Summer tends to be the busiest stretch of the year for owners of rental properties. Yet summer can present valuable chances for owners aiming to optimize or expand their rental holdings. As demand for rental housing climbs during summer, competition for quality tenants tends to rise right along with it. That can translate into longer vacancy stretches and diminished annual income. Shortening vacancy periods calls for the right preparation, smart planning and marketing, precise pricing, and a streamlined leasing process. Keep reading for our top summer leasing tips to help reduce vacancy issues and keep your cash flow growing.
Every Empty Day Impacts Your Bottom Line
As experienced owners understand, vacancies can substantially impact how profitable a rental property is overall. There’s not just lost rental income at stake, but also increased expenses and a reduced return on investment. Vacancies that catch you off guard can also wreck a property’s operating budget and delay planned improvements.
Vacancy costs add up and can spell trouble for your bottom line. Given this, minimizing vacancies for your rental property is a worthwhile goal.
Start Preparing Before the Property Becomes Vacant
Getting ready in advance is one of the smartest ways to reduce vacancy time during peak season. The moment a tenant announces they’re moving out, it becomes a race to organize and complete an efficient turnover. While respecting your current tenant’s space, you can still take some steps before they leave to get ahead on re-leasing the property. This includes:
- Getting property inspections scheduled ahead of time
- Creating a list of needed maintenance and repair items
- Preparing for repairs early, including researching service technicians and vendors
- Scheduling and organizing professional cleaning
- Bringing marketing materials up to date
Updated property condition data combined with a clear turnover task list can help shorten the gap between tenants.
Price Your Rental Strategically
Reducing summer vacancies also depends heavily on keeping your property competitively priced. An accurate rental rate is one based on a recent comprehensive local market analysis. If it’s been six-plus months since your last market analysis, or you’ve never done one, plan to complete a new one before your tenant moves out. Overpriced rentals, in particular, risk unwanted vacancies even during the height of the season. The correct rental rate, however, attracts stronger applicants and helps your property lease as quickly as possible.
Invest in High-Quality Marketing
Professional-quality marketing materials are critically important for reducing vacancy time, especially in competitive, peak-season markets. Renters these days expect detailed information up front, before ever visiting the property in person. They also want the option to search for and research rentals online and on mobile. For these reasons, an effective marketing strategy for any rental property should include, at a minimum:
- Professional-grade photos
- Comprehensive property write-ups
- Interactive virtual tours
- Listings that work well on mobile
- Wide online visibility
Outdated or low-quality marketing materials call for advance planning to get updated photos and video walk-throughs as soon as possible. One great place to start is confirming your curb appeal is sharp, including tidy landscaping, clean walkways, and appealing flowers. Visually attractive properties, along with quality marketing materials, generate more interest and inquiries. Both tend to lead to quicker leasing results.
Streamline the Application and Screening Process
A streamlined screening process for applicants is another key factor in cutting down vacancy time during peak season. Since most renters today expect online or tech-based applications and communication, it’s worth investing in a platform that fits your needs. Whichever approach you take, prioritize fast responses to tenant inquiries. In peak season, prospective tenants are typically inquiring about multiple properties at once. Because of this, a prompt response can make all the difference.
Once applicants are ready to move forward, your application, screening, and lease prep process should already be organized. A professional property manager can be especially useful when it comes to this part of the process. The most skilled professionals use proprietary technology to create a smooth process for owners and applicants, keeping vacancies low.
Focus on Resident Retention
Of course, focusing on solid retention strategies is one of the best ways to avoid vacancies altogether. Retaining a good tenant is much better for your bottom line than pushing for a turnover. Arguably, the most critical part of retention is year-round property care through responsive maintenance, positive ongoing communication, and fair renewal terms. When a good tenant is content in their home, they’ll usually help maintain the property and keep your income steady year-round. That’s much preferable for any investment property compared to frequent turnover.
Systems and Expertise That Deliver Results
Cutting down on rental vacancies can require significant time and effort. For this reason, many owners choose to work with a professional property manager. There are numerous benefits to this choice, including what a property manager can provide, such as:
- Ongoing market analysis and trend tracking
- Accurate, data-driven rental pricing
- Skilled marketing and advertising support
- A smooth, streamlined screening process
- Professional handling of lease preparation and execution
- Communication with tenants
- Coordinating tenant turnovers
- And additional benefits!
Just having a local expert on your team who’s ready to manage the hard work during peak season offers tremendous value. A skilled property manager can also deliver unexpected benefits, including property optimization and portfolio growth.
Hoping to reduce vacancy time and maximize your rental income this summer? Contact us today, or check out Real Property Management Unity at Chesapeake to learn how our local market expertise, proven marketing strategies, and full-service property management solutions can help keep your rental property occupied and performing at its best.
This content is provided for general informational and educational purposes only and does not constitute financial, legal, tax, or investment advice. Readers should consult with licensed professionals regarding their specific circumstances.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
