According to Virginia Realtors, in the first quarter of 2024, Lynchburg, VA had the smallest growth in average rent across all nine metro markets. This suggests that there's a sluggish local market, which makes being a landlord difficult.
Add in less-than-ideal vacancy rates, and you've certainly got a problem on your hands. Owning a rental property should mean passive income coming in, but with empty units, that can be tough.
Want to reduce rental vacancies? Then here are a few rental leasing strategies you can use in Lynchburg.
Virtual Tours and Online Leasing
To decrease vacancies, you need to look outside of the local market. Lynchburg has a big student and professional population, so take advantage of that.
Attract these people from out of town by having virtual tours. When potential renters can see living spaces without traveling, they'll be more inclined to move forward.
Having an easy online leasing process will help too. Getting through an application without issue will motivate people to follow through and sign leases.
Seasonal Promotions and Discounts
Rent can take out a huge chunk of someone's paycheck, so any promotions and discounts are highly appreciated. Provide limited-time offers, like:
- Reduced rent for the first month
- Waived application fees
- Referral bonuses
Not only can these things attract renters during off-peak seasons, but they'll also increase tenant retention.
Value-Added Amenities
You want to make your property the most attractive one in the area, and that's doable through value-added amenities. Think about what it'd take to truly make a rental feel like home and consider offering these things to tenants.
Below are some great amenities they'll like:
- Pet-friendly accommodations
- Free Wi-Fi
- Smart home upgrades (e.g. keyless entry)
Community Engagement
Partner with local businesses to offer residential discounts or host events. This increases community engagement, which is beneficial for everyone involved. Not only do your tenants get to save money and enjoy excellent experiences, but you help the local economy too.
More importantly, your renters will feel a sense of belonging. This will encourage them to renew their leases and keep your units occupied.
Property Management Assistance
Professional property management companies will have the experience and knowledge to implement key rental leasing strategies.
These experts will know the hottest Lynchburg rental market tips, and they'll personalize their approaches so you won't have empty units. Plus, they have extra services like rent collection and tenant screening, which makes your job as a landlord easier. You can actually earn a steady passive income without putting in too much work.
Improve Your Rental Leasing Results
In a tough market, optimal rental leasing can be an issue. However, if you use innovative leasing strategies, you can lower vacancy rates while making your property more attractive.
You don't have to utilize these strategies yourself though. By working with a professional property management company, you can maximize your profits without having to stress out.
Contact us now if you need effective property management. Our expert team at PMI Lynchburg can give you a free rental analysis too.
