Cardinal News recently reported that people are moving out of Lynchburg at a faster rate than any other town west of Richmond. What does that mean for local landlords?
When the population is on the decline, it creates a tough market for rental owners. With great property marketing, however, you can counterbalance the slump.
How can you boost your rental property advertising and boost tenant attraction? Read on for our guide to protecting your Lynchburg occupancy rate in a tough market.
Revisit Your Leasing Rules and Restrictions
Did you know that some of your leasing rules and restrictions could be limiting your pool of potential tenants?
Perhaps one of the biggest examples is prohibiting pets in your rental. The Humane Society reports that 72% of renters have pets, and allowing them in your rental could open the door to thousands of possible tenants.
Another example is prohibiting subleasing. With the University of Lynchburg nearby, allowing subleasing can make it easier for part-time residents to take advantage of your housing.
Give Tenants a Financial Break
Rent in Lynchburg skyrocketed in the midst of the pandemic, but it's time to take a different approach. Start fresh with a rental analysis to see how you measure up to the competition.
You can also make yourself more competitive by offering tenants small financial breaks. For example, you can reduce your application fees and security deposit. You can also prorate rent if a tenant's lease does not begin on the first of the month.
Enhance Property Appeal
When the market tightens, some landlords want to avoid spending money as much as possible. While reinvesting in your property may seem counterintuitive, certain improvements can attract tenants. Consider upgrades like:
- Installing in-unit washers and dryers
- Replacing carpeting
- Upgrading old appliances
Make sure to update your property marketing to reflect these upgrades. Use high-quality photos to highlight your best features and mention all new features in your description.
Improve Your Approach to Property Management
At the end of the day, there's no better way to navigate a tough rental market than by securing lease renewals. To do so, you need to improve your approach to property management and keep tenants happy.
Start by catching up on any outstanding maintenance issues. Create an easy system tenants can use to report issues and commit to responding promptly. The goal is to prove to tenants that you care about their well-being and the condition of your rental properties.
Don't have time to commit to your tenants? Consider working with full-service property managers to boost tenant relations and earn a passive income.
Get Better Property Marketing from PMI Lynchburg
How can you keep your rental properties full when people keep moving away from Lynchburg? When things get harder, it's time to work smarter. These property marketing strategies can attract tenants and increase lease renewals to cut down on vacancies.
PMI Lynchburg is one of the only property management companies in Lynchburg to offer customizable services. Whether you need temporary or full-time support, we're here to help. Contact us and let's start building your property management plan.
