According to RentCafe's study, the rental vacancy rate in Salt Lake City is 8% in 2024. So how do you keep your properties filled and maximize rental income?
It's important to incentivize renters while remaining competitive, and knowing where to begin can make a huge difference. Today we're taking a closer look into five creative rental leasing strategies tailored to Salt Lake City!
1. Offer Flexible Lease Terms
Offering shorter lease agreements can appeal to renters who are not ready to commit to a full year. It can be particularly attractive in a city like Salt Lake City, where the rental market can fluctuate due to seasonal demand or student needs.
Month-to-month leasing options provide flexibility for both tenants and landlords. The arrangement is ideal for renters who may be in Salt Lake City for a temporary job or are unsure about their long-term plans.
2. Virtual Tours and Online Marketing
Many people searching for Salt Lake City rentals prefer to see a property before visiting in person. By offering virtual tours, you can give them a clear view of what your property has to offer, increasing their interest.
Online marketing plays a vital role in getting your property noticed. It's not just about listing on rental websites but also about making sure your property stands out.
High-quality photos, detailed descriptions, and active engagement on social media can help attract more applicants. When you combine virtual tours with effective online marketing, you create a powerful tool for reducing vacancies and keeping your rental properties occupied.
3. Enhance Curb Appeal
Simple upgrades like fresh paint, well-maintained landscaping, and clean, inviting entryways can create a more appealing environment. These details help potential tenants visualize themselves living there, making them more likely to choose your property.
Inside the property, make sure everything is clean and in good condition. Small touches, like new fixtures or updated appliances, can make a space more attractive.
By investing in the appearance of your property, you create a positive experience for prospective tenants.
4. Target Niche Markets
Instead of trying to appeal to everyone, consider targeting specific groups like students, young professionals, or pet owners. There are several universities in Salt Lake City, so attracting students with affordable, well-located rentals can keep your units filled.
For young professionals, highlighting modern amenities, proximity to workplaces, or social hubs can make your property more appealing. Pet owners often struggle to find pet-friendly rentals, so offering pet accommodations can set your property apart.
5. Offer Incentives and Promotions
Offering incentives and promotions can be a strong way to attract tenants and reduce vacancies. Consider providing move-in specials, such as discounted rent for the first month or waiving certain fees.
Referral bonuses can also encourage current tenants to recommend your property to others, helping you fill vacancies faster. When people know they can save money or receive a benefit, they're more likely to act quickly.
Better Rental Leasing
Reducing vacancies in Salt Lake City requires a thoughtful approach to rental leasing.
Envy is a full-service rental property management company, serving a variety of counties in northern Utah. We're originally investors, so we do property management from a customer service approach. We focus on utilizing technology and systems to create efficiencies and build lasting relationships with investors and the tenants they place.
Find out how we can help your property!
