While there's been a slight population decrease, San Diego is still a great city to live in. If you've invested in a rental property in the city, then you've certainly made a wise investment.
However, you may still struggle to find tenants. At worst, you'll have prolonged periods of vacancy. So, how do you find long-term tenants for your rental property?
This guide will show you some of the best creative rental leasing tips to decrease your vacancy rates.
Here are the leasing strategies to follow:
Charge the Right Price
While you might want to maximize your rental income, you might be overcharging your tenants. You should conduct a rental analysis to determine the value of your property.
If you charge an appropriate price, you'll automatically receive more requests for property viewings. If you charge reasonable prices, you can expect your tenants to renew their leases.
If you wish to charge higher prices, you'll have to offer additional amenities and services to your tenants. Make sure you advertise these amenities/services in your rental property advertisements.
Find the Right Tenant
Often, the reason you have high vacancy rates is because you aren't seeking the right tenants. Take your time to interview several candidates before settling on one.
It isn't enough for your tenants to pay the rent each month. There are other factors to consider when looking for potential tenants.
These include:
- Do they keep your property well-maintained?
- Do they have a record of being compliant with landlord-tenant laws?
- Do you feel comfortable working with them?
- You can view them as you would any other business client
- Do they have good references from previous landlords?
The simplest way to ensure fewer vacancy rates is to find the perfect tenant from the start!
Promote Your Location
Tenants aren't only concerned with the property. They also want to live in a particular location within San Diego. To ensure lower vacancy rates, you must promote your property's location as much as the property itself.
For example, is your property near La Jolla? How far is it from the international airport? What schools, hospitals, restaurants, shops, etc., are nearby?
You can often find tenants based on your location. After they find their dream location, then you can promote the benefits of your specific property.
Of course, this all sounds rather challenging, doesn't it? Luckily, you don't have to do everything on your own. Landlords can hire a property management company to find tenants and work to decrease potential vacancies.
Follow These Rental Leasing Tips
Now you know the ideal rental leasing tips to decrease vacancies for your San Diego property.
You should start by conducting a rental analysis to charge reasonable prices. Make sure you take your time to screen tenants. You must promote your property's location as a way of standing out.
Investment Safe Property Management is San Diego's best option for new and experienced landlords. We've received several positive testimonials over the years, and we're sure we'll be able to help you!
Contact us to learn more!