If it feels like Michigan has a lot of new people hanging around, you're not wrong. The Sunshine and Golden states saw a combined 31,496 people make Michigan their home in 2022. If there's one thing that's for sure, it's that new residents need new homes.
Savvy landlords know that influxes of new residents mean more potential tenants for their properties. How do you convert a rental leasing inquiry into a filled apartment? Read on for some of the best ways to decrease your vacancy rates!
Modernize Your Marketing
Relying on a simple marketing plan for your investment property might save you time, but it won't do much for your vacancy rates. Your marketing plan should evolve with current statewide vacancy rates and housing trends. Take some time to understand your target market and the amenities they want in their rental homes.
You also want to make sure that you're utilizing the most relevant platforms for advertising. Craigslist may have been the hot spot in 2005, but far more landlords are utilizing social media sites these days to get the attention of tenants.
Give Them a Deal
If you're struggling to find tenants for your rental properties, and your marketing is in good shape, then it's time to step up your game. When there's a lot of competition for tenants, then you may need to offer specials to draw them in.
There are a lot of ways to do this. For example, you can offer a reduced rental rate for the first year. You can also offer a specific dollar amount off of a prospective tenant's first or second month's rent.
A lot of new construction complexes effectively offer deep discounts to get renters in their property.
Allow Different Lease Terms
Keeping your vacancy rates low is more than learning how to get tenants moved into your property. You also want to make sure that you're keeping the existing tenants. That means having creative strategies to meet their needs, including being flexible about rent increases and being open to different lease terms.
Many landlords offer reduced rental rates for longer lease terms and more expensive rates for shorter terms (generally between 6 and 12 months). This is also a great strategy for getting new tenants, especially ones who are looking for a rental for a shorter time.
Hire an Expert in Rental Leasing
If managing tenant relations and new tenant screening on top of marketing sounds like a lot of work, that's because...it is. You don't have to do it on your own, though. Whether you're a first-time landlord or a veteran, a property management company can take the stress of vacancies out of your hands so you have more time to enjoy your life.
Do You Want to Crush Your Vacancy Rates?
Apartment rental leasing is nothing short of an art, particularly when competition continues to spring up around you. If you don't want to suffer from low occupancy rates, then you need to do everything you can to draw in quality residents and keep your best tenants in place. Hiring a property management company to manage tenant relations is, undoubtedly, a superior business move.
Property management companies do much more than keep vacancy rates low. They help with every aspect of the landlord-tenant relationship, from rent collection to maintenance emergencies. Contact PMI West Michigan today to learn how we can transform your investment properties!
