There is a list of the top cities with the highest vacancy rates in the United States. While Punta Gorda isn't on that list, Sarasota, North Port, and Bradenton are number five. These cities are closest enough to Punta Gorda to have an impact on your property.
The last thing you want is for your property to sit empty. Money will fly out of your pocket every day until a tenant moves in.
As you may already know, rental leasing is hard, and crafting leasing strategies is crucial. You need to know how to increase your occupancy rates so you can grow your profits.
This guide explores several leasing rental strategies that you'll want to implement. Keep reading so you can find a renter faster.
Flexible Rental Leasing Terms
You may not want to offer flexible rental leasing terms, but it will help you find a tenant. Many people are hesitant to commit to long-term leases. Often times they don't know their future plans.
By allowing tenants to sign for a shorter amount of time, you will open up the renter pool and your options. There may be seasonal residents who prefer a shorter commitment.
You may also find a renter that wants to stay longer than a year. Allowing someone the option to sign a lease agreement for 14 or even 24 months will give them the stability they are looking for.
Online Marketing
With technology and social media growing, you must advertise your rental online. This will allow you to reach a much bigger audience.
People from all over the country could see your property in Punta Gorda. You can highlight your property's unique features and show people exactly what the property looks like.
Incentives and Special Offers
People always want to get a "good" deal. You may want to consider offering incentives to attract new tenants and encourage them to either sign or renew.
You could discount the first month or offer referral bonuses to existing tenants. Even a complimentary lawn service or cleaning in Punta Gorda could go a long way.
Responsive Property Management
Renters need to know that you value them. By offering excellent customer service, you'll be able to secure a lease faster.
Being responsive to inquiries, answering questions quickly, and addressing issues promptly will promote a good tenant-landlord relationship. Happy tenants are more likely to stay longer. Hiring a team to work with your tenants can be very beneficial as you won't be available 24/7.
From Empty Spaces to Thriving Places
To decrease the vacancy rates in your Punta Gorda property, you'll need to be proactive and creative. The more time you spend marketing and focusing on your renters, the better.
There are several approaches you can take, as you can see from this article. Take your time figuring out which rental leasing strategy works best for you.
With over ten years of experience, our team at PMI Heartland Realty is ready to support you. Get in touch today and let's help you reduce your vacancy rates.
