The average vacancy rate in the United States is approximately 5.6% as of 2022. In general, rental properties with higher rent prices tend to have higher vacancy rates.
As a landlord, dealing with an empty property can be an expensive and frustrating process. The good news is that you can use creative rental leasing strategies to attract new tenants and make existing ones more likely to renew. Let's explore some of the most notable methods you can use in Cleveland, Ohio.
One of the most efficient ways to minimize vacancies is by helping tenants save money. Deposit reductions often involve deducting at least 50% of the deposit requirement.
In some cases, landlords choose to waive the deposit fee entirely. Promotions come with plenty of flexibility. You could waive the first month's rental payment, offer a discounted monthly rate if people sign before a certain date, etc.
Emphasize Local Attractions
There's a chance your property might not be spectacular compared to others in the area. However, it could be situated in a prime location. This is a great method for attracting tenants.
Emphasize the most popular local attractions. These will vary depending on where your property is, but they generally include downtown areas, recreational spaces, and national parks.
Don't assume that tenants know the area, as they could be relocating from another city or state. It's best to provide as much information as you can.
Make Renewals Enticing
People often avoid lease renewal in favor of more attractive options. After all, why would someone renew an agreement when they could move to a similar property with a much lower rate?
While it's not practical to lower your rent from year to year, you could lock in a certain rate or increase it only slightly. You could also pledge to resolve all outstanding maintenance issues before the lease renews.
Keep Your Lease Flexible
Flexibility is a key factor for maximizing renewals. For instance, a tenant may have just finished a two-year lease at one of your properties.
Although you'd like them to sign a lease for at least 12 months, they plan to move out of state in six months. In a case like this, it's best to stay flexible and let them sign a shorter lease as opposed to dealing with a vacancy.
Work With a Professional
It can often be difficult to maximize your lease renewals on your own. A professional property management company can come up with the best solution for each situation. They'll also market your property in case your tenants still decide to relocate.
So, you can rest assured that your vacancies will be minimal. By working with the right company, you might not experience a single vacancy for years.
Prioritize Creative Rental Leasing Strategies
Using the right rental leasing strategies will go a long way toward minimizing vacancies at your Cleveland property. From here, you can maximize your rental income potential. The above information has everything you need to get started.
Get in touch with a representative from PMI CLE today. We have the tools and resources to ensure your properties are always occupied.