What to Do if I Can't Rent My Property for the Amount I Want

Owning rental property can be a great investment but can also come with challenges. One of the most frustrating situations for a property owner is struggling to rent their property for the desired amount. Whether it's due to market conditions or other factors, there are several strategies you can implement to increase your property's appeal and achieve the rental income you want. Here are some practical steps to enhance your property's attractiveness to potential tenants.

1. Small Improvements to Make Your Rental More Attractive

Sometimes, minor upgrades can make a significant difference in attracting renters willing to pay higher rent. Consider making the following small improvements:

1. Pet-Friendly Features: Adding a pet fence or ensuring your yard is fully fenced can make your property more appealing to pet owners. Many renters are willing to pay a premium for a home that accommodates their furry friends.

2. Outdoor Amenities: Installing a carport or enhancing your outdoor space with a nice patio or deck can make your property stand out. These additions not only provide practical benefits but also create a more inviting living environment.

3. Smart Home Technology: Including wireless technology such as a Ring camera or a WiFi thermostat can add modern appeal to your property. These features not only offer convenience but also provide an added sense of security, which can be very attractive to potential tenants.

2. Flexible Leasing Options

Another effective strategy is to offer more flexible leasing terms. In today's fast-paced world, potential tenants might be looking for rental agreements that better fit their lifestyle and needs. Consider offering:

1. Short-Term Leases: Some tenants, especially those new to the area or on temporary work assignments may prefer shorter lease terms. By offering 6-month or even month-to-month leases, you can appeal to a broader range of renters.  Do consider the time of year that your lease will end though.  It’s always more difficult to find renters in November - January.  A lease that is up in spring or summer will usually attract more interest and therefore either higher rent, a quicker rental - or both!

2. Furnished Options: Providing a furnished rental can be a significant draw, particularly for those relocating or looking for a temporary living situation. A well-furnished property can command a higher rent since it eliminates the hassle and cost of moving furniture for the tenant.

3.  Competitive Pricing Strategy

Sometimes, the market conditions dictate the rent prices, and it can be challenging to achieve your desired rental income. In such cases, a competitive pricing strategy can help attract tenants while still ensuring a reasonable return on your investment.

1. Market Research: Conduct thorough research on rental prices in your area. Look at similar properties and see what they are charging. This will give you a realistic view of what you can expect and help you set a competitive price.

2. Incentives and Discounts: Offering incentives such as a discount on the first month's rent or waiving certain fees can make your property more attractive. These small financial perks can be the deciding factor for potential tenants who are on the fence.

4. Professional Property Management

If you're still struggling to rent your property for the desired amount, it might be time to consider hiring a professional property management company. These experts can provide valuable services that enhance your property's appeal and streamline the rental process.

1. Marketing Expertise: Property management companies have extensive marketing resources and experience. They can create professional listings, utilize various advertising channels, and highlight your property's best features to attract high-quality tenants.

2. Tenant Screening: Ensuring you have reliable tenants is crucial for maintaining your property's value and securing consistent rental income. Professional property managers have thorough screening processes that include background checks, credit reports, and rental history verification.

By making small improvements, offering flexible leasing options, employing a competitive pricing strategy, and considering professional property management, you can increase your property's appeal and secure the rental income you desire. Remember, the key is to stay informed about market trends and be adaptable to the needs of potential tenants. With these tips, you'll be well on your way to achieving your rental goals!