The rental vacancy rate in Nashville, TN, is currently 7.9%, much lower than in 2010, but still higher than the national average. This is largely due to new residential construction projects.
If you're a landlord in Nashville and you want to compete with these shiny new units, you're going to need to get creative with your rental leasing strategies.
Keep reading for some innovative property marketing tips on how to decrease rental vacancy rates.
Figure Out What Tenants Want
Tenants will pay more for homes with features they want, and they're more likely to renew their leases when a property ticks their boxes. These are the top priorities for most tenants:
- Location close to work and schools
- Safety and security measures
- Parking
- Move-in-ready condition
- Upgrades like energy-saving appliances
- Open floor plans
- Outdoor spaces
While there's little you can do about some of the items on this wish list, you can highlight the ones that already apply to your investment property.
How to Attract Tenants With Online Marketing
Nobody drives around looking for 'for rent' signs on buildings anymore. If you want potential renters to find your property, you need to advertise it online, where 64.5% of the global population spends time looking for things they want.
Effective online advertising involves creating a property listing that stands out against the competition.
Professional photographs are imperative for showing off the home's appeal and will increase the likelihood of inquiries. A catchy title highlighting the unique selling point of your home is a good start, but you must follow it up with an alluring property description.
It's important to state the most important features of the property, such as the number of bedrooms and bathrooms, but you can also get more creative in your description.
Try to paint a picture of what it would be like for the prospective tenant to live there and help them visualize the experience.
Keeping the above list of desirables in mind, draw attention to the best features of your home. Be sure to mention any cost-saving attributes as well as features that make living in the home more convenient.
Search for online listing sites and post your advertisement on all of them. Social media is one of the most powerful marketing tools of the modern age; be sure to list your property on these platforms.
Don't let your social media listings go stale. Post regular updates about your home's most attractive features or nearby amenities.
Add Incentives for Tenants
Moving into a new home is an expensive undertaking. In this light, one of the most effective leasing strategies is offering a discount on your security deposit or allowing tenants to pay it over two months.
Other incentives include free parking or internet, vouchers for local restaurants and stores, and conveniences like a tenant portal.
The Easiest and Most Effective Rental Leasing Strategy
Teaming up with an experienced Nashville property management company is the best way to ensure ongoing rental income and happy tenants.
We can help you with extensive rental leasing strategies thanks to our comprehensive industry knowledge. Browse our blog for all the best landlord tips, or get in touch for assistance with marketing your investment property in Nashville, TN.
