Residential rental properties are being sought out by many Americans right now. About 36% of the overall population has been renting since 2019, which is expected to increase in the coming years. However, that doesn’t mean competition isn’t fierce.
The rental market is competitive due to three reasons:
- There is a shift in the housing market towards renting instead of buying.
- The demand for rental properties near urban areas is high, leading to limited availability and increased competition.
- Due to the current economic climate, more renters are looking for affordable housing options.
As a landlord, it’s essential to keep your properties rented out. Not only does this provide a consistent income stream, but it also helps to keep up the value of your investment. However, if you’re having trouble attracting tenants, there are a few things you can do to change that. Here are some tips you can follow to attract more potential renters.
Offer Competitive Prices
One of the most critical factors tenants consider when choosing a rental property is the price. Ensure you stay in line with other landlords by regularly checking rental listings and websites like Zillow and Rentometer. Currently, the average rent price is nearly $2,500. But some states have cheaper rates, like Nebraska, with an average rent of $1,150.
People are likely to rent cheaper homes, and one way to have more affordable rent is by including utilities in the price. This can also save tenants the hassle of setting up their accounts and dealing with multiple monthly bills.
Improve Your Property’s Curb Appeal
First impressions are everything in the rental market. This is extremely true for first-time renters. That’s why you need to make your rental property look attractive. Here are three tips for doing that.
Landscaping
If you have a huge space upfront, you should take advantage of that. You can add some greenery and arrange them nicely, maybe adding a small water fountain or statue. It will make the property more inviting for potential renters.
Painting
A fresh coat of paint can significantly improve the appearance of your rental property. For example, consider painting the exterior if it’s looking old and worn out or the interior to give it a brighter and more updated look.
Upgrades
Adding minor upgrades, like new hardware for cabinets and drawers, can make the property more appealing to renters. These upgrades don’t have to be expensive or time-consuming, but they can go a long way in catching the attention of potential renters.
Include Amenities and Perks
Including amenities and perks in your rental property can attract more potential renters. This can range from having a gym or pool on the premises to offering weekly cleaning services. These amenities and perks will make your property stand out and entice tenants to choose your rental over others.
Maintain Your Property
No one wants to live in a run-down property. So be sure to fix any damage and regularly make any necessary updates or renovations. It will not only help attract tenants but also help you retain them once they move in.
Advertise
Make sure potential tenants know about your properties by advertising on online listing platforms like Zumper and Craigslist, as well as on social media sites like Facebook and Instagram. You can also post flyers or signs in local businesses and community centers.
Get Certifications
Lastly, you’re going to need certifications for your rental properties. Here are the necessary certifications you’ll need.
Rental License
Every landlord has to obtain a rental license for each property they own. It varies by state, so check with your local government on the requirements and process for getting one.
EPCS
Certain countries might require you to have electric performance certificates. Property certifications similar to EPCS and EICRs are both essential for rental properties, as they ensure the safety of your tenants and can also attract new tenants. When they know that you have taken the necessary steps to function safely and correctly, they’re more likely to choose your rental over others.
Lead-Based Paint Disclosure
If your rental property was built before 1978, you are required by law to disclose any knowledge of lead-based paint on the premises and provide educational material on the risks to tenants. Failure to do so can result in hefty fines and penalties.
If you’re having trouble attracting tenants to your rental properties, there are a few things you can do to change that. Following the tips above, you can make your properties more attractive to potential renters and avoid vacancy issues.
