Have you invested in a rental property in San Diego? You're probably happy with your decision as the city has a large population and only a slight population decline - of less than 1%.
However, with so many Americans wanting to live in this great city, you'll have to make an effort to decrease your vacancy rates. You can't always expect potential tenants to come knocking at your door. Likewise, your best tenants might not renew their leases.
So how do you decrease vacancy rates? We'll show you the best rental leasing strategies to consider.
Here's what you should know:
Preparing Your Home
Your tenants will have a few expectations before they walk through the front door. Before you begin property marketing, you have to first prepare your home.
This will include making any necessary repairs and renovations. It might also mean updating appliances. Your tenants may ask how old your A/C unit is. Or they might want to know if you've made the switch to an electronic stove.
Take your time to make any changes. You can advertise these changes when you try to attract new tenants.
Price Accordingly
When potential tenants view your property listing, their eyes will wander to the rental fee before looking at anything else. This is where you can lose them if you're not careful.
You should conduct a rental analysis to determine what's the right price for your property. You'll have to charge a price that matches similar properties in your location.
If you wish to charge more, you'll have to offer more to your tenants. If your price is higher, make sure you discuss the premium amenities available within the first few lines of the listing.
Share Your Location
An underrated rental leasing strategy is to share your property's location and the benefits of the location. This is especially important for attracting newcomers to San Diego.
Often, your occupancy rate will fall once your tenants find a better property in a more desirable location. You'll have to share why your location is the ideal location for them!
For example, you'll want to share whether your property is near any exciting attractions. This is great if you want to attract students or young professionals.
If you want to attract families, you'll have to share if there are any schools or hospitals nearby. Promote the benefits of the location before you share your property's features.
Make sure you hire a property management company to help promote your San Diego home. This is a great way to take away much of the burden off your shoulders.
Succeed With These Rental Leasing Strategies
Now you know what rental leasing strategies to consider for your San Diego home.
Focus on preparing your home and sharing these upgrades on your listing. You must also price your property accordingly to reach tenants. Advertising your location also makes a huge difference. Don't forget to ask a property manager for help.
McLain Properties is one of San Diego's leading property management companies. With over 40 years of experience, we look forward to helping you find your dream tenants!
