According to Virginia REALTORS, rental vacancy rates in Richmond, VA, increased to 8.7% in Q4 2023 from 6.9% in the same quarter of 2022. It's considerably higher than the statewide average of 6.4%.
If you're also having difficulty getting tenants into your Richmond rentals, it may be time to rethink your property marketing strategies.
Luckily, you've landed on the right page. PMI Glen Allen's team of property management experts has shared tenant attraction strategies and real estate marketing ideas in this guide, so read on.
1. Increase Tenant Interest With Pet-Friendly Policies
According to Multifamilydive.com, almost six in ten renters are now pet owners. The site also pointed out pet-owning renters filter their searches to pet-friendly rentals.
So, if you don't allow pets on your property, you're missing out on many prospective tenants. Such tenants are typically willing to pay a higher rent so they can live with their furry family members. They're also generally more responsible because they know finding rental housing that accepts pets can be challenging.
All those should be good enough reasons to market your Richmond property as pet-friendly. It can help boost rental property appeal to current pet owners and those who aren't yet but plan to get one soon.
2. Offer a Move-in Special
A move-in special can be a temporary rent decrease or a one-time big-time discount to attract new tenants. Most people want to save as much as possible, especially during economic instability. For this reason, they're more likely to jump at a property expertly marketed with a move-in offer.
If you offer a move-in special, ensure its value aligns with the lease length to prevent you from losing too much income. For example, a one-month free rent promotion is okay, provided the tenant agrees to a 12-month lease. However, if it's for a shorter lease, it's best to offer a smaller discount (e.g., a $50 discount for the first two or three months).
3. Start a Tenant Benefits Program
As Richmond's rental market is competitive (a reason behind its high vacancy rates), offering something that tenants will consider as an added value can make them more likely to choose your rental over their other options. A perfect example is a tenant benefits program or package.
When creating the program, consider including perks with actual benefits and uses. For instance, an online portal lets renters conveniently pay online and file property maintenance requests. Other ideas include a cost-saving HVAC filter delivery service, a one-time late fee waiver, and a one-time complimentary house key replacement.
Avoid Vacancies With Effective Property Marketing
Implementing a pet-friendly policy, offering a move-in special, and running a tenant benefits program are some of the most effective rental property marketing strategies. Use one (or all) of them to help make your Richmond property more attractive to potential tenants.
Or, better yet, consider partnering with our full-service property management firm, PMI Glen Allen. With our state-of-the-art technology and real estate expertise, we can market your property to a broader pool of applicants and place tenants within 21 days. We can also take over all other tasks to manage your rental, such as rent collection, property maintenance, lease enforcement, and eviction protection.
Call us today and request your complimentary property analysis!
