Tennessee has a 6.7% rental vacancy rate (above the US average). If your Nashville, TN rentals are currently vacant, you'll lose thousands in revenue each month. Before that happens, apply these creative rental leasing strategies.
With these tips, you can simplify finding tenants and increasing your occupancy rate. As you fill more units, your revenue will rise. Improve your ROI using these strategies today!
Improve the Property
Make your investment property as attractive to Nashville renters as possible. They'll make their assessment of the property after a glance. In fact, people develop first impressions within one-tenth of a second.
Start by improving the property's curb appeal. Invest in landscaping services, paint the front door, and update the siding. Remove clutter and make sure the property looks well-maintained.
Use property staging services to improve the property inside. Potential renters will have an easier time imagining their lives in that space.
Update the Rental
Make sure there are no visible signs of wear and tear. Instead, make improvements to the property.
Upgrades that can enhance the property value include energy-efficient windows and new flooring. Market these upgrades to attract tenants to the property. Making regular updates will allow you to justify higher rental rates.
Schedule routine property inspections. Spot signs of small issues before they become bigger problems. This will allow you to avoid bigger renovation projects.
Start Finding Tenants Online
Use digital marketing strategies to direct Nashville renters to your rental listing. Use multiple property listing platforms to increase online visibility.
Effective real estate marketing strategies include:
- Paid advertising
- Search engine optimization
- Email marketing
- Social media marketing
Engage with people who comment on your social media posts. Let them know the property is available and encourage them to schedule a tour.
Offer Incentives
Offer incentives to attract new renters and retain your existing tenants. These include:
- Discounts for the first month of rent
- Add-on utilities
- Gift cards to local restaurants
- Flexible leasing options
Talk to your current tenants. Ask what you can offer to generate a renewal.
Some renters may ask for flexible leasing terms. You can offer a monthly, 12-month, or 24-month option. Remain willing to negotiate to retain renters and improve vacancy rates.
Improve Tenant Satisfaction Rates
Keeping your tenants happy could encourage them to stay for another lease term. As your renewal rate increases, so will your ROI.
Start by leveraging technology. Use a tenant portal to accept tenant inquiries, maintenance requests, and rent payments.
Consider partnering with a property management company. They can respond to tenant inquiries without delay, boosting satisfaction rates.
Decrease Vacancies With These Rental Leasing Tips
Applying these rental leasing strategies can improve your vacancy rates. Use these strategies for finding and retaining tenants. In time, you can maximize your rental income!
Remember, partnering with a property management company can help further improve your ROI. Our team at PMI Middle TN uses effective strategies and efficient state-of-the-art technology.
Rely on our 20 years of industry experience to thrive in today's competitive market. Contact us today for help with your leasing strategy.
