.
Another option is to set the security deposit at a discounted rate. As tenants often have to pay a deposit and first month's rent in advance, this will remove a huge burden off their shoulders.
Hire a Property Manager
The missing link in your landlord strategy might be a property manager. If you're doing all the work yourself, then you're doing it wrong!
A property manager can look after most of your duties. They can find your tenant, collect rent, resolve disputes, hire contractors, and much more. Just as you would like to stay in a hotel with great service, the tenant wants to stay in a rental property with the same.
Property managers offer both you and your tenants a helping hand. Even if you're a professional landlord, you might not be able to tend to your tenants at all times.
If you neglect your landlord obligations, you'll be violating certain laws plus you'll lose a valuable tenant. Hiring a property manager is a win-win situation for everyone.
Succeed With These Rental Leasing Strategies
Now you know the rental leasing strategies that can reduce your vacancy rates.
Your first step should be to upgrade your rental property. It should feel like a home rather than a hotel! Offer competitive pricing to attract more tenants. Don't forget to hire a property manager to help you.
LHM Realty is a leading property management company for Phoenix landlords like you. We are a family-owned operation that has received consistent positive testimonials from our clients.
