The rental vacancy rate in Maryland is now over 7%! If your Upper Marlboro, MD properties are empty, reevaluate your rental leasing strategy. Otherwise, you'll continue losing thousands of dollars each month.
Read on for vacancy management tips for attracting and retaining renters. With these effective leasing strategies, you can boost your occupancy rate and ROI. Maximize your earning potential today.
Complete a Rental Marketing Analysis
Before applying these leasing strategies, research the local rental market. These Maryland rental insights can help you make informed changes to your properties.
Compare your rental properties to others in the area. How are your properties lacking? Consider providing:
- Open floor plans
- Outdoor spaces
- Energy-saving appliances
- Energy-efficient windows
- Move-in ready conditions
- Security measures
- More parking spaces
These upgrades will make your properties more attractive to local renters. The property values will rise.
Complete a rental market analysis before adjusting your rental rates. Charging too much can scare away renters.
Talk to your current renters as well. They may recommend improvements your properties are lacking. Offering these upgrades could encourage them to renew their leases.
Your renters will recognize that you care about their needs. They'll want to stay knowing they can rely on you as a caring, responsive landlord.
Leverage Digital Marketing
Use digital marketing to avoid vacancies. These strategies include:
- Content creation
- Social media marketing
- Email marketing
- Paid advertising
- Search engine optimization
If you're unfamiliar with these strategies, partner with a property management company. They can develop effective campaigns.
Run these campaigns throughout the year. Otherwise, you could miss a chance to attract new renters.
Keep Up With Maintenance
For effective Upper Marlboro property leasing, schedule routine inspections. You can recognize problems that may affect the renter's living experience. Remedy these problems before renters complain.
Otherwise, allow tenants to submit maintenance requests through an online portal. Have a list of local vendors ready in case there's an emergency. Fulfilling maintenance requests quickly will show tenants you care about their needs.
Incentivize Lease Renewals
Encourage tenants to renew their leases by offering incentives. These can include:
- Gift cards
- Vouchers to local restaurants
- A free month of rent
Attract new renters by offering limited-time access to storage or a discount on security deposits. Highlight these incentives to improve your occupancy rate.
When a tenant's lease is about to lapse, reach out 90 days beforehand. Remain willing to negotiate to encourage them to stay.
Hire a Property Manager
Instead of applying these vacancy management tips alone, outsource. Partner with an Upper Marlboro property management company. A full-service company can build stronger tenant relations.
They can boost tenant satisfaction rates, leading to more renewals. With their help, you can apply effective leasing strategies to boost your ROI.
Apply These Rental Leasing Strategies Today
Don't let your vacancy rate rise any higher. Instead, apply these rental leasing strategies. Boost your occupancy rate and earning potential today.
Remember, you don't have to do this alone. Our team at PMI Experience is part of a fast-growing property management franchise. We have nearly 20 years of experience changing and perfecting the industry.
Trust our customized strategies, state-of-the-art technology, and award-winning services. Contact us today for a free rental analysis.
