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Phoenix, AZ, rental vacancy rates have been on the rise for most of 2024, thanks to increasing new construction in the downtown area. This increased availability gives renters more choices when searching for a home, forcing rent prices down and escalating competition in the city's rental market.
While this is good news for potential tenants, it's an area of concern for landlords hoping to maintain their profit margins. For landlords, property marketing is a key aspect of attracting tenants at any time, but it's especially important in a competitive market.
Read on to discover the secrets to attracting tenants to your Phoenix, AZ, rentals.
1. Offer Value for Money
Well-maintained homes with convenient amenities attract more tenants. A property manager or real estate agent can help you identify worthwhile additions to your home, like smart home systems, that are key to tenant attraction.
2. Get the Basics Right
If you have a vacant property, take this time to get up-to-date with any maintenance and repair issues or implement improvements during this dry spell. You can charge higher rents for homes in excellent condition, especially when you're competing against new construction homes.
Landlords who have tenants in place can encourage them to renew their leases by responding promptly to repair requests and sticking to a rigorous routine maintenance coordination schedule.
3. Consider Competitive Pricing and Incentives
A rental analysis can reveal fair rental rates for your area. By keeping your prices in line with local trends, you'll attract more tenants.
Incentives are a great way to stand out in a crowd during competitive times. Some ideas include:
- Reduced security deposits
- No tenant application fees
- A month of free or reduced rent
- Discounted access to nearby amenities
These initiatives will cost a little more upfront, but they're worth it to secure a long-term tenant and encourage lease renewals.
4. Master Real Estate Advertising
About 98% of apartment seekers start their search online, so it makes sense that most of your rental property marketing should be internet-based.
You can advertise your home for rent on various marketing websites, like Apartments.com, on your property management company's website, or on social media. Regardless of the platform you choose, you'll need an appealing property listing to support your efforts.
5. Create Compelling Listings
Great photographs draw attention to your rental unit, so it's worth hiring a professional photographer to assist with this. A property manager can help you craft convincing property descriptions highlighting your rental unit's best features.
These experts are also well-versed in selecting the best platforms for your target market, which will help you attract and secure good tenants who will see value in your Phoenix rental home.
Embrace Next-Level Property Marketing
Effective property marketing takes time and skills that busy landlords might not have. Hiring an expert is the best way to maximize this part of owning a rental property.
Property Management Real Estate Services, Inc. stands out for our commitment to customer service, outstanding local market knowledge, and cutting-edge technology.
We can assist you with every aspect of property management in Phoenix, AZ, from landlord marketing tips to encouraging lease renewals. Let us help you find and retain tenants for your investment property today.
