7 Simple Solutions to Reduce Vacancy Rates at your Property

Property Management

The rental market has been booming in recent years, with U.S. rental rates continuing to climb and many renters unable or unwilling to relocate. However, this can mean that vacancies aren’t filled as quickly, since tenants don’t want to move.

As a property manager, you may struggle to secure lease renewals for your properties.

If this is the case, don't worry! We have some tips and strategies to help you increase your renewal rate metrics and reduce vacancy rates at your property.

In this blog post, we will discuss seven simple solutions that can help ensure your rentals are always filled with happy tenants.

Why You Must Reduce Your Property's Vacancy Rates

Every property costs a lot of money in terms of time and resources.

If your property is vacant, you won't see any return on your investments and can even suffer losses due to the cost of maintaining the property.

An extended vacancy period can also cause damage to the rental market reputation of your property, making it difficult for you to find suitable tenants in the future.

Taking actionable steps to reduce vacancy rates before they impact your bottom line is essential.

7 Strategies To Keep Your Vacancy Rates Low

Now that we’ve discussed why it’s essential to reduce vacancy rates, let's discuss seven strategies to ensure your property is always filled with tenants.

1. Increase Your Online Visibility

Today, more and more people search online when looking for rentals. To make sure you’re top of mind, you must invest in online rental marketing to increase your visibility.

Ensure you list your vacancies on reliable online platforms such as Craigslist, Zillow, or Trulia, and create a professional-looking website that displays all your available rentals. You should also leverage social media platforms such as Facebook and Instagram to promote your vacancies and update your followers on the latest available properties.

You will be surprised by how much online visibility can help you reduce vacancy rates at your property.

2. Invest in Professional Property Photography

Creating outstanding visual content can set your properties apart from the competition and market your rental property effectively. Investing in professional property photography can help improve your listings by showcasing the best features of your rental properties — especially those that would be more challenging to describe in words.

While it may seem like a costly expense, professional photography can be an invaluable marketing tool that will help attract more qualified tenants. The high-quality images can attract more potential renters, and even compel them to book a viewing or a tour of the property. After all, a picture is worth a thousand words, and renters are more likely to be attracted to a rental with a portfolio of professionally taken photos.

3. Set Competitive Rental Prices

Pricing your properties significantly above the local market rate might only result in vacant units even if the rental market is red hot. On the other hand, renting out a unit at a remarkably affordable price may attract many tenants but can have a significant impact on your revenue.

That’s why it's essential to set competitive rental pricing when listing your unit and consider any potential incentives you can offer.

But how can you set the correct rental rate for your units?

Research your local market. Make sure to compare what similar properties in the area are renting for, and use that information as a guide to set your rates accordingly.

This approach can help attract quality renters and even make them recommend your units to their colleagues, friends, and acquaintances.

4. Leverage Property Management Software

You might think that coordinating multiple rental units with limited resources is a challenge, but this isn't the case anymore. Property management software like ExactEstate can help you automate everyday tasks, from tenant screening to rent collection and repair requests.

ExactEstate is also great for marketing your properties as it enables you to showcase them online with professional property photography and detailed descriptions of their features. Its automated tenant screening functionality allows you to quickly evaluate applications and make the best decisions when selecting tenants for your property.

Leveraging technology in your workflow can help you save time, reduce stress, and make your property management operations more efficient.

5. Showcase the Benefits of Living at Your Property

When it comes to attracting and retaining quality tenants, showcasing the benefits of living at your property is one of the most effective strategies you can use. This means highlighting your property's unique features and amenities, such as a pool, fitness center, or community clubhouse.

Consider offering exclusive promotions to new tenants to entice them to move in. For example, you could offer a discounted rental rate for the first month or waive pet fees for new tenants.

By marketing your rental property and offering promotions, you'll encourage more people to consider renting from you, ultimately reducing your vacancy rates.

6. Provide Exceptional Service to Prospects and Tenants

Another critical strategy for keeping your vacancy rates low is providing exceptional service to prospects and tenants. This means going above and beyond to make the rental process as smooth and stress-free as possible.

When working with prospective tenants, be responsive to their inquiries and questions, provide detailed information about the property, and offer in-person tours. Once tenants move in, follow up with them regularly to ensure that they are satisfied with their living situation and promptly address any concerns.

By providing exceptional service to prospects and tenants, you'll create a positive reputation for your property, encouraging more people to consider renting from you and reducing your vacancy rates in the long run.

7. Network With Local Businesses

Finally, don't forget to network with local businesses and organizations. Partnering with a nearby company or organization can help you reach more potential renters and effectively promote your vacancies.

For example, if there's a large university in the area, partner up with them to offer discounted rental rates or other promotions exclusively to their students. You could also collaborate with real estate agents, who might be able to refer more potential tenants your way.

Further, networking with local businesses can help you build community and encourage tenants to renew their leases. By fostering a supportive, community-driven environment at your property, you'll cultivate a loyal base of tenants who are more likely to renew their leases, reducing your overall vacancy rates.

Quickly Fill Your Vacancies With ExactEstate

Reducing vacancy rates at an apartment complex/property/rental home is critical to maintaining a healthy rental business.

However, keeping up with all the tasks associated with property management and marketing can be difficult. These tips will help you make your property management operations more efficient and effectively promote your vacancies.

If you're looking for an all-in-one platform to help make your operations more efficient and reduce vacancy rates, ExactEstate is the perfect solution. With its automated tenant screening functionality and online marketing capabilities, ExactEstate makes it easy to quickly find new tenants and showcase your properties online.