Occupancy rates have decreased in California throughout 2023 as landlords turn to rent concessions to attract new tenants. This includes things like discounted rent or waived pet fees. The issue worsens as more people struggle to afford rent for certain properties across the state.
Utilizing tried and true property marketing strategies is the key to fighting increasing vacancies. You can't assume that your properties will fill up over time on their own. As the landlord, it's your job to put yourself in front of potential renters.
Here are some tips for how to find tenants for your rental property in Redwood City.
Identify Factors That Affect Demand
The first step to property marketing is to identify the variety of different factors and elements affecting demand in your area.
For example, take into account proximity to a university or college. If you own property near a college, you'll have an easier time renting out a place with multiple beds and baths for more affordable rates. You'll have trouble finding renters for single-bedroom luxury condominiums.
Homes for rent will have fluctuating demand based on various factors. Are they close to a school or grocery store? Is there a crime problem in the area?
Included amenities are a great way to attract potential tenants. Renters love easy access to things like laundry rooms and 24/7 security.
Market to Ideal Tenants
Another consideration when creating a marketing plan is to focus on certain prospective tenants. What makes for a good tenant is solid credit, a reliable income, a good rental history, and cleanliness.
On top of that, you should consider factors like their potential lifestyle, family size, and what they may look for in a rental property.
If a rental unit has multiple bedrooms, then it may be best to market to either students or families. A unit in an upper-class area needs tenants who can afford rent and the lifestyle that comes with the property.
Improve Your Property Listing
For most people, your property listing will be the first point of communication with you as a landlord. This listing should tell them all the important details to generate interest. At the same time, you don't want to overload them with too much information.
Finding a balance is tricky, which is why it's important to track things like clickthrough rates on your listings and how many applications a listing created.
If you're struggling with this, don't be afraid to reach out to a local property management company. They have the experience to know what generates interest in a property. You can also expect them to handle things like tenant background checks and property maintenance.
Property Marketing Made Easy
The problem with property marketing is that marketing experience isn't a requirement to become a landlord. As such, many property owners will struggle to find new tenants to fill their vacancies without help.
PMI Redwood Realty can help by providing full-service real estate asset management as well as commercial services in Redwood City. We have nearly 20 years of experience serving San Mateo County and its surrounding communities. Contact us today to schedule a free consultation and learn more.
