While the winter is the season of holiday festivities, celebration, and joy, unfortunately, it is not the high season for finding new tenants. That’s why most landlords try to avoid signing leases that end during the winter months. Unfortunately for landlords, sometimes things happen that you can’t plan for that cause vacancies like evictions or emergencies.
The following are some tips to fill a vacancy with the ideal tenant during these dry times of the year.
Captivating Curb Appeal
If you are having trouble filling a vacancy, this can be an excellent time to make lemonade out of lemons. Using this time to re-paint a wall, work on sprucing up the yard, or make repairs can help with the curb appeal of a property. This is an easy and affordable way to encourage potential renters to become tenants.
During warmer months, it is easier to get by filling vacancies without going the extra mile, but during the winter months, you have to get creative in order to get to 100% capacity.
Creative winter incentives include:
- Lower rent overall
- Free utilities
- Gift cards
One significant barrier for renters is the landlord’s pet policies. It is reasonable not to allow just any potential tenant to bring an animal with them. Although, if you are flexible enough to allow the right tenant to have an animal, you can fill vacancies much faster.
Another benefit that can help fill vacancies is being flexible with your term lengths. This is a win-win because if you sign a tenant to a typical 12-month lease, then you will have the same issue next December. If you can be flexible with your term lengths, this can time the lease to open up in the summer or spring along with your other leases at a time when demand is high.
If you have tried incentives and flexible terms and haven’t been able to fill vacancies, it might be time to turn to professional help. A property manager works with both tenants and property owners to pair them together based on their needs. While a property manager does manage a property and collect a fee for doing so, they may be able to fill a property much faster than you can.