How to attract tenants in a tough rental market

How to attract tenants in a tough rental market

You’ve read the headlines – we are in the midst of a mass tenant exodus. The coronavirus (COVID-19) pandemic and its economic consequences have forced renters across Australia to pack up and vacate in the hopes of securing a more affordable housing solution. The rental market is tough, and those left with empty properties are undoubtedly feeling anxious.

Here are six tips that’ll help you attract tenants during this time of uncertainty.

tough rental market

1. If it isn’t too late, encourage existing tenants to stay

If your tenants haven’t yet moved out but have made their difficult financial situation known, your best bet is to encourage them to stay – especially if they are good, long-term tenants with an excellent track record.

Negotiate with your renters. Aim to find a solution that benefits the both of you, whether that be a rent reduction or temporary payment deferral. Find out more about working with existing tenants during COVID-19 here: How to be a good landlord during coronavirus.

2. Set the correct rental price

Many landlords are offering up significant rental discounts in a bid to attract tenants to their properties. While this may not be necessary in your area or for your property type, it is essential to set an asking price that matches current market conditions. Some experts predict rental prices to drop 10 per cent, and it’s worth spending some time researching other available rentals.

3. Make adjustments to the terms of the lease

Attracting quality tenants in a tough rental market might mean adjusting the terms of your lease. For example, you might offer a longer lease term, accept pets, cover services like garden care, or be more flexible with other conditions.

4. Pay attention to presentation

Your online property ad is your opportunity to make a first impression. The photos and words you use can be the difference between securing excellent tenants right away and grappling with a vacant property long-term. Invest in high-quality images that showcase the best your property has to offer and take the time to learn how to write an effective rental property ad.

Where you advertise your rental counts, too. Avoid unregulated marketplaces and social media platforms, as these may attract the wrong kind of tenant.

5. Enhance the value of your property

What changes can you make that’ll give your rental an edge over the competition? Maybe a fresh coat of paint or a new dishwasher. Perhaps you could invest in a bit of landscaping. If there is anything you can do to enhance the value and attractiveness of your property, do it. It’s a renters’ market, which means property owners have to go the extra mile.

6. Don’t sacrifice quality

You might be desperate to get a paying tenant in, but that doesn’t mean you should forgo all quality check procedures. A nightmare tenant is worse than no tenant at all. Check references, ask the right questions, and even use a tenant database to weed out opportunistic renters that won’t care for your investment. You can read more about screening tenants here: 5 tips for selecting and keeping good tenants.

Find tenants now

Creating a rental property ad is the first step in finding quality tenants in a tough market. Get started with RentEzy now and reach renters looking for a home today.

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