According to the Akron Beacon Journal, Akron and Cleveland are the two worst cities to rent in the US. As a landlord yourself, you might be feeling the heat, as several of your rentals are empty, and your revenue's dropped significantly.
Admittedly, there's nothing that can 100% reduce vacancy rates in Akron. However, there are definitely smart moves you can make to better your chances.
Keep reading this post to find rental leasing strategies that professionals use. We'll give you industry secrets that'll help you beat the competition.
Have Flexible Lease Durations
This isn't at the top of the list for innovative rental strategies in Akron, but it's certainly an effective one.
Life can throw us curveballs, so renters are apprehensive about long-term contracts. If you add short-term leases, these can attract students, traveling professionals, or those in temporary work assignments.
You can even have month-to-month options for those who don't like commitment. This can end up encouraging more lease renewals.
Leverage Akron's Local Appeal
Akron is a wonderful city with unique attractions; however, not everyone knows about them. Not only does the city have numerous parks, but it also has attractions like the Akron Art Museum and the Stan Hywet Hall.
You should highlight nearby amenities in listings. To encourage renters to explore, offer welcome packages with discounts to local businesses. The community will appreciate you promoting their services, and your tenants will get to experience what Akron's truly like.
In addition, partner with universities and employers. For example, you can work with the University of Akron to reach faculty, staff, and students. And you can partner with large employers to offer employee housing perks.
Modernize Your Marketing
If you've been marketing to more local audiences, then think bigger. To reach these wider audiences, you'll have to use cutting-edge marketing strategies to capture interest.
Firstly, showcase your units online with virtual tours. That way, out-of-town renters can get a feel for your property without having to travel. Just make sure to use high-quality visuals in both your virtual tours and online listings.
You should also put out ads on social media. You can target certain zip codes to be more targeted.
Offer Move-In Incentives
When it comes down to choices, renters will most likely pick the one that costs the least. You can price your units competitively, but you can give move-in incentives too.
For instance, you can give a discount on the first month of rent. Or you can offer reduced security deposits. Free utilities or wifi for a limited period are popular options as well.
Increase Rental Leasing at Your Property
Rental leasing is something most landlords struggle with, if not all. Even in the best of times, it can be challenging to fill your units.
However, if you adopt the creative leasing strategies here, you can reduce vacancies, as you'll keep your tenants happy. This will ensure long-term success for your properties.
Get in touch with us today if you need help in other aspects of property management. PMI Cuyahoga Valley RAL is part of a franchise that's the #1 property management company.
