There are now 15.1 million vacant properties in the US (10.5% of the country's total housing inventory). The rental vacancy rate in the US is over 6%. If your Long Island rental properties are sitting vacant, you'll lose a steady flow of income.
Struggling to attract renters to your Long Island properties? Read on to discover how to boost your occupancy rate and ROI today!
Update Your Rental Property Marketing
To attract Long Islanders to your rental properties, first reevaluate your rental property marketing strategy. Use digital marketing strategies to stand out online. Appear on multiple marketing channels using:
- Video marketing
- Search engine optimization (SEO)
- Paid advertising
- Social media marketing
- Email marketing
Use video marketing to create video or virtual tours of your available properties. SEO, paid advertising, and content can help your listings appear in front of your ideal renters. Nearly 70% of all online activity begins with a search engine.
Consider making upgrades to your rental property. Choose upgrades that boost the property value. Offering new features and amenities will help your listing stand out from other local properties.
If you're still struggling to attract renters, turn your rental properties into vacation homes. You can book multiple stays throughout the year to avoid leaving the property vacant.
Invest in Tenant Screening
Tenant screening services will allow you to find renters you can trust with your properties. Nurture these tenants to encourage lease renewals. Retaining tenants can boost your ROI and help you avoid stressful vacancies.
After their initial rental property booking, keep up with tenant communications. Ask your tenants for feedback about their living experiences. Use their feedback to make changes to your properties or operations.
Prioritize Property Upkeep
Neglecting property upkeep could affect your ability to retain tenants and find new renters. Your existing tenants may decide to take legal action if you fail to complete maintenance.
Gather competitive bids from local contractors. Develop professional relationships with these vendors to keep up with requests. You can save time by calling companies you already know and trust.
Request Property Management Services
The best way to avoid vacancies is to outsource. Consider partnering with a property management company. Their local experience and expertise can help you with:
- Accounting and reporting
- Rental property marketing
- Tenant screening
- Communications
- Property upkeep and inspections
Ask your property management company to complete a market analysis. They'll help you make adjustments to your rental pricing.
If the rent is set too high, you'll scare away renters. Your existing tenants may not want to renew their lease if there's a big rent increase. If it's set too low, you'll lose money.
Completing a market analysis will allow you to make an informed decision as you adjust your prices. Competitive pricing can give you an advantage, even in a saturated market.
Fill Your Vacant Long Island Rental Properties
Don't let your Long Island properties sit vacant. Instead, use these tips to attract renters to your rental properties. As your occupancy rate improves, so will your ROI!
Remember, you don't have to apply these strategies alone. Consider requesting property management services.
PMI Gold Coast Properties relies on state-of-the-art technology and 20 years of industry experience to enhance property values. We're the number one property management company (with the awards to prove it). Contact us for help filling your vacant properties!
