So, you’ve listed your home for rent, put up the “For Rent” sign, and even staged it like a Pinterest ad. Yet, weeks have gone by, and you’re still staring at that empty living room, wondering if it might be more fun to turn it into a yoga studio or a shrine to all your favorite houseplants. Fear not! If your property is gathering dust instead of tenants, it’s time to roll up those sleeves and get proactive. Here are some practical steps to attract renters and make your home a hot commodity—without resorting to any drastic measures.
1. Assess the Competition
Before you start dropping your rent, take a good look at what else is out there. Check local listings to see what similar properties are renting for. Most important are the homes in your neighborhood. If a tenant can look on Zillow and see another home, same amenities, but $200 less…you’re going to have a hard time finding a tenant. After looking at nearby homes, make adjustments based on comparable size, condition, and amenities.
2. Decrease Rent Strategically
Okay, so you’ve assessed the competition and realized you might be pricing yourself out of the market. Consider a strategic decrease that still reflects your home’s value. A small reduction can entice potential renters without making you feel like you’ve given away your return on investment. Keep in mind that real estate is a long term game! Do the math: If you are losing $100 per month on rent, that’s $1,200 per year. If you have another month of vacancy, and your mortgage is $2,400, that’s twice as much as what you would lose just taking the rent down $100.
3. Offer Incentives
If lowering the rent feels like admitting defeat, consider sweetening the deal with incentives. A little creativity can go a long way. Here are some ideas to get you started:
Waive the First Month’s Rent: At the time of writing this blog post (October 2024), almost 40% of homes for rent are offering some kind of first-month discount. Let’s do the math on this again: if your home is going to sit vacant, why not get a tenant in there for the following month at the rent you want? The tenant thinks they’re getting a deal (they are) and you only have to eat one month of mortgages, as opposed to letting it sit vacant for months while giving no incentive.
Flexible Lease Terms: Life is unpredictable, and offering flexible lease terms can appeal to a wider range of renters. A six-month lease? Perfect for the transient worker or student.
Include Utilities: Bundling utilities in the rent might make your home more appealing, especially if it simplifies budgeting for potential renters.
Gift Cards for Local Businesses: Who wouldn’t want a gift card to their favorite pizza place or coffee shop? It’s a fun way to welcome tenants to the neighborhood and is cheaper than offering a full month off of rent.
4. Enhance Curb Appeal
First impressions matter! If your home looks like it’s been featured on a “How Not to Sell Your Home” list, it might be time for a little sprucing up. A fresh coat of paint, some vibrant flowers, or even just a well-manicured lawn can make a significant difference. After all, you want potential tenants to imagine themselves sipping coffee on the porch, not plotting their escape!
5. Stage for Success
If your home is empty, consider staging it. You don’t need to hire a fancy interior designer—just some smart rearranging and a few choice accessories can do wonders. There are actually companies that do this professionally and can help you out. Just Google it!
6. Upgrade and Repair
If your property is showing signs of wear and tear—cracked tiles, leaky faucets, or that one weird smell in the basement—it might be time to make some upgrades. It’s amazing how a few small repairs can make your home more appealing. And hey, you could even use this opportunity to make those upgrades you’ve been putting off.
7. Be Flexible with Showings
Flexibility is key. If you’re only available for showings during the middle of the workday, you might miss out on potential tenants who have jobs (weird, right?). Be open to evenings and weekends to accommodate different schedules. You never know—someone might fall in love with your place after a long day at work, while you’re just trying to keep your houseplants alive.
8. Consider a Property Manager
If all this sounds overwhelming, it might be time to enlist a property management company (wink, wink). A property manager can handle everything from marketing to tenant screening and maintenance. And on top of all that, we already know these tips and tricks and will use them to get your home rented!
Conclusion
Renting out your home isn’t rocket science—sure, there will be some challenges, but with a little strategy and creativity, you can find the right tenants in no time. Whether it’s adjusting your rent, enhancing curb appeal, or leveraging social media, each step you take brings you closer to that “Rented” sign on your front lawn. So, grab a cup of coffee, roll up your sleeves, and get to work. Your future tenants are just around the corner!
