There has been a decline in homeownership in recent years and now around 36% of American households rent.
While this statistic is surprising, it's good for you as an investor and landlord.
However, as you may know, the real estate market can shift without warning. It would help if you were prepared when that happens.
Finding renters in a tough market is stressful and requires you to spend more time and resources on property marketing. This guide will tell you everything you need to know about attracting tenants in a tough rental market.
Competitive Rental Price
One of the best things you can do when the rental market is tough is to set competitive rates.
Prospective tenants will be comparing prices all over town. This is true no matter what the market is.
You must conduct thorough research to understand the current rental rates in Reno. While you may not want to lower your rate, offering a competitive price will make your property more appealing. It's better to offer a lower rate than to allow your property to sit vacant.
You should also take a look at your application process. Is it confusing and complicated for potential renters? If so, consider changing it to make it easier to navigate.
Invest in Home Tech
Investing in home tech is also a great way to attract renters. Smart home technology offers convenience and automation for your tenets.
Smart home security systems can also provide renters with peace of mind. Consider investing in smart locks, doorbell cameras, and motion sensors to allow tenants to monitor and secure their homes remotely.
Effective Marketing
Property marketing plays a crucial role in attracting tenants. You'll want to take advantage of multiple channels.
This includes online property listings and platforms, social media, and traditional methods such as yard signs and local newspapers can also be helpful. When posting photos online of your property, be sure they are high-quality.
You'll also want to include a detailed description so your renters get a realistic understanding of your property.
Focus on Property Maintenance
A well-maintained property will also attract more tenants. Take the time to ensure your property is in good condition.
This means addressing any necessary repairs, conducting regular maintenance, and keeping it clean. You mustn't forget about the exterior of your property.
Pressure washing the driveway and trimming the trees can do a lot for the appearance and improve curb appeal.
The Evolution of Property Marketing
The real estate market is cyclical, and sometimes you may face a tough rental market. Whether it's due to an economic downturn or increased competition, attracting tenets can be challenging.
It may require more work to find reliable renters, but it's not impossible. Following the tips in this guide will help your property stand out to potential tenants.
Our team of experts can also help when times are tough. Give us a call here at PMI and we'll help you with all your property listing, maintenance, and property marketing needs.
