The average rent of a one-bedroom apartment in Idaho is $1,059 as of 2023. Studios cost less but three-bedroom units average $1,841 monthly.
As rent prices increase, landlords experience bittersweet feelings. Higher rent means increased rental revenue. However, it also makes it more difficult for tenants to pay their rent.
The housing market in 2023 is tough, even with property marketing. As a result, you might have trouble finding tenants.
What can you do to attract more tenants in this market? Keep reading to learn some tips that might help.
Hold Off on Rental Increases
While prices continue to rise in the rental market, you may need to hold off on rental increases. Rent is already higher than usual, which makes it tough for people to afford.
When people have affordable units, they might stay living there. Therefore, avoid major rental increases to prevent losing tenants. You might also attract new tenants by offering competitive pricing.
Incentives work in most industries, including the rental property industry. Incentives are small things you do that encourage people to rent from you.
For example, you could offer a move-in special to new tenants. This could be half off the first month's rent or a reduced price for certain units. You could also offer gift cards or club memberships to new tenants.
Additionally, offer incentives to current tenants when they consider moving to new units. You can likely keep more current tenants if you offer them something.
Provide Great Units and Management
In a tough real estate market, you must stand out. One way to do this is through excellent services and properties.
First, care for your rental properties. Go the extra mile when it comes to maintenance and repairs. Keep your units updated and in great condition.
Secondly, provide excellent services. When tenants need something, provide it. When they call for repairs, send someone quickly.
Your tenants will be happier with quality units and services. But you might also attract more people to your properties when they hear about the quality.
Marketing with thorough and effective strategies is also key. You can do this yourself or hire a full-service property manager for help with marketing.
Marketing has several goals. The primary one for a rental property business is to keep your units occupied with great tenants.
You can use various forms of marketing to do this, including social media marketing. At least 72% of people use social media platforms regularly. This means you can reach a large audience through this method.
You can also hire a marketing company for help. However, this is a costly route. It might be less costly to hire a property management firm for help.
Hire a Company for Property Marketing
You can hire a property management company to handle your property marketing. Property managers are great at marketing rental units and may help you find the best tenants.
Do you need assistance or advice in Teton Valley, ID? Contact us at PMI Grand Tetons. You can reach us at (208)970-2460 to learn more.