A few years ago, the local government reported that Phoenix was the fastest-growing city in America. While post-pandemic conditions may have disrupted our growth, there are still hundreds of thousands of renters competing for places to live.
As a rental property owner, this kind of competition can knock your vacancy rate down to zero. However, it takes creative rental leasing strategies to ensure that you're attracting the tenants you actually want.
How can you start securing rental deals that benefit you long-term? Read on for leasing strategies that will really make a difference.
Revisit Your Rental Prices
It's a common misconception that the best way to maximize rental returns is by raising the cost of rent year over year. However, the market fluctuates constantly, and rental increases won't always serve you.
Before you draft a new lease, spend some time on rental analysis. Consider factors like:
- Location
- Square footage
- Amenities
- Property condition
Update your list of comps to find out what your competitors are charging. You may find that many landlords have decreased rent in the past year due to economic pressures. Follow suit or run the risk of alienating your target tenants, who may look elsewhere for cheaper rent.
Target Underserved Tenants
Draft a lease that appeals to a specific demographic, particularly one that often gets neglected by the rental market. This is a great way to ensure that you always have applicants lined up to fill vacancies.
One example is to open up your pet policy to allow dogs and cats. Pet owners have limited options because many rentals don't allow them.
Another example is to offer short-term leases for temporary residents. You can market month-to-month leasing to out-of-town Mayo Clinic patients. According to a Mayo Clinic press release, the Phoenix campus serves over 150,000 patients each year.
Prioritize Tenant Relations
When you're creating a rental leasing strategy, you have to think about the long-term. Don't just change your lease; change your policies.
Prioritizing tenant relations is an important part of securing rental deals that turn into lease renewals. Target areas of your management style such as:
- How and when you collect rent
- How quickly you respond to maintenance requests
- The upgrades you make to the property over time
- How you handle tenant complaints
If you find that you don't have the time to take a more hands-on approach, consider partnering with a property management company. Property managers apply their professionalism and expertise to the properties they manage, offering 24/7 services that benefit both investors and their tenants.
Improve Your Rental Leasing with PMI San Tan
Phoenix may have hundreds of thousands of renters, but that doesn't guarantee consistent rental returns. It's time to adopt creative rental leasing strategies that will help you attract and retain great tenants. PMI San Tan can help.
PMI is a nationally renowned property management company with over 20 years of experience. Here in Phoenix, we've adopted the PMI model and technology and molded them to fit our unique rental market. Contact us and let's get started building a better property management strategy.
