The rental vacancy rate in Minnesota is now over 7% (beyond the nation's average of 6.1%). If your Minneapolis rental property is sitting empty, it's time to reevaluate your rental leasing strategy. Otherwise, you'll never maximize your profitability.
Read on for the leasing strategies you need to attract new renters and keep the ones you have. Maximize your earning potential today.
Talk to Your Current Renters
Your existing tenants can help you attract new renters to your available properties. Consider creating a referral program. Reward your renters for the new tenants they attract to your properties.
For example, you can give them a cash gift or gift card to a local restaurant. Choose rewards that will encourage them to provide referrals.
Talk to your tenants to determine what they need and want from your rental properties. Their suggestions can help you make improvements to the property. Making it a more desirable place to live will give you a competitive advantage.
Choose upgrades that will enhance the property value and help your properties stand out. For example:
- Safety measures
- Open floor plans
- New parking areas
- A doggy daycare
- New flooring
- Energy efficient windows
- New kitchen appliances
Make sure your rental property makes a strong first impression the moment people see your listings online. Add a fresh coat of paint and invest in the landscaping to make it more attractive.
Your renters may mention wanting more flexible leasing options. Consider offering a monthly, six-month, one-year, or two-year rental agreement. Remaining flexible can help you attract new renters and increase your retention rate.
Upgrade Your Rental Property Marketing
If you're struggling to attract new renters, reevaluate your rental property marketing strategy. Use digital marketing strategies like:
- Video marketing
- Email marketing
- Social media marketing
- Content marketing
- Search engine optimization
- Paid advertising (Google and Facebook Ads)
Update your rental property online listings. Make sure they include thorough descriptions and high-quality photos.
Hire a professional real estate photographer. Use the photos and videos they capture for your social media marketing campaigns.
Hire a Property Manager
Offer tenants the best possible living experiences by hiring a full-service property management company. Your property manager can handle:
- Maintenance and inspections
- Property marketing
- Evictions
- Tenant screening
- Rent collection
- Accounting and reporting
They can help you complete a rental analysis to ensure your rental rates are competitive. Otherwise, high prices could scare away renters.
Choose a company that uses the latest property management software to maximize efficiency. For example, they can provide you access to an online portal. Using a tenant portal will make your life and the lives of your renters easier.
Enhance Your Rental Leasing Strategy
A detailed rental leasing strategy will improve your occupancy rate. Filling your rental properties will maximize your earning potential. Use these leasing strategies to generate more income today.
Remember, you don't have to apply these strategies alone. Instead, hire a property management company.
PMI Minneapolis-St. Paul has 20 years of experience helping owners maximize their profitability. We use award-winning strategies and the latest technology to ensure efficiency.
Ready to boost your occupancy rate? Contact us now for help filling your vacant properties.
