A study found that most cities in the United States with high vacancy rates are in tourism markets. Florida is one of the country's biggest tourist markets, therefore, it makes sense that Florida has many high-vacancy cities.
High vacancy rates are a nightmare for a landlord. Luckily, there are rental leasing strategies that can help decrease vacancy rates.
Keep reading to learn them.
Keeping Good Tenants
One of the best rental leasing strategies is to keep good tenants. This is easier said than done because first, you have to find good tenants and then keep them.
A good tenant follows your rules and pays rent on time. Long-term rental leases can decrease Boca Raton vacancies, but you have to make the move-in experience worth it.
Offering incentives can keep good tenants on your property as well. Consider parking benefits, application fee reductions, and other advantages.
Stay on top of lease renewals by keeping track of when leases end. If you have multiple rentals, hire a manager who can monitor lease end dates and request fair notice for tenant departures. This way managers can fill a unit before it becomes vacant.
Getting new tenants is easier when you offer incentives like deposit reductions. If a tenant is looking for cheap services, special promotions will attract them.
Tenants looking for affordable spaces aren't always the best tenants, that's why it's important to utilize tenant screening services as well.
Not only can you reduce the security deposit amount owed, but be sure to refund security deposits when a tenant is moving out. You can keep part of the security deposit for damages but must provide a list of damages to the tenant.
To stay compliant, hire a property management company that can keep you updated on Florida security deposit laws.
Market Your Property
Creating awareness of your property is a great way to reduce vacancy rates. Even if tenants don't renew their leases, property marketing will prevent occupancy problems during the transition period from one tenant to another.
To market your property adequately, take professional photos of your space. Avoid blurry and dark images. Most people will judge your property by how it looks in pictures.
If your rental property is not in good condition, consider improving it before taking photos. Perform regular maintenance and always deep clean units before bringing in new tenants.
Make sure that your rental listing is descriptive and provides information that tenants find most interesting. List your properties on social media as well.
It's also important to market your property offline. Place yard signs on heavy-traffic streets near your rental. Newspaper ads could be effective depending on your target audience.
Rental Leasing Strategies That Work
Keeping good tenants, offering deposit reductions, and marketing your property are all rental leasing strategies that can help decrease Boca Raton vacancy rates.
PMI Beach Properties is a full-service property management company that can help decrease rental vacancy rates and aid in all rental leasing methods.
Don't manage your property on your own. Leave the day-to-day operations to the professionals. Fill out our form to get started.