Under the existing circumstances, landlords may find themselves dealing with an above-average number of vacant units. While this is an unfortunate scenario, there are ways to potentially increase the odds the unit gets filled quickly. For starters, how does the rent being charged for the unit compare to neighboring ones? Lowering the rent just a little bit may be a wise or necessary move. Consider which of the following works best for you: dropping the rent to make the rental more enticing allowing it to remain unoccupied on the market for multiple months? Will a few cosmetic upgrades increase the appeal? Are there any enticing facilities you can promote? If a fresh coat of paint, new carpeting, appliances, and other cost-effective apartment upgrades seem to draw the attention and increase tenant move-in activity, the upfront costs required to make the upgrades may be negligible in the long run. Do you have a no pet policy? Many tenants may only opt for pet-friendly units which will allow them to bring their four-legged friend around. If you are wary of possible disruption, amend your lease agreement to ensure that you are protected, whether by requiring a pet deposit or charging an ongoing fee. When it comes to accepting pets, there are many things to take into account, but making the decision to accept pets would inevitably broaden the number of prospective applicants.
This update is by Livo, a rental optimization platform aimed at providing you with a robust revenue enhancement tool. With Livo, you can maximize rental yields, accept and manage multiple offers and offers, and enjoy better retention. Livo targets rentals with the greatest odds of receiving a multitude of offers, and those with the best locations, features, configurations, and more. Please call 833.333.5486 today to learn more.
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