According to the Luxury Playbook, the San Antonio, TX rental market has low vacancy rates, and it currently stands at 4.2%. While this is a slight decrease from 2023, you can always do better to keep money in your pockets.
Of course, attracting and retaining renters is a complicated matter. You may need some outside help, especially when it comes to leasing strategies in San Antonio.
In that case, keep reading. In this article, we'll outline key rental leasing approaches you can use to reduce rental vacancy.
Flexible Lease Terms
No one likes being locked into contracts. Even though it's more secure for you as a landlord, it's better if you offer flexible lease terms instead.
For example, you can have short-term, month-to-month leases, or you can have seasonal ones. Both will attract diverse renters, including military personnel and students. They may even appeal to professionals moving for work.
Specialized Incentives
When it comes to creative leasing solutions, specialized incentives are always bound to work. Considering that rent can be expensive, tenants appreciate saving money in any way possible.
Appeal to a wide audience by providing move-in specials. Ideas include:
- A month of free rent
- Discounted security deposits
- Gift cards
Make sure you highlight these offerings in areas popular with military families or university students.
Pet-Friendly Perks
Around two-thirds of American households have pets, so most renters you'll run across will be animal lovers. Most landlords don't allow pets since they're added liabilities, but this is where you can stand out.
Not only should you allow furry friends, but you should also make your property as pet-friendly as possible. Some ideas here are:
- No-pet-rent deals
- Pet-welcome packages
- Pet-friendly amenities (e.g. dog parks and washing stations)
Having pet-friendly perks can encourage current renters to renew their leases too. This will decrease vacancy even further, and it'll help you save money too, as you won't have to market your property and screen tenants as much.
Local Partnerships
Forming mutually beneficial relationships with the community can pay off for everyone in the long run. So partner with local businesses, gyms, or restaurants to offer tenant discounts.
Promote these partnerships to increase your property's appeal. Not only will renters enjoy a community vibe, but they'll benefit from nice discounts and local businesses will get more traffic too. It's a win-win situation!
Use These Rental Leasing Strategies
If you've been wondering about how to increase occupancy rates, then use the above rental leasing strategies. In such as competitive rental area, every action counts, so make wise moves.
To ensure you stand out against other landlords, enlist the help of a property manager. They'll have years of knowledge and experience, which they'll use to make your rental the most attractive one. Plus, they offer other services such as tenant screening and rent collection, so you don't have to deal with these mundane tasks.
Contact us today if you'd like some help from an expert San Antonio property management company. PMI Navigate offers free rental analyses, so get yours now!
