Kansas City has one of the highest rental vacancy rates in the US, now at 8.9%. That's higher than the national average of 6.4%. If your investment properties are sitting vacant, it's time to reevaluate.
Here are a few effective rental leasing strategies you can use to maximize your occupancy rate. With these tips, you can find and retain renters. Generate more rental income with these proven strategies.
Enhance the Curb Appeal
Future renters won't give your rental property a glance if there's no curb appeal. It takes only one-tenth of a second to develop a first impression. In that time, renters will determine whether to view the property.
Enhance the curb appeal to invite potential renters to look further. You can:
- Add exterior lighting
- Paint the property's exterior
- Install new siding
- Invest in landscaping
- Plant new flowers
- Paint the front door a bright color
Consider adding exterior seating to the deck. Make the property look welcoming.
Once you make these upgrades, higher a professional photographer. Use high-quality images to help the property stand out online. Keep your online listing up-to-date to keep generating applications.
Offer Competitive Rates
Complete a rental analysis to offer renters competitive rates. Explore properties in Kansas City that are similar to yours. Consider the amenities, square footage, and other factors.
Offering competitive rates will help you generate more applications. When it's time for tenants to renew leases, don't rush to boost the rent. Instead, use strategic pricing to encourage more renewals.
Implement Thorough Tenant Screening
You won't want existing renters to renew their leases if they've caused problems. Before selecting renters, establish a tenant screening process. You can outsource this task to save time and money.
Choose renters who don't have a history of evictions. Confirm that they're employed to avoid delinquent rent payments.
Consider Incentives
Offer incentives to attract and retain tenants. For example, you can offer new tenants a month of free rent. You can also offer discounted deposits or gift cards to local stores.
Talk to your current tenants. They may request services like carpet cleaning.
Choose Upgrades Wisely
Upgrade your rental property to make it a more desirable place to live. The right upgrades can enhance the property's value. You'll have an easier time standing out from other local rentals.
These upgrades include energy-efficient windows, smart home technology, and new floors.
Invest in Digital Marketing
Use digital marketing to attract more renters to your online listing. Leverage social media marketing, paid advertising, and content marketing.
Engage with potential renters on social media. Share stunning images and walkthrough tours of the property to spark interest.
Hire a Property Management Company
Work with a property management company to improve your occupancy rate. Their landlord advice can help you operate more efficiently.
Use their state-of-the-art technology to save time and money.
Optimize Your Rental Leasing Strategy
An effective rental leasing strategy can boost your occupancy rate. Use these effective tips to attract and retain renters. Otherwise, outsource.
Our team at PMI Fountain City is part of a fast-growing, dynamic franchise. We've been changing the property management industry for 20 years.
Trust our quality services, experts, and state-of-the-art technology. Contact us today to generate more rental income.
