Daytona Beach, FL, is home to a solid economy, a high quality of life, and many tourist attractions. This makes it a great location for rental property investment.
However, even with a thriving rental market, there's no guarantee that your rental property will enjoy high occupancy rates throughout the year. The performance of your property will depend on several factors, including your rental leasing strategies.
In this guide, our focus is on how you can use creative leasing management as a tool to keep your property's occupancy rate high.
Let's get into it:
Offer Flexible Lease Terms
A rental lease agreement is a valuable rental property management tool for landlords. They help protect your investment and rights. It's common practice for landlords to offer long lease terms (at least one year) to increase tenant retention.
While long leases have their place, there are instances when you might need to adopt a flexible approach. If you're struggling with low occupancy rates, flexible lease terms, such as short-term or month-to-month, can help make the property more attractive to renters. You can also customize lease terms to suit the specific needs of a tenant.
A shorter lease term can convince an undecided renter to choose your property, especially if they're skeptical about your service delivery.
Use Incentives and Promotions in Rental Leasing
When the Daytona Beach rental market is tough for landlords, getting renters can come down to how creative you are with incentives and promotions.
Under such market conditions, renters have plenty of vacant houses to choose from. What can you do to make your unit stand out? Having a lower rental price is a good place to start, but you can bet that other landlords in the area are also lowering their rents.
Throwing in attractive incentives, such as allowing pets if you previously had a no-pet policy, or providing free amenities and upgrades, can make a big difference in your bid to attract tenants and achieve a high occupancy rate.
Streamline the Rental Application Process
The rental application process is a key part of the leasing process, although some landlords don't give it the seriousness it deserves. A seamless application process demonstrates your ability to provide excellent customer service.
Make it easy for prospective tenants to apply for tenancy by, for instance, digitizing the process. If you have a website for your property, prospective renters can apply directly using a digital form on the website. You can use online document editors to create your rental application forms and send them to interested renters via email.
Don't keep renters waiting for several days for their applications to be reviewed, unless you want to keep the occupancy rate low.
Rental Property Management Is the Secret to High Occupancy
Implemented correctly, these creative rental leasing strategies will help you keep your property full. However, for the best results, it's advisable to engage the services of a professional property manager.
At PMI Daytona Flagler, we offer top-tier residential and commercial property management and brokerage services using advanced technology. Locally owned and part of a 20-year-old franchise, they prioritize excellent customer service, owner profitability, and investment preservation.
Contact us for more information.
