As inventory levels rise and the economy teeters on the brink of recession, many real estate investors are pondering their next moves. While opportunities are likely to become available in the next phase of the cycle, one of the most important things investors can do right now is ensure that their occupancy is as high as possible. With potential layoffs ahead, it’s important to attract quality tenants and serve them well to maximize your investment potential in a changing environment.

There are several factors that affect occupancy: rent rate, condition, marketing, responsiveness, and they all have an effect on the other factors. Perhaps the most important is condition, as it affects how much rent you can charge, how quickly the unit will turn over, and your long-term prospects for rental income. If you’re looking to increase occupancy at your rental property, here are some tips to make your rental stand out over the competition.

Invest in quality finishes: One way to make sure your rental stands out is to upgrade the finishes. This includes things like countertops, appliances, and fixtures. Not only will this make your rental more attractive to potential tenants, but it will also increase the rental rate you can charge.

Make sure the property is well-maintained: Another important factor in making your rental stand out is to ensure that it is well-maintained. This includes regular cleaning, landscaping, and repairs. Tenants are looking for a rental that is in move-in condition and will be easy to take care of.

Marketing is another component that dramatically affects occupancy. If you’re not marketing your rental property effectively, you’re likely missing out on potential tenants. Make sure you’re using all the channels available to reach potential renters, including online listings, social media, and word-of-mouth.

Finally, responsiveness is key to keeping occupancy high. If a tenant has a maintenance request, make sure it’s addressed in a timely manner. If there’s an issue with the rental, be proactive in communicating with the tenant and resolving the issue. Tenants want to know that their concerns will be addressed quickly and efficiently.

By following these tips, you can make your rental stand out in a competitive market and keep occupancy high. By attracting quality tenants and serving them well, you can maximize your investment potential in a changing rental market.

Of course, you can always hire an amazing property management company, like the one that wrote this blog, and they’ll ensure your investment reaches it maximum potential while allowing you to stay hands off. If you’re interested in learning more about our services give us a call at 469-649-7666 today!