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Best 3 Ways to Attract Renters In a Changing Market

Dustin Edwards • August 13, 2024

The rental market is always changing and evolving. Failing to keep up with the changing times can be detrimental to your rental income and result in high turnover rates and frequent vacancies. To avoid this, you need to understand what tenants are looking for in the market.


Today, we’ll discuss three of the best ways to attract renters in this ever-changing market. 


Modernize the Property

Keeping a rental property up to date with the latest in modern amenities and finishes is essential for meeting the expectations of modern tenants. Notable updates include energy-efficient appliances, smart home features, and keyless entry. 


Smart home solutions have become increasingly integrated into our modern lifestyles with smart thermostats, doorbell cameras, outlets, and switches that can be conveniently controlled through phone or tablet apps. These updates not only add convenience to a prospective tenant but can also be seen as a security measure. It's less likely for a would-be thief to break in if they know they're being recorded, and being able to control outdoor lighting can help to dissuade burglars even in an empty home.


Modernizing your rental is most important in the kitchen and bathrooms, as these are rooms that tenants can’t easily change. Modern fixtures in these rooms can significantly enhance the property’s appeal.
Prioritizing these improvements can not only help increase the property's attractiveness but it can also potentially lead to higher rental income. Additionally, it can help to reduce vacancy rates while staying competitive in the ever-changing market.


Improve Curb Appeal

You only get to make first impressions once, and your rental property is no different. By improving curb appeal, you give your rental property the best chance of catching the eyes of a prospective tenant.


Consider landscaping with vibrant or native plants that show the natural beauty of Southern California while providing an easy-to-maintain landscape. A fresh coat of paint can help to accentuate the building. Additionally, consider adding outdoor seating areas to encourage a sense of community. This can give residents outdoor space to relax and socialize while making the rental seem more spacious.


Offer Incentives

You can offer many incentives to help your rental property attract renters. Aside from setting competitive pricing, offering attractive incentives is a great approach for maintaining a successful rental property. You may need to evaluate the market to ensure rent prices align with current conditions. Afterward, offering move-in incentives, such as the first month's rent being free, discounts for the initial months of their lease, or allowing pets, can effectively entice renters to pay attention to your rental property. This strategy can help fill vacancies quickly and enhance your rental property's reputation. This can make it more appealing in a competitive market.


Additional incentives can include flexible leasing options as a strategic approach to accommodating diverse tenant needs. For example, while it's common for leases for a year, if your rental property is near a college or university, consider doing six-month leases instead for students. By providing short-term leases or month-to-month options, your rental property can appeal to a broader range of prospective tenants. Offering furnished units or including utilities as part of the lease can be a bonus incentive, although this may require a higher initial investment. 


Vacancies and high turnover rates can be incredibly detrimental to your bottom line. Not only do you miss out on the monthly income, you’ll have to invest in preparing the rental for the next tenant. If you need help filling a vacancy or need help managing your Beach City rental property, we invite you to call us today at (562) 888-0247 or complete our
Owner Application online.

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By Dustin Edwards December 19, 2024
If you're properties are suffering from lack of heating this winter, these 3 common issues could be the cause.
By Dustin Edwards December 12, 2024
Although Southern California’s winters are typically mild when compared to other parts of the country, tenants still value a warm home during the cooler months. Taking steps to maintain a comfortable living environment shows your tenants that their needs are being prioritized. This is crucial for tenant satisfaction, especially during the holidays. Below are three methods to help keep tenants warm during the winter season. Maintain Heating System It's required for landlords to provide rentals with a working heating system, however, it's not uncommon for these to fall into disrepair either because of lack of maintenance or negligence. Scheduling regular inspections and maintenance before the coldest weather can help to ensure the heating is reliable and efficient. Cleaning air filters, and checking for cold spots, or irregular noises can help prevent small issues from escalating into expensive repairs. Preventative maintenance can help to reduce the chances of inconvenient calls for emergency repairs. Being proactive with your maintenance can also help you protect your investment while earning goodwill from your tenant. Another factor that can affect your heating system is drafts around windows and doors. These drafts can cause your heating system to overwork which makes the system less efficient, and reliable and ultimately reduces the lifespan of your heating system. You can address this by inspecting the seals around doors and windows for gaps or cold spots. Replace worn-out seals and caulking where it's needed. Offer Smart Thermostats Consider providing your tenants with a smart thermostat for energy-efficient heating. This can not only give tenants control over their comfort, but it's also a great tool to reduce energy usage. By providing this upgrade to your tenant, you show a commitment to your tenant’s satisfaction which can in turn result in a long-term tenant. These kinds of devices definitely benefit your tenants, though they can also contribute to the longevity of your rental property as well. Additionally, you can give your tenant a smart thermostat as a holiday gift . This can show your tenant that you’re not simply collecting rent while protecting your investment. Reverse Ceiling Fans The direction in which a ceiling fan rotates is oftentimes overlooked, and it can have a great effect on the temperature of a home. A ceiling fan is typically seen as a way to cool down a home during the hotter seasons without using the air conditioning . Reversing the spin of a ceiling fan can help to circulate warm air more efficiently during the cold season . This is because warm air rises, and a fan rotating clockwise will push the warm air back down helping maintain warm temperatures. Most fans have a switch on the motor and it is easily accessible for most people with a step ladder. This easy adjustment helps reduce the need for your tenant to use the heating system. Tenants will notice a more consistent and comfortable temperature indoors. This should also help reduce costs on their energy bill. Reversing the rotation of the ceiling fans also takes some of the strain off of the heating system. This helps to ensure it operates efficiently for years by reducing the wear and tear on it. Taking proactive steps this winter season to ensure your tenant’s comfort demonstrates a landlord’s commitment to their tenant’s comfort. A comfortable tenant is a satisfied tenant , which can lead to a long-term tenant and steady rental income. Consider it a small investment for long-term success. If you need help keeping your rental warm or managing Beach City rental property, we invite you to call us today at (562) 888-0247 or complete our Owner Application online .
By Dustin Edwards December 5, 2024
Discover 3 Gift Ideas for your tenants this holiday season.
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