Are you wondering why you seem to be losing the battle trying to rent out your Massachusetts apartments? Do you feel like all your potential tenants are opting for other locations instead of yours? You might want to take an inventory of what you’re offering in relation your competitors in the rental market. There may be some tweaks you can complete to make your apartments more desirable. Here are a few ways to minimize apartment vacancies:
First Impressions Matter
It’s all about curb appeal! You don’t want a potential renter taking one look at the building and walking away. That’s why presentation is so important and is therefore one of the first ways to minimize apartment vacancies! What can you do to enhance the curb appeal of your property? Does it need a fresh coat of paint? Is it time to pressure wash the brick façade? Can you do some landscaping to spruce up the yard? Do you need to add more exterior lighting? Take a walk down your block and pretend that you are looking for an apartment. What do you see that appeals to you? Make sure your building matches that impression.
Time for Updates?
The same concept applies to the interior. More than likely, if your exterior needs work, you’ll probably want to make some updates inside as well. Do the appliances need an upgrade? Are you up to code in regards to fire and carbon monoxide detectors? What condition is the flooring? Do you need to replace old carpeting or refinish the hardwood? Promptly address these repairs and issues. Remember, sometimes all you need is a fresh coat of paint and a professional cleaning to work wonders!
Keep it Clean!
Speaking of cleaning…this should be one of your top priorities! Even if the apartment is a little dated, the difference between a clean space and a dingy one can make or break a deal. No one wants to move into a dirty place. Even if your rental property has the latest and greatest, if it is dirty and/or in disarray, it’s a deal breaker.
The Price is Right?
Perform some due diligence and check competitors’ pricing in the rental market. How is a similar apartment priced? Are the amenities the same? Is there a washer/dryer in the unit or access to one in the building? What utilities are included? Is parking available? Pets allowed? Pricing correctly is one of the major ways to minimize apartment vacancies. Make sure the price you are listing is commensurate with the apartment’s value/condition.
Another great way to minimize apartment vacancies is to offer incentives. You can sweeten the deal with offers like an early payment discount, flexible lease terms, waiving or requiring only a partial security deposit, even online rent payments. Often, these incentives provide the extra push needed to seal the deal.
Summary of Ways to Minimize Apartment Vacancies
It’s important to understand the mind of the renter when listing your apartment. Location, curb appeal, price, cleanliness, and incentives all come into play. We hope this list of ways to minimize apartment vacancies is a helpful tool and will aid in the signing of many a new (or renewed) lease(s) for your rental apartments in Massachusetts! For additional assistance with this and other property management topics, give us a call. We understand the many intricacies and minimizing vacancies and maximizing your profits.