How To Attract New Tenants into an Old Property

Due to the property slump, the rental market has become intensely competitive over the past few years. Tenants are increasingly beginning to differentiate properties on the basis of price as well as quality. If you want to attract new tenants into your old rental properties, there are several things you could do.

Reassess your asking rent

If you are having difficulties attracting tenants to your old rental properties, it would be wise to reassess the rent you are asking for. Compare the features of your rental unit (age, condition and remodeling, number of rooms, size in square feet) and the rent you are asking for with those of similar rental units offered in the market. If the rent you are asking for is considerably higher than the rates of comparable units, you might have to lower your rent closer to the market rate. However, if the rent you are asking for is fair, you might want to consider other ways of attracting tenants besides lowering rent. Some of these strategies will cost you little if any money, and will be more beneficial to long term tenants than lowering of rent.

Enhance property features

Property owners are increasingly looking for ways of refreshing their older buildings to improve their value and raise their appeal for prospective and current occupants. You could add new kitchen cabinets or appliances, rehab a bathroom, or refinish floors. Laundry equipment in the property can be a big attraction. You could also consider dividing a large room to add a home office or an extra bedroom. This solution would be appropriate if you own a number of rental units and can either transfer fixtures from another unit, or buy large quantities of supplies needed for a rehab.

While fixing the interior, it is important to keep in mind the importance of the property’s exterior. First impressions count in the rental market. Many homeowners put all their efforts into the interior of their properties, in the process overlooking the importance of frontage. There are several things you could do to improve the exterior. You could landscape the yard, paint stripes at the parking lot, oil the gate, wash the windows, or paint any wooden fences

Offer a free month of rent

If the rent you are asking for is close to the market rate and the property is still vacant, you could offer a free month of rent to the new tenant. However, it is not wise to give the first month free. You need to be sure that the tenant can afford the rent before giving away a month’s rent. The tenant should pay for several months before receiving a holiday away from rent.

Offer a pet-friendly rental

A significant number of renters have pets and do not want to leave them behind when they move. Some property owners require a separate pet deposit, which is not very popular with renters. Your property may get a tenant faster if you do not ask for one. You might also be advantaged if your rental unit is close is to popular facilities for pet owners such as parks.