News platform The St. Pete Catalyst revealed that Tampa Bay is the best short-term rental investment market in the US, as there's persistent demand. This means that if you're a property owner in this city, you're sitting on gold.
But while demand for short-term rentals is high in Tampa Bay, that doesn't mean you're automatically immune to vacancies. There will be times when your units are unoccupied, so you should do your best to prevent this from happening.
In this post, we'll discuss rental leasing strategies that'll help you decrease property vacancy so you can maximize profits.
Highlight the Local Lifestyle
Tampa Bay is popular with tourists, and for good reason. It's got unique attractions, such as:
- Waterfront living
- Local festivals
- Proximity to beaches
In your listings, you should highlight all of the above. In addition, offer tours that emphasize neighborhood amenities, like the parks, restaurants, or cultural hubs.
Have Virtual Tours and Online Leasing
What if you aren't able to offer in-person tours to everyone? Then you should host virtual tours instead. This allows you to reach a broader audience and draw more renters in.
Use high-quality 3D tours and video walkthroughs to appeal to out-of-towners. You can also simplify the application and lease signing process by using digital platforms.
Be Pet-Friendly
Not all landlords allow pets on their properties since they can be a liability. But it's their loss; tenants who own pets and can't rent with them will come to you instead if you've got a pet-friendly property.
Take it a step further than this though. Highlight pet amenities such as dog parks and pet-washing stations. You can even waive pet deposits for those who are early lease signers.
Offer Incentive Programs
People can't resist a good deal, so one of our best leasing tips in Tampa Bay is to offer incentive programs. You can include move-in bonuses like a free month of rent or discounted amenities. Or during the off-season, you can run specials with competitive rates or perks to entice renters.
Consider partnering with local businesses for discounts. As part of our innovative leasing solutions, this tactic gives your tenants discounted things like gym memberships or dining vouchers, and local businesses get more foot traffic. It's beneficial for everyone involved.
Host Community Events
One of the best Tampa rental strategies is to host community events. This can showcase how close your renters are, and not only can it encourage them to stay, but it can attract new tenants too.
To show off your property, organize open houses with a local vibe. Hold workshops or meet-and-greets for prospective and current tenants to foster connections.
Boost Your Rental Leasing Now
Rental leasing optimization will always be something that landlords deal with. No matter how much experience you get, you'll have to be proactive about tweaking your strategies to suit the current market.
If that's too much for you, then get expert help. A property manager can handle the details for you, so you don't have to.
Get in touch with us now if you're interested in property management in Tampa. PMI Arrico Realty and Property Management offers a free rental analysis, so get yours today.
