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Over 10% of rental homes in Texas are unoccupied, compared to 6.4% of rental homes nationally. In the US, Texas has the fourth-highest rental vacancy rate. If your properties are vacant, you could lose money fast.
Use these rental leasing strategies to learn how to encourage a lease renewal. With these tips, you can retain valuable tenants to keep generating revenue.
Start strategizing today!
Know What Tenants Want
Your most valuable tenants are more likely to consider a lease renewal if you offer them something they want. Knowing what tenants want from local rental properties can also help you attract new tenants.
Talk to your current tenants and ask what's missing from your rental property. Consider their top priorities, such as:
- Outdoor spaces
- Parking
- Safety/security measures
- Move-in-ready conditions
- Upgrades
- Energy-saving appliances
- Open floor plans
Determine which items on the list you can do as soon as possible. Applying these changes to your investment property will boost the property's value. Your tenants will recognize that you care about their needs and concerns.
Consider offering different rental leasing options. Instead of a one-year leasing option, some renters might prefer six-month or month-to-month terms. Being flexible can help you and your tenants reach an agreement.
Before renewing their lease, apply these rental increase tips.
Let your tenants know you're available and eager to help. Fostering open communication will encourage your tenants to trust you. If they appreciate your efforts as their landlord, they'll feel more inclined to stay.
Use Online Marketing Strategies
Digital marketing can help you discover how to attract tenants who want to rent long-term.
Clean and stage the property. Hire a professional photographer. Consider investing in virtual or video tours to stand out online.
Search is the number one traffic source for blogs across all industries. With search engine optimization (SEO), your property listings will rank higher on search pages.
Make sure relevant keywords appear on your website or listing pages.
You can use paid advertising to appear as locals search for rental properties in the Dallas/Fort Worth area. Use high-quality images of the property to create social media or display ads.
Incentivize Lease Renewal
Find ways to incentivize your valuable tenants to stay.
For example, you can offer vouchers for local restaurants or stores in Dallas. You can make paying rent easier by using a tenant portal. Consider offering free internet to boost tenant satisfaction.
As you attract new renters, consider offering a discount on security deposits or a month off their rent. These strategies could help you attract tenants who are comparing your listing to others.
Apply These Rental Leasing Strategies
These simple rental leasing strategies can have a major impact! As you retain tenants, you can continue generating income without the stress of vacancies looming overhead.
Remember, you don't have to apply these strategies alone. Teaming up with a property management company can ensure ongoing income and satisfied tenants.
PMI Premier uses state-of-the-art technology to maximize owner profitability. We have over 20 years of experience in the industry. We can increase the value of your asset.
Contact us today to learn how to attract and retain tenants with proven strategies!
