How to Decrease Vacancy Rates Through Innovative Rental Leasing Techniques

How to Decrease Vacancy Rates Through Innovative Rental Leasing Techniques

Is your empty rental property stealing money from your accounts? More Americans are moving away from rental properties, causing the rental vacancy rate to rise. If your occupancy rate doesn't improve, you'll continue losing money.

Instead, use these creative rental leasing strategies. You can decrease vacancies and generate more lease renewals. Find new renters and improve your occupancy rate today!

Enhance Rental Property Amenities

Research other rentals in Greenville, SC. What do they offer that your property lacks? Consider enhancing your property's amenities to stand out.

You can implement eco-friendly initiatives like:

  • Green spaces
  • Recycling programs
  • Energy-efficient appliances
  • Energy-efficient windows

Improving the property can make it more attractive. As your occupancy rate improves, you'll make back the money spent on these amenities.

Share High-Quality Imagery

You won't attract new renters to your vacant properties without high-quality images. Property listings with quality photos generate 118% more reviews than others.

Show off the property's unique features. Let its personality shine in your photos.

Make your listing more interactive and engaging. Create virtual or video tours to stand out from the competition.

Listings with videos generate 403% more views than those without. You can hire a real estate photographer to showcase your properties online.

Use these images to engage renters on social media. Walk them through the property with a fun tour. At the end of your content, add a compelling call to action.

Encourage renters to reach out to schedule a tour in person. Add a link to the listing to generate applications. Don't forget to use hashtags to appear before Greenville renters.

Offer Flexible Leasing Terms

Accommodate a broader range of tenants by remaining flexible. Some renters may prefer a month-to-month arrangement. Other renters may prefer a two-year lease.

Talk to applicants. Determine what they need. Try to accommodate them.

You can attract more renters by offering move-in incentives. For example:

  • A security deposit discount
  • One month of rent for free
  • Complimentary parking for a limited time
  • A discount on storage space

You can offer similar incentives to existing tenants. Offering a discount could increase lease renewals.

Create Tenant Referral Programs

Your existing tenants can help you find new renters. Leverage word-of-mouth marketing by creating a referral program.

Offer incentives like gift cards to local stores and restaurants. You can also reward renters for each new tenant they bring in.

Hire a Property Management Company

Developing a rental leasing strategy can become time-consuming. Consider outsourcing to a property management company. Leverage their experience and landlord advice to maximize your occupancy rate.

For example, they can develop a digital marketing strategy on your behalf. They can increase lease renewals, allowing you to keep reliable renters you know and trust.

Apply These Rental Leasing Strategies

Use the right mix of rental leasing strategies to fill your vacant properties. In time, your occupancy rate will rise. Remember, you can always ask a property manager for landlord advice.

Trust PMI Southern States to improve your occupancy rates. We use proven strategies and state-of-the-art technology to support clients.

We can maximize your earning potential. Contact us today to optimize your leasing strategy.