The rental vacancy rate in Missouri is nearly 7%. If you have an Illinois rental property sitting vacant, you could start losing money fast. Instead, rely on these rental leasing strategies to boost your occupancy rate.
With these property rental strategies, you can maximize your earning potential by finding new renters. Fill every vacant property with these tips today!
Talk To Your Tenants
Before applying the rest of these property rental strategies, talk to your existing renters. Determine what's missing from your Illinois rental property. For example, they may request:
- Open floor plans
- Outdoor spaces
- New parking areas
- Safety/security measures
- Upgrades
Try choosing property upgrades that improve your property value. For example, you can add energy-efficient doors and windows to the property. Consider new kitchen appliances, a fresh coat of paint, or other eye-catching upgrades.
Upgrading the property can help you retain renters and attract new renters. At the same time, you'll show renters you care about their needs. They'll be more inclined to stay if you meet their expectations.
To boost renewals, consider offering multiple leasing options. You can offer renters a six-month, 12-month, or 24-month term. Some tenants may prefer a month-by-month option instead.
Remaining flexible and listening to your renters could help you boost renewals. Retaining tenants you already know and trust can help you avoid stressful situations with new, unreliable renters.
Upgrade Your Rental Marketing
Help more people find your vacant properties by upgrading your rental marketing strategy. Use an omnichannel marketing strategy that includes:
- Email marketing
- Social media marketing
- Facebook Ads
- Google Ads
- Search engine optimization
- Content creation
Upgrade the listing for each vacant property. Hire a professional photographer and share eye-catching, vibrant images. Update the property description to make it enticing.
When writing descriptions, emphasize local attractions and living experiences. Describe why your property is an amazing place to live. Mention recreational spaces, parks, and other popular attractions nearby.
Incentivize Lease Renewals
Encourage your existing renters to stay by making lease renewals enticing. For example, you can offer a month off the rent. Your current renters may be more inclined to stay if you don't boost the rent price.
Consider creating a referral program. Reward your renters as they attract new tenants to your properties.
Hire a Property Management Company
You don't have to develop a leasing strategy alone. Instead, consider hiring a property management company. The most experienced managers know of effective property rental strategies you can use to fill vacant units.
Choose a full-service property management company that offers marketing and tenant screening services. Their experience and services can save you time and money. They'll find reliable renters while helping decrease your vacancy rate.
Update Your Rental Leasing Strategy
Don't neglect your Illinois rental properties. Instead, use these rental leasing tips to boost your occupancy rate. With these tips, you can generate more revenue without the stress of long-term vacancies.
Need help from an experienced property management company? Our team of experts at PMI STL Metro is here for you!
We have 20 years of experience navigating the Illinois real estate market. You can depend on our state-of-the-art technology and award-winning service. Contact us today to decrease your vacancy rate!
