- 36% of U.S. households are renters, generating 44 million renter households.
- Overpriced rent and poor marketing can lead to low tenant interest in rental properties.
- Properties should be up-to-date, clean, and presentable to attract tenants.
- Flexibility and incentives such as free amenities or Wi-Fi access can help draw in more tenants.
- Thorough screening of potential tenants via credit history, employment status, and background checks is necessary for protection.
Being a landlord is not an easy job, and attracting tenants is a crucial part of it. Having unoccupied rental properties for a long time can be stressful and lead to financial difficulties. However, getting tenants to rent your property is not always easy. Here’s a look into the market today, why you’re not getting enough tenants for your properties, and how to attract more.
Renters in The U.S.
It’s estimated that 36% of the nation’s households are now renters, and there are currently more than 44 million renter households in the country. So why aren’t your properties getting enough attention?
Reasons For Low Renter Interest
There could be several reasons you’re not attracting enough tenants to rent your property. Some potential causes include:
One of the most common reasons your rental property might not attract tenants is that you’re asking for too much rent. If the price is too high compared to other properties in the area, people will not be interested. Do some market research and compare rental prices before setting yours. The average rent is now around $1,702, so do not exceed that. Additionally, you need to price your property competitively, aligning with the prices of similar properties in the area. You can also offer incentives such as free Wi-Fi or parking to lure in tenants.
Another reason why your property may not be getting enough tenants is due to bad marketing. If you rely on just one advertising platform, you limit your reach. Most people search for properties online today, so you must ensure they can find your property. Utilize free or paid online platforms such as Craigslist and Zillow. You can also place ads in the local newspaper or hang posters publicly. Do not forget to use clear and high-quality photos of your property to make it more appealing.
Poor Property Condition
The condition of your property is essential to attract tenants. If your property looks outdated, unappealing, unclean, or poorly maintained, it will discourage potential tenants. Make sure to fix any damages, remove any clutter, and perform any necessary repairs before showing the property. Invest in a good cleaning service before showing your property to potential tenants. A well-presented property will attract more tenants, and they will perceive you as a responsible landlord.
Unwilling to Adjust to Tenant Preferences
Some landlords have a rigid mindset and are unwilling to accommodate tenant preferences. Flexibility is essential when attracting tenants. You should be willing to compromise on the rental terms, such as the lease duration, pets, and smoking. You can also offer amenities tenants might want, such as a washer and dryer, dishwasher, or an on-site gym. The more features your property offers; the more likely tenants will be interested in renting it.
Insufficient Tenant Screening
The final reason why you may not be getting enough tenants is due to inadequate tenant screening. Proper screening is essential for protecting your investment and ensuring long-term tenancy. Poor screening can lead to tenants who frequently have late rent payments, damage the property, or create a nuisance. Screen potential tenants thoroughly by checking their credit history, employment status, and criminal background. You can use professional screening services to help with this process.
Ways to Attract More Tenants
Thankfully, you can attract more tenants to your properties in some ways. Here are four ways to do that:
Improve Your Interior Design
How your properties look can make a huge difference when a tenant is about to sign an agreement. To improve your property, start with the basics. Consider installing quarter-round moldings on your property. These moldings are great for covering the gap between baseboards and floors. Also, consider updating the fixtures in your property with something more modern. Lastly, adding a fresh coat of paint can make any room look brand new.
Offering incentives can be an effective way to attract more tenants. Some possible incentives you could offer include discounted rent for long-term leases, free Wi-Fi or parking spots, and access to amenities like an on-site gym or swimming pool. Offering these incentives can make your property stand out from other rental properties.
List Your Property Online
Your rental property must be listed online so potential tenants can find it easily. Make sure you list it on popular websites like Craigslist and Zillow. You can also create a website specifically for your rental property, complete with photos and descriptions of the features it offers.
Engage With The Community
Engaging with the local community is an excellent way to attract more tenants to your properties. Partnering with local businesses and organizations in the area can make your rental property stand out from its competitors. You could offer special discounts or promotions to people living in the neighborhood, which will draw attention to your property.
Being a landlord is hard work, but you don’t have to struggle alone. By following these tips, you can ensure that you get the tenants you need for your rental properties. With proper marketing techniques and competitive pricing strategies, you can attract the tenants you need and be a successful landlord.