Over 10 million Americans are landlords and rely on a solid rental leasing strategy to grow their income.
Developing a plan can feel overwhelming, especially if you're a newbie, impossible to start. Luckily, once you understand the basics, you're guaranteed a great ROI on your property.
Sounds like your situation? No worries, we've got the answers you're searching for. Here are our favorite rental leasing strategies to boost your New Jersey rental property income.
1. Set the Right Rent Rate
The first place to start with your investment property is deciding on the right rent rate. Although you want to earn a healthy profit, don't set the price too high as it could deter potential tenants and increase the vacancy rate. On the flip side, you don't want to sell yourself short.
To find the right amount, analyze the current market.
Figure out how much similar properties charge and use that as a starting point. But adjust the price depending on the amenities or if you're in a great location. It would help to consider market trends, such as local developments, as it could impact the rent price.
2. Reduce Vacancies and Tenant Turnover
A successful leasing strategy prioritizes retaining tenants so the property is always occupied.
If you show tenants you value them, they are less likely to damage your property and will, hopefully, renew their lease. You can show you care by regularly communicating and acting on tenant feedback.
Many landlords offer incentives to keep tenants happy. For instance, offer a rental discount or a property upgrade if they stay for a specific timeframe.
3. Invest in Your Rental Property
Not only does regular property maintenance protect your investment and boost income, but it also shows you're attentive to tenants. It's difficult to stay on top of repairs alone, which is why you should work with a full-service management company as they have connections with local contractors.
To help your property stand out, set a great impression with curb appeal. Give your front door a fresh layer of paint, mow the lawn, and plant flowers to create an inviting outdoor space.
If you have the budget, invest in functional upgrades. For instance, replace your HVAC system with a more energy-efficient one or replace old light fixtures in the kitchen. The beauty is that upgrades needn't cost a fortune as even slight adjustments can elevate your property and make it more attractive to tenants.
4. Hire a Property Management Company
Hiring a property management company is another great way to improve your leasing strategy. Property managers can offer financial advice and help you keep the property well-maintained for tenants. This is a lifesaver if you aren't in the New Jersey area or oversee multiple properties.
Perfect Your Rental Leasing Strategy Today
Now that you have a rental leasing strategy, it's easier to know where to focus your efforts.
At CMS Property Management, we have years of experience managing properties in the New Brunswick area. Our property managers are here to protect your investment and keep your tenants happy.
If you're interested, contact us today to chat with a team member.