In 2023, many Tampa Bay landlords struggled to attract renters. In fact, this area made the list of the top 20 U.S. cities with the highest vacancy rates.
Needless to say, a high vacancy rate is a major financial risk. For starters, any lapse in occupancy will interrupt your cash flow. It may also lead to hard decisions, such as deciding whether or not to cut your utilities.
The good news: reducing your vacancy rate in Tampa Bay isn't as hard as it may seem. Here are some rental leasing tips all landlords should consider!
Offer Competitive Rates
Pricing a property is a lot like pricing any other product. Imagine shopping for bread at the store and seeing two similar loaves at $2 and $4. Since there's not much to separate them, you'd likely opt for the cheaper loaf.
The same rule applies to the rental industry. If your rental rates aren't competitive, your tenants will go elsewhere. Research the Tampa Bay rental market and invest in a rental analysis to establish your rate.
Take Tenant Screening Seriously
Bad tenants are among the biggest rental property risks a landlord can face. To avoid evictions, find reliable tenants who'll take care of your unit and want to stay long-term. Your screening process should include these steps:
- Set minimum applicant requirements
- Run credit and background checks
- Verify their employment and income
- Ask for and check references
Offer Flexible Lease Terms
For most renters, life won't always go as planned. In this situation, having a flexible landlord can do a lot for their comfort. Offering short-term lease agreements or month-to-month leases can make a big difference.
Keep in mind that this shouldn't be a standard practice. In general, the best way to decrease turnover is to lock in tenants long-term. Still, if a tenant is reliable, it may make sense to allow them to buy some more time.
Use Move-In Incentives
Many leasing management strategies involve using move-in incentives. The key is to pick incentives that entice renters without hurting your bottom line. Some time-proven move-in incentives include:
- Free month of rent
- Reduced security deposit
- Waived application fees
- Valuable amenities
Respect the Tenants' Privacy
Another way to avoid vacant rentals is to respect your tenants' privacy. In Florida, you must provide a 24-hour notice before inspecting a property. However, there's no limit to how often you can do it.
In these circumstances, your tenants will be grateful if you consistently honor their privacy. Doing so shows professionalism, maintains trust, and sets the stage for a positive relationship.
Get Help With Rental Leasing in Tampa Bay!
As you go through this guide, reducing vacancies can start to seem like a full-time job. And in a way, it is! Beyond following these tips, you'll also need to manage your property, collect rent, and do a lot more.
At PMI Tampa Bay, we can take some of that load off your plate. We offer a full suite of management services, from marketing to evictions. At this point, we're managing residential properties collectively worth over $5 billion!
Contact us here to learn more about our rental leasing strategies.
