According to a June 2024 report by Metro Atlanta CEO, Georgia's rental vacancy rate sat at 8.3% in 2023, the 12th highest among all states.
Sounds familiar?
If so, now is the best time to revamp your rental leasing strategies. You may still be implementing outdated policies that prevent prospective renters from applying to your rental.
To that end, PMI Perimeter put together this guide on practical and creative leasing tactics Atlanta landlords like you should consider implementing. Read on, as what you learn here can help you reduce rental vacancy rates and improve tenant retention.
Welcome Furry Family Members
According to Multifamily Dive, pets are now potential renters' #1 priority. So much so that pet-welcoming rentals have become more in demand than those with amenities like air conditioning and laundry facilities. However, despite these stats, many landlords still don't advertise their rentals as pet-friendly; for instance, only 55% of those listed on Zillow do.
So, if you're still implementing a no-pet policy for your Atlanta rental, it's likely contributing to your lack of rental applications and prolonged vacancies. Put a stop to this today by welcoming pets into your property. By doing so, you can:
- Expand your tenant pool
- Increase your chances of finding responsible tenants faster
- Generate more income by charging reasonable pet rents
Pet-owning tenants are more likely to stay in the long run, too. After all, they know it can be challenging to find high-quality rental properties that will welcome their furry family members, given that not all landlords allow pets. So, offering them your pet-inclusive property can make them more likely to want to renew the lease.
Offer Time-Limited Move-in Specials
Rental move-in specials are effective apartment leasing techniques that make your property more attractive because of their cost-saving benefits. Adding a time limitation (e.g., advertising the promotion with an expiration date) can also give applicants a sense of urgency to apply.
However, the specials must be worth it and offer significant savings to attract applicants. An example is a 50% discount on the first month of rent for a 12-month lease. Although a 50% discount may seem massive to you, the landlord, it can pay off since it guarantees your property won't be vacant in the next 12 months, and you'll earn income during that period.
Invest in a Tenant Benefits Package
A tenant benefits package is a collection of value-added services and benefits for renters, such as:
- An online tenant portal for rent payments and property maintenance requests
- Discounted high-quality HVAC filters
- Complimentary credit reporting
- A once-yearly late rent fee waiver
Since a tenant benefits package can help renters save money, they're more likely to choose a rental that offers it over others that don't.
Follow These Rental Leasing Strategies
Welcoming pets, running move-in specials, and offering a tenant benefits package are some of the top rental leasing strategies you should consider implementing for your Atlanta rental property.
If you don't have time for all of that, our team of property management experts at PMI Perimeter certainly does. Our owner, Bill Ireland, also brings over two decades of professional expertise to the company. From marketing to tenant screening, lease enforcement, accounting, and property maintenance, we can handle all these and more on your behalf.
Talk to us today so we can get started with your free property analysis!
