The rental vacancy rate in Phoenix, AZ is almost 10%. The higher your vacancy rates rise, the less money you'll generate. Instead, you lose money on your investment properties.
Before that happens, use these tips to develop a rental leasing strategy. These tactics will help you reach, attract, and retain renters. Generate more revenue with these effective leasing strategies!
Enhance Your Rental Properties
Are your investment properties falling apart? Instead of a full renovation, consider smaller upgrades. These upgrades can improve the property's value and make it more attractive to renters.
To draw high-quality tenants and improve your rental rates, consider:
- Hardwood floors
- Fresh paint
- Landscaping services
- New kitchen cabinets
- Backsplash
- New kitchen appliances
- Smart home technology
- New light fixtures
If you have current renters, talk to them. Ask what improvements they'd like to see. Responding to their needs could lead to more lease renewals.
Improve Tenant Relations
Your tenants should feel cared for, not neglected. Prioritize building strong tenant-landlord relationships while attracting tenants. They should know they can turn to you for help at every stage of the process.
Improve tenant relations by providing renters with access to an online portal. Allow them to automate rent payments, submit inquiries, and schedule maintenance.
A property manager can keep up with these requests on your behalf. They'll meet every tenant's needs.
Attract Tenants Online
Reduce vacancy rates using digital property marketing. Direct more people to your online listing using:
- Influencer marketing
- Social media marketing
- Paid advertising
- Email marketing
- Content and video marketing
Optimize your online listings to appear as Phoenix renters search for properties. These strategies can open your tenant pool.
Renewing a Lease
Send your existing renters a 90-day notice before their lease ends. Ask if they're willing to renew.
Consider using upgrades and incentives to generate renewals. This includes gift cards or one-time rent discounts.
Offer Flexible Leasing Terms
Instead of only offering a one-year lease term, remain flexible. Offer a monthly option or 24-month year lease. This will help you meet the needs of more renters.
Remember to talk to your renters. Negotiate to meet their needs.
Hire a Property Manager
Instead of applying these leasing strategies alone, partner with a property management company. Working with a property manager will save you time and money.
Leverage their expertise to make more informed choices. They can attract tenants, screen applicants, and improve tenant relations.
Their services can encourage more renters to consider renewing a lease. Generating renewals will boost your occupancy rate. Your ROI will improve as you spend less money on marketing and screening services.
Maximize Profitability With Rental Leasing Tips
Without an effective rental leasing strategy, you'll never reach your full potential. Use these tips to start attracting and retaining tenants. In time, you'll see your ROI rise as vacancy rates fall.
Remember, you don't have to use these leasing strategies alone. Instead, partner with PMI Phoenix Golden West. We've supported owners like you for over 20 years.
Trust our expertise, effective strategies, and state-of-the-art technology. Contact us today to develop your leasing strategy.
