Of the 104,000 housing units in Reno, there's a 6% rental vacancy rate.
If you're a property owner in Reno, your biggest nightmare is a rental vacancy. When you have a unit sitting empty, you're hemorrhaging money, which is the biggest cause of landlord stress. Fortunately, there are tried-and-true rental leasing strategies to fill vacancies and keep them filled.
In this post, we'll explain some of the strategies in detail so you can employ them and decrease vacancy rates in 2024. Keep reading and you'll maximize your Reno rental income.
Rental Property Marketing
When you have vacancies, you need to fill rental properties faster. The best way to do this is to put your unit on display to the largest number of prospective renters. This requires solid Reno rental marketing strategies.
Start by creating a thorough rental listing that describes the unit and the local area. Complete your rental listing with plenty of detailed and professional-looking real estate photos.
Once you've got a great listing, post it on the rental sites of your choosing. If need be, you can invest in things like paid ads and SEO to maximize the number of eyes on the listing.
Tenant Screening
If you nail your rental property marketing strategy, you'll have countless applicants for your vacancy. You can't just close your eyes and pick a name out of a hat. It's important to be discerning when selecting a new tenant.
Tenant screening looks into the personal and financial background of applicants to ensure they'll be a great fit in your rental. Criminal background checks find any unsavory details about a tenant's personal life. Credit checks look at their financial standing over time.
If either of these checks raises red flags, you can eliminate a candidate from contention. Narrow your pool down to a few of the best candidates and meet with them to find the most suitable option.
Lease Clarity
Even when you've found a great tenant, you need to write a clear lease agreement so they know the rules of the rental. This is less about enforcing rules on your tenant than establishing clarity and communication between yourself and your tenant.
When they know what to expect, you can enjoy a professional relationship with a tenant. If issues arise, you should always be able to go to your lease agreement to settle them.
Tenant Management
To keep vacancy rates down, you need good tenant management. A good tenant is worth pulling out all of the stops for. Keeping them satisfied will keep them in your rental long-term, making your job as a landlord much simpler.
So, respond to maintenance requests promptly and consider using a tenant portal to make communication and rent collection easy. The easier it is for your tenant to get through to you, the happier they'll be.
Property Management and Rental Leasing
These creative leasing tactics will ensure you maintain low vacancy rates. It's important to reduce your Reno rental vacancy rate to maximize rental income and decrease landlord stress. If you're finding it difficult, PMI Diversified Properties can help.
We're Reno's top property management service, offering all of the rental leasing tactics mentioned here and more. For more helpful Reno rental management tips and to learn more about what we do, contact us today.
