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.
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.
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.
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.
