Let’s say you own a rental home in a not-so-great neighborhood. Maybe it’s an area with high crime rates, or perhaps it’s just not a very desirable place to live. Whatever the reason, you’re having trouble keeping your home rented out because tenants don’t want to live there. Here are a few tips to help you minimize vacancies in less-than-desirable locations.
1. Invest in some security features.
If your rental home is located in an area with high crime rates, one of the best things you can do to minimize vacancies is to invest in some security features. Consider installing a security system, gates, or cameras. These things will help potential tenants feel safer and more comfortable renting from you. Tenants will also appreciate knowing that an extra layer of security is in place.
Depending on your budget, you can also hire a property management company or security guard to help keep your home safer. You might even consider installing smart locks with keyless entry so tenants can access your rental home without worrying about keys getting lost or stolen. These investments may seem costly, but they can help you keep your rental home occupied and reduce vacancies.
2. Market your rental as being close to desirable amenities.
Even if your rental home isn’t located in the most desirable area, there are probably some good things about its location that you can market to potential tenants. For example, if your rental is close to public transportation, shopping, or schools, mention that in your marketing materials. This will help potential tenants see that your rental is still a good option, even if it’s in an area that isn’t typically considered desirable.
It would be best if you also considered hiring a professional rental property marketing service to help market your home. They can create professional-looking flyers and other materials to make your rental stand out from the competition. They can also see the more positive aspects of your rental home’s location that you may have overlooked. Ask around to find a good service with great reviews.
3. Offer an incentive to tenants.
If you’re having trouble keeping your rental home occupied, you may want to consider offering a financial incentive to potential tenants. You could offer a discounted rental rate or even waive the deposit in exchange for signing a longer lease. This could be a great way to entice tenants and minimize vacancies in your rental.
It may also be worth it to offer other incentives to potential tenants. You could offer to cover the cost of moving or provide access to amenities that make living in your rental home more enjoyable. This could be anything from gym memberships to cable packages. Anything that helps make your rental a more desirable place to live is worth considering. Make sure any incentives you offer are legal and comply with local housing laws.
4. Screen your tenants thoroughly
When minimizing vacancies in your rental home, one of the most important things you can do is thoroughly screen each potential tenant. The last thing you want to do is rent to someone likely to skip out on their rent or cause damage to your property. Make sure you know everything you need about your potential tenant and verify all the information they give you.
Thoroughly screening tenants will help ensure that your rental home is occupied by responsible and reliable tenants who will take care of your property. You should also have a written lease that sets expectations for you and the tenant. If the tenant violates the lease terms, you can take action to remove them from your rental. This will help minimize unwanted vacancies and ensure that your rental is occupied by a tenant who will take care of it.
5. Offer lower rent prices.
If your rental home is located in an area that’s just not very desirable, chances are you won’t be able to charge as much rent as you would in a more desirable location. It’s essential to be realistic about this and price your rental accordingly. Otherwise, you’ll just end up with a vacancy on your hands.
Do your research and determine the fair market value of your rental home. That way, you’ll know exactly how much rent to charge to attract tenants without leaving money on the table. Some landlords may be hesitant to lower their rent prices, but it’s often necessary to keep your rental occupied.
Minimizing vacancies in less-than-desirable locations can be tricky, but it’s definitely possible. By taking the steps outlined above, you can ensure that your rental home is occupied and generating consistent income. With some effort and creative marketing strategies, you can find the perfect tenant for your rental and keep it occupied for years to come.