How To Attract Tenants In a Tough Rental Market
You’ve read the headlines – we are amid a mass tenant exodus. The Covid-19 pandemic and its economic consequences have forced people all across the country to pack up and vacate in the hopes of securing a more affordable housing solution. The rental market is tough, and those left with empty properties are undoubtedly feeling anxious.
If you own a property, you might be wondering what you can do to ensure you still get to enjoy the benefits of your passive income. Keep reading to find out our tips on how to attract tenants in this ever-challenging market.
- If It Isn’t Too Late, Encourage Existing Tenants To Stay.
If your tenants haven’t moved out yet, but have made their difficult financial situation known, your best bet is to encourage them to stay – especially if they are reasonable, long-term tenants with an excellent track record. Negotiate with your tenants. Aim to find a solution that benefits both of you, whether that be a rent reduction or temporary payment deferral.
- Set The Correct Rental Price
Many landlords are offering up significant rental discounts in a bid to attract tenants to their properties. While this may not be necessary for your area or for your property type, it is essential to set an asking price that matches current market conditions.
Some experts predict rental prices to drop ten percent, and it’s worth spending some time researching other available rentals.
- Make Adjustments to The Terms of The Lease
Attracting quality tenants in a tough rental market might mean adjusting the terms of your lease. For example, you might offer a longer lease term, accept pets, cover services like garden care, or be more flexible with other options.
- Pay Attention To Presentation
Your online property ad is your opportunity to make a first impression. The photos and words you use can be the difference between securing excellent tenants right away and grappling with a vacant property long-term. Invest in high-quality images that showcase the best your property has to offer and take the time to learn how to write an effective rental property ad.
- Work With a Property Manager
The market is a tough place to be in right now; having an extra hand can always lighten the workload. A property manager can be the solution if you’ve been struggling to attract tenants to your property lately. A property management company will have extensive knowledge, expertise, and resources to help secure long-term, good-quality tenants. They also take care of marketing your home, so you don’t have to.
Get South Bay Property Management Services
At Harbor Property Management, our South Bay property management team knows the local market inside out. We have an extensive network of contacts and advertising resources available to us at discounted rates. This allows us to market your vacant home to prospective residents and get it filled quickly.
We understand your real estate investment is crucial to you. If you’ve been searching for rental home management companies in South Bay, look no further than the experts at Harbor Property Management.