Austin's rental prices are cooling due to vacancy rates increasing in the city. The vacancy rate has jumped from 5% to 8%. If your rental property is vacant, finding tenants is crucial.
Otherwise, you could lose thousands of dollars a month. Apply these rental leasing strategies to start attracting new renters. With these tips from your local property manager, you can maximize your earning potential in no time!
Enhance the Curb Appeal
Prospective renters won't give the property a second glance if it's falling apart. Make a strong first impression by enhancing the curb appeal. Consider:
- Landscaping
- Exterior lighting
- Paint
Hire a professional staging company to improve the property inside. The property will look cozy and inviting, attracting renters to take a look in person.
Hire a real estate photographer to help the property stand out. Listings with professional photos generate 1,200% more social shares. Add videos to generate 403% more views.
Talk to Your Tenants
Gather feedback from your current Austin renters. They can help you further improve your investment property. They may ask for:
- New kitchen appliances
- Energy efficient windows
- Open floor plans
- Smart home technology
- Security measures
- New parking options
- Outdoor spaces
A few small upgrades can make the property more attractive. You'll improve the property value and make back the costs as your occupancy rate improves.
Talking to your renters can help you discover ways to retain tenants. Determine if they're interested in renewing their lease agreement 90-days before it lapses. Some renters may prefer a monthly or 24-month option.
Remain flexible. Show tenants you're willing to negotiate. They may be willing to stay knowing you're a great landlord.
Offer Competitive Rates
Setting your rental rate too high can scare away new tenants. If it's too low, you won't maximize your profitability. Consult a property management company.
They'll help you complete a rental analysis. Setting a competitive rate can help you attract more renters.
Consider offering incentives to entice new tenants. For example, a free month of rent or discounted security deposit. Find a balance between profitability and affordability.
Start Finding Tenants Online
Develop a digital marketing strategy to begin finding tenants online. Include:
- Content marketing
- Search engine optimization
- Paid advertising
- Email advertising
- Video marketing
- Social media marketing
Use social media marketing to show off the property. Add local hashtags to your captions to reach Austin renters.
Work With a Property Management Company
Partner with a property management company that offers tenant placement services. They'll find qualified tenants for your rental property. Their tenant screening services will ensure you choose reliable tenants who can pay on time.
Simplify Rental Leasing in Austin, TX
Developing a rental leasing strategy can help your investment properties stand out in today's competitive market. Use these tips to begin finding tenants. Otherwise, work with an experienced property management company.
Our team at PMI Austin has 20 years of industry experience. We use award-winning, proven strategies and technology to support our clients.
We can maximize your earning potential. Contact us today to discuss your rental leasing process.
