How many vacant rentals do you own? The national rental vacancy rate is already 6.4%. Without a rental leasing strategy, you could end up with more vacancies.
You'll lose thousands in potential rental earnings as they sit empty. Before that happens, use these rental leasing strategies. Maximize your earning potential today!
Update Your Rental Property Portfolio
Complete a rental analysis by comparing your rental properties to others in Jacksonville, FL. Note:
- Rental rates
- Leasing options
- Recent upgrades
- Amenities and special features
Consider making a few upgrades to enhance your rental property portfolio. These upgrades will make your properties more enticing to renters. You can also ask for a higher rental rate to maximize your earning potential.
Market Your Vacant Rentals
Your vacant rentals will remain vacant if Jacksonville renters are unaware that they exist. Develop a digital marketing strategy to reach potential tenants. Effective strategies that can expand your reach include:
- Content marketing
- Search engine optimization
- Email marketing
- Paid advertising
- Social media marketing
Personalize your campaigns to connect with Jacksonville residents. Personalization will help you forge an emotional connection with readers. They'll recognize that you understand and can meet their needs.
Don't forget to show off the property's recent upgrades. Hire a professional real estate photographer to enhance your visual marketing materials.
Encourage Renewals
Did you know that in 2023, 62.7% of renters renewed their leases? Consider how many of your tenants renewed in comparison. If you're not generating renewals, you'll have more vacant rentals.
Try offering your current renters better living experiences. Talk to them about their current needs. Their suggestions will help you improve your rental properties.
They may request:
- Energy-efficient windows
- New floors
- Upgrades kitchen appliances
- Better parking
- Shared outdoor spaces
Try improving their experience as renters by providing access to an online tenant portal. From there, tenants can submit rent payments, inquiries, and maintenance requests. This will make communicating with tenants easier, leading to transparency and satisfaction.
Send tenants a notice 90 days before their lease ends asking if they want to renew. Outline the new term options and answer any questions they have. A tenant retention leasing strategy can boost your occupancy rate.
It will also cut costs. You can save money on tenant screening, marketing, and other processes.
Hire a Property Management Company
You don't have to develop your leasing strategy alone. Instead, consult a property management company. Leverage their years of industry experience to improve your occupancy rate.
A full-service property management company can improve tenant relations. This can lead to more positive reviews from tenants. Improving your reputation online can attract future tenants.
Develop Your Rental Leasing Strategy Today
A strong rental leasing strategy will help you attract and retain tenants. Use these proven strategies to increase your rental earnings. With these tips, you won't have to worry about long-term vacancies.
Partnering with a property management company can make all the difference. Northeast Florida Realty specializes exclusively in property management. We pledge to provide the best possible support and service.
Trust our team of Jacksonville natives. Our understanding of the local market and hands-on approach will eliminate the stress of property ownership. Contact us now for a free rental analysis in seconds!
