No investor wants to have an empty rental unit, but unfortunately, it happens more frequently than one would like. In highly competitive areas, a renter may see dozens of apartments before settling on just one. While your rental property is vacant, consider the following six ways as to how you can make it more appealing to potential tenants.
1. Keep it Clutter-Free
Clutter is a deal killer, especially with furnished apartments. When it comes to décor, you also want to keep it minimal; your tenants are going to want to make the property their own. Start off with simple, neutral styles, and make sure everything that is unnecessary has been removed.
2. Work on Your Curb Appeal
It's easy to see your property as a sum of its functional parts. The interior is great, the appliances work. So what's the problem? Curb appeal isn't just important to homebuyers, but it's also important to tenants. By refreshing the exterior of your rental property with paint, yard work and décor, you'll greatly enhance the number of tenants who are interested.
3. Examine Your Property Regularly
Rental properties can get out of hand fast, especially for investors who are managing multiple properties or who didn't expect it to take up as much time. Rather than leave things up to chance, make sure to examine your property regularly. The faster you deal with issues, the less expensive they are likely to be.
4. Look at the Appliances
Areas all differ. In some areas, it's common that the renter provides a refrigerator, while in others, it's unheard of to get a place without a fridge, washer and dryer. But in all locations, it's preferred to have as many appliances as possible. You can rise above the competition by providing better appliances.
5. Don't Forget About the Parking
On the other end of the spectrum, if you're renting out a condo or an apartment, it can also be worth it to lease or secure additional parking. Many tenants are going to make a decision on the property they rent based on how easy it is to park there, and many households today have at least two vehicles.
6. Work With a Property Management Company
Many tenants do prefer to work with a property management company. Some tenants have had negative experiences with sole owners and who are looking for the professionalism that a property management company provides. Though you have to be cautious in selecting one, it's an easy way to find the highest quality tenants.
Making a rental property appealing can be a balancing act. Though you want to bring in tenants, you also don't want to invest so much money that your property is no longer profitable, and you don't want your property to be so appealing that it's too expensive for the area. A property management company can help. Contact us at Aria Properties to learn how we can help manage your rental properties.