The average vacancy rate for apartment buildings in Metro Portland has increased from 5.5% to 6.2%. However, rents rose slightly as demand cooled.
That won't attract new renters. Without the right leasing strategies, your Portland, OR rentals could remain empty.
You'll lose thousands in potential income without the right rental vacancy solutions. Read on for the rental leasing strategies you need to boost your occupancy rate and profitability!
Update the Rental Property
Potential tenants won't give your rentals a second glance if they're crumbling or lackluster. Invest in providing renters with appealing amenities and property upgrades. Effective upgrades include:
- Smart home technology
- New floors
- Energy-efficient windows
- New kitchen appliances
- Fresh paint
- New kitchen cabinets and backsplash
- Lighting changes
- Improved curb appeal
Consider creative rental ideas like recycling, green spaces, lounge areas, or a media room. Talk to your tenants. They can recommend amenities and upgrades they already want.
Appealing to their needs can lead to more lease renewals. You can retain renters while attracting new ones.
Leverage Digital Marketing
Reduce vacancy rates by developing ongoing digital marketing campaigns. Leverage cost-effective, results-driven strategies like:
- Search engine optimization (SEO)
- Content marketing (including videos)
- Social media marketing
- Email marketing
- Paid advertising
SEO will help your online listings rank higher on search engines. Optimize your listings using location-targeted keywords. Personalize your content to appeal to Portland renters.
When optimizing your listings, add engaging, thorough descriptions. End the listing with a compelling call to action to generate leads.
Strengthen your digital marketing campaigns with compelling videos and visuals. For example, you can create a virtual tour to show off the property.
Offer Flexible Lease Terms
Your current lease terms may not appeal to every Portland renter. Expand your tenant pool by offering flexible options. For example:
- Monthly
- One-year
- Two-year
To generate more applications, offer move-in incentives. This includes storage options, a free month of rent, or parking options.
Complete Maintenance
Don't neglect your beautiful investment properties (or tenants). Instead, make it easier for tenants to submit maintenance requests. Give them access to an online portal.
Get ahead of maintenance projects by scheduling routine inspections. Addressing problems quickly will lead to higher tenant satisfaction rates.
Create a Referral Program
Your current tenants can help you find new renters. Develop a tenant referral program. Offer a reward for each new renter a tenant sends your way.
These incentives can include rent discounts, gift cards, or access to exclusive amenities.
Hire a Property Manager
Instead of applying these rental vacancy solutions alone, outsource. Hire a full-service property management company. Their services can increase tenant satisfaction rates.
Their property management tips will help you operate more efficiently, so you can save time and money to improve your ROI.
Rental Leasing Strategies for Portland Owners
Neglecting these rental leasing strategies could keep you from reaching new tenants. Instead, start leveraging these effective rental vacancy solutions. With these tips, you can improve your occupancy rate and ROI.
Remember, you don't have to do it all alone. PMI Bridgetown is part of a fast-growing property management franchise. We've been perfecting the industry for nearly 20 years.
Trust our award-winning services, proven strategies, and state-of-the-art technology. Contact us now for your free rental analysis.
