Alameda County's rental vacancy rate is below the state average, but many local landlords are still struggling to secure tenants.
Some renters are heading for cheaper parts of the country. Others are moving in with family or renewing their current leases to avoid major rent price hikes.
It might seem like there are no applicants to be found these days. However, Alameda County still offers plenty of opportunities for property investors. It's all about adapting.
Read on to learn the property marketing and management tactics to use in a tough rental market.
Revisit Your Lease Agreement
When you're not getting a steady stream of applicants, it's time to think about tweaking your lease agreement. This can include dropping your rent price to widen your pool of viable tenants. It can also include lifting certain restrictions that rule out entire demographics.
A big one to consider is your pet policy. While some landlords can't imagine allowing pets in their rental properties, there are pros that can outweigh the cons.
Revitalize Your Property Marketing
Today's average renter is going to begin their search for a rental online. That means that your property rental listing is going to make the first impression. If your listing is outdated, that first impression might not be a good one.
There are plenty of ways to improve your property marketing, and they're not as daunting as you may think. For example, listing all unit and neighborhood amenities and posting a floor plan can shed light on your property's best features. Using high-quality photographs can show that you're committed to professionalism.
Get Smart About Tenant Rights
Every landlord should take tenant rights seriously. In a tough rental market where tenants are getting squeezed by high rent prices, knowing and respecting their rights is even more important.
Pushing the boundaries of tenant rights can result in negative reviews and legal troubles. Have a professional property manager review your lease and maintenance strategy to ensure there are no compliance issues.
Make Strategic Upgrades
If your rental income is starting to dwindle, you may need to do some investing before you can start earning again. Strategic upgrades can make your property more livable, appealing, and competitive.
Start with any maintenance issues that could compromise a tenant's health or safety. This includes things like water damage, old windows or doors, and electrical issues. From there, add amenities tenants want, like window treatments, dishwashers, and in-unit laundry machines.
Call PMI Alameda County for Professional Property Management
Right now, landlords and tenants are both facing a tough rental market. As an Alameda County landlord, it's time to rethink your approach to property marketing and management. With these tips, you can not only attract tenants but keep them for years to come.
If you're looking for a hands-off approach to property investing, it's time to call PMI Alameda County. We apply our parent company's time-tested strategies to an operation founded on local expertise. Contact us to find out more about our customizable property management services.
