How to Decrease Vacancy Rate With Creative Rental Leasing Strategies

How to Decrease Vacancy Rate With Creative Rental Leasing Strategies

Even though New York City has one of the lowest vacancy rates of 3.1%, it is still something that most landlords want to avoid.

If you are having trouble keeping your tenants or filling your rental units fast enough, it can cost you money in expenses and a loss of profit.

Ensure your rental leasing has no gaps with these strategies.

Keep Marketing On-Going

There were over 2 million NYC rental units in 2017, which means residents have many options when looking for their next apartment or house to rent.

To keep up with tenant turnover and attract new renters, keep your properties on the market even when they are occupied. You can have a calendar of availability for when leases and stays end so that people will be aware of your rental for future booking.

Allow Flexible Leasing Options

Some of the best landlord advice is to stay flexible. This includes your leasing options like how long people can rent your units. Some people prefer short lease agreements because they are traveling for business, so keep these options available to have the largest pool of potential tenants.

Also, be open to long-term stays that help you retain loyal tenants and a continuous flow of rental income.

Use Special Discounts and Incentives

Vacant units will not only leave you with no income, but they can also be a major expense if you need to pay HOA fees, rent, and taxes on them. Sometimes it is better to offer a discount or incentive to get your unit occupied than it is to charge full price if no one is willing to pay.

Offering lower deposit rates, a complimentary first-month rent, or lottery drawings for $100 off rent for a month will entice new tenants to sign your lease.

Stay on Top of Lease Renewals

One of the best reasons to use a property management service is to keep track of lease end dates. If you have multiple rentals, you might not be able to manage them all yourself.

A manager will help monitor lease end dates so that tenants give a fair notice for their departure. This allows the manager to start filling the unit before it becomes vacant.

Improve Your Rental Property Value

Keeping your rental in good condition helps not only with keeping tenants but also with attracting new ones. Be sure to perform regular maintenance, use deep cleaning services in between tenants, and add new amenities and upgrades to your units. This includes new appliances, carpeting or flooring, as well as a fresh coat of paint.

Rental Leasing Made Easy With Property Management

When it comes to rental leasing, you don't have to tackle this large responsibility alone. Having a property manager assist with the logistics of your rental improves your ROI and makes tenant transitions seamless.

At PMI Properties, we market your property, screen tenants, and automate rent collection and maintenance requests.

Ease the burden of being a landlord while becoming more efficient by contacting us today to speak with a real estate rental expert in New York City.