A study revealed 69% of millennials said they'll always rent a home as opposed to buying one.
There are many young people on the hunt for a wonderful rental property, so take advantage of the situation! It just might take a little bit of creative marketing and leasing strategies to get their attention.
Are you unsure how to develop a creative rental leasing strategy? Luckily for you, we're here to help.
Below is a guide on how to decrease vacancies and increase your passive income. All you need is a dash of creativity and quick thinking.
Offer Promotions and/or Deposit Reductions
An instant way to decrease vacancy in your property rental is by offering a special promotion or a deduction in the security deposit.
Promotions, even if they aren't major, are attractive to the eye. A promotion can be as simple as allowing an early move-in or offering discounted rent for the 9th month.
Do you have a unit that's recently undergone home renovations? Offer a limited-time move-in promotion for your renovated properties. Who doesn't love new appliances?
Millennials also go crazy for deducted security deposits. Having to provide 2 months' worth of rent, a security deposit, and an application fee can easily push away young renters.
Highlight Local Treasures
New York isn't just New York City. The state has plenty of other marvelous cities, such as Albany and Saratoga Springs. Highlight these amazing places when advertising your rental property.
Appeal to young families by showcasing local shopping centers and delicious restaurants. Pull in young people by promoting the new bars, cycling gyms, and recent developments.
Provide a local guide on your website or social media for potential residents to check out. You might even be able to work out a few fun local coupons to gift new residents!
Provide Options
Property managers often find luck in filling vacancies when providing options to their tenants.
Instead of only allowing people to rent for a year, why not let them rent for 6 months? Or how about offering a special discount in rent if they agree to sign for 2 years?
Providing options for a variety of lifestyles will make your rental property more attractive! Plus, not many property owners offer several options so this is a great way to get a leg up on the local competition.
Make Your Rental Leasing Strategy More Attractive
One of the best ways to decrease vacancies in your rental properties is by improving your rental leasing strategy. Improvements will naturally come through brainstorming and creative planning.
Brainstorm a variety of leasing options to offer tenants, and don't forget to offer a flashy promotion to draw in applications. Seal the deal by showing your potential tenants just how great the local area is!
Are you on the hunt for a new property manager? Veno Properties is the answer you've been looking for. Whether you're looking for a property or wanting to put yours on the market, contact us today!
