Attracting Quality Tenants in Affordable Housing: 7 Tips
Affordable Housing
In order to attract the best and most qualified tenants for your units, it’s important to put your best foot forward. Tenants are looking for a place to call home, and by making your property stand out, you’re more likely to find the perfect match.
Here are seven tips to attract better tenants and improve your property’s occupancy rate. Implementing even just a few of these tips can make a big difference. Also, keep in mind that each one of these approaches should be tailored to fit your specific property and its demographics!
1. Maintain Your Property
When it comes to affordable housing, one of the best ways to draw in quality tenants is to keep your property clean and in good condition. This may seem like a no-brainer, but you’d be surprised how many landlords overlook the importance of upkeep. Regular maintenance makes your property more appealing and sends a message that you care about your tenants and are invested in making their experience positive.
Of course, there’s only so much you can do on your own; you’ll need to hire a professional at some point. However, there are still plenty of things you can do to keep your property in tip-top shape, including:
- Regularly cleaning common areas, such as lobbies, hallways, and stairwells
- Mowing the lawn and trimming hedges
- Shoveling snow and laying down salt in the winter
- Pressure-washing sidewalks and parking areas
- Painting walls and doing touch-ups as needed
- Fixing broken fixtures and appliances in a timely manner
Property owners and managers are also eligible for the LIHTC program if they plan to construct or rehabilitate their low-income housing developments. This will help you make necessary improvements and ensure your property meets all program requirements.
By taking these essential steps, you’ll make your property more attractive to potential tenants and create a better living environment for everyone involved.
2. Screen Tenants Thoroughly
Thoroughly screening potential tenants is one of the best ways to attract high-quality, long-term residents to your affordable housing development. By running credit checks and verifying their employment, you can ensure that your tenants are able to meet their financial obligations.
In addition, you should also conduct background checks to ensure that your tenants have no troubling criminal history. This is made simple by ExactEstate’s property management software; with our built-in Tenant Screening software, you can quickly and easily receive a report on each potential tenant that contains all the details you need to make a well-informed decision.
While it may take some time to screen tenants properly on a blended occupancy, it’s worth the effort to find a good renter who will take care of your property and help you avoid potential problems down the road.
3. Charge a Fair Price and Have Reasonable Terms
A fair price doesn’t mean the cheapest price. Instead, it’s important to balance what tenants can afford and what will make your property profitable. If you charge too much rent, you may price yourself out of the market and have difficulty finding tenants. However, you may lose money on your investment if you charge too little. Charging a fair price will give potential tenants the impression that you take pride in your property and are committed to providing a safe and comfortable place for them to live.
Additionally, be reasonable with your lease terms. Don’t try to nickel and dime your tenants with hidden fees or unrealistic expectations. Affordable housing tenants seek clarity and predictability, so avoid making last-minute changes or adding unexpected fees. Being upfront about what you expect from your tenants will create a better relationship and avoid potential conflict.
4. Offer Incentives
Incentives can be a great way to attract high-quality tenants to your affordable housing development. If you’re having trouble filling units, consider offering a rent discount for the first few months of a lease. This will help you bring in tenants who may be on the fence about renting from you.
Likewise, offering furnished units with basic amenities gives tenants a turnkey solution. This can be a great option for tenants who are moving from out of town or do not have the time or resources to furnish their rental. Incentives will increase your chances of attracting good tenants and help you maintain high occupancy rates.
5. Promote Your Property
In today’s digital world, potential tenants increasingly use the internet to find rental properties. By creating a comprehensive listing highlighting your property's best features, you can attract a larger pool of qualified applicants.
In addition, word-of-mouth marketing can be extremely effective in the affordable housing market. You can get potential leads from satisfied tenants, community members, and local organizations. Our software at ExactEstate can streamline this process by providing you with an online platform to collect leads and receive applications. Doing so will help increase the visibility of your property and attract high-quality tenants.
6. Respond Quickly to Inquiries and Requests
Taking care of your tenants is one of the most important aspects of being a landlord; this ensures that your tenants are happy and comfortable and attracts new tenants. Responding quickly to tenant inquiries and requests creates a positive reputation for yourself and your property. Our online resident portal at ExactEstate makes it easy for tenants to submit requests and for you to track and respond to them in a timely manner, thereby fostering trust between you and your tenants.
When tenants feel that their concerns are being properly heard and addressed, they are more likely to renew their leases and recommend your property to others.
7. Cooperate With Agencies Involved in Affordable Housing Programs
Affordable housing can often be associated with negative stereotypes, such as being unsafe or unclean, which makes it difficult to find quality tenants. However, by working with city or state agencies involved in affordable housing programs, you can help change these perceptions. When potential tenants see that you are cooperating with these agencies, they will be more likely to trust that you are running a quality operation and complying with all safety standards.
Conclusion
No matter what kind of affordable housing you manage, attracting good tenants is always a goal. By following these tips to attract better residents, you can improve your tenant pool and increase the likelihood that those who apply will be more invested in maintaining your property and keeping it as their home.
Ready to see how Exact Estate can help? Request a demo today. We’d love to show you how ExactEstate can streamline the process of attracting and retaining quality tenants for your property.
