Living in Boise is a one-of-a-kind experience. Staying here gives you a free ticket to enjoy the scenic and wondrous mountain range of the Rocky Mountains. In addition, you can also delight yourself with other natural beauties, thanks to its numerous hills, lakes, rivers, streams, and trails.
Apart from these magnificent gifts from nature, Boise is also a flourishing city scene. In fact, it is the most populous city in Idaho with an estimated population of 235,421 in 2023, according to the United States Census Bureau.
All of these contribute to naming Boise as one of the fastest-growing cities in the US. This also leads to the evolving housing market of the city.
But as you know, when an area experiences rapid growth, housing prices can also go up due to economic development, inviting more people to move into the city. This in return would result in increased housing demands and limited housing supply.
Fortunately, this occurrence creates a silver lining for landlords like you! Wondering how?
When home prices go up, people who are planning to buy a new home usually have a change of heart. They decide to find rental leasing instead of owning a home. In turn, this makes more people want to rent houses, which is great for your business.
Now, the real challenge for you as a landlord in Boise is how you can attract and keep tenants in your rental homes.
But, don’t stress out! We've got you covered! Below are some of the tips and tricks on how you can lower vacancies in your rental leasing in Boise.
1. Engage Your Tenants in Various Community Initiatives
Having an enjoyable conversation during the day with someone brings happiness to anyone. You can create this vibrant and positive atmosphere in your rental home by holding social events. Schedule an event wherein your renters can get to know each other and form new friendships. This will not only make your rental leasing experience more welcoming but also provide a positive energy among your tenants.
Another way to promote engagement in your rental property is by actively asking for feedback from your renters on how you can improve their rental leasing experience. Your efforts in making their stay better equates to happy and more loyal renters in the long run.
2. Provide Concierge Services
If you’re thinking about ways how to provide excellent customer service to your tenants, providing concierge services is one of the best methods to do it.
You can start by keeping an email list of all the people in your rental leasing. Through this, you can easily contact them about any building work that might affect their rental leasing experience. Also, having their contacts handy can let you conveniently reach out to them from time to time to ask them if they need a bigger unit or floor space, or if the unit they’ve been eyeing for a long time suddenly became available.
Offering other concierge services such as cleaning and maintenance packages is also a great addition to this idea.
3. Include Flexible Rental Clauses in Your Lease Agreement
We all know that tenants have different rental leasing wants and needs so giving them flexible lease terms like pre-leasing, month-to-month, or short-term leases helps you meet those needs.
Another creative rental leasing method that you can try is the inclusion of subleasing and assignment rights to your lease agreement. If you're not yet familiar with it, subleasing and assignment rights means that you are allowing a renter to sublet or give a third party a part or all of their lease interest, as long as they follow certain rules and get your permission.
As a landlord, this can help you find new renters and markets. It would also help you keep your rental income up by avoiding any vacancies.
4. Show Your Support to Environmental and Sustainable Projects
If you show your support for the environment and sustainable projects, you can easily gain the attention and interests of eco-conscious tenants who are looking for a clean and green rental leasing experience. In addition, it will make your renting homes stand out from others on the market.
You can start this by using energy-efficient lighting and thermostats with smart automation.
5. Personalized Rental Leasing Experience for Your Tenants
By personalizing or customizing their rental leasing experience, your tenants can get a sense of belongingness in your rental property, treating it as their own home.
To do this, you need to determine the qualities of your ideal tenants and consider their needs. After identifying these two, don’t forget to include them in your ads and marketing materials.
Also, another way to customize your tenants’ experience is by negotiating a tenant improvement allowance with them. This is the amount of money you give to the renter to help pay for some or all the repair, renovation, and maintenance costs of their rented space to fit their needs and wants.
Aside from making your property better and more valuable, it could also help you to find and keep tenants.
6. Take Advantage of Various Technological Solutions
You can attract tech-savvy tenants by keeping your rental property up-to-date and innovative.
All of this begins with the rental leasing process, of course. Make sure that your potential tenants can do all of it online. This includes your pre-screening interviews, payment, and signing systems.
Meanwhile, you can also apply this to your rental property by investing in equipment and home appliances or gadgets that can interest modern tenants.
You can install digital locks and keyless entry systems on each of your unit's main doors for starters. Also, the security of your rental property can be improved if you install advanced surveillance cameras and sensors in the corridor, lobby, parking area, or common spaces of your rental home.
Hiring Property Managers, the Secret to Low Vacancy Rates
If you want to cut down on empty units in your rental home business, hiring property managers can help you come up with creative solutions and make the rental leasing experience better for your tenants.
Here at 1st Rate Property Management, we keep tenants by making your rental homes a good place to be and taking care of cleaning and maintenance problems right away. Of course, we also help you in marketing your rental leasing property, screening your future tenants, collecting rent, and working on your bookkeeping. All of these processes are done online with the help of our expert and trusted property managers.
Feel free to reach us or contact us to learn more about our services and how we can help you in reducing your rental vacancies in Boise.