Lafayette offers a great cost of living compared to many other areas of the country. Although the national average to buy a home is $281,900, the average cost to buy a home in Lafayette is just $157,021.
Despite a low barrier to homeownership, many Lafayette residents still choose to rent instead. If you want to avoid vacancies and ensure your property gets scooped up quickly, you'll need to stay competitive and use smart leasing strategies.
Looking for property management tips? Here are the creative leasing strategies you should use to improve rental property success in Lafayette, IN.
Offer Flexible Lease Terms
One of the best ways to attract more tenants is by offering flexible lease terms. Offering short leases, for example, could help your property appeal more to people who need temporary housing. On the other hand, longer leases could be great for those who want to settle in for a while.
You may want to consider lease-to-own options or other types of leases that are outside the norm when listing your home for rent. These leasing strategies in Lafayette can help you attract more types of people and build interest among a larger tenant pool.
Provide Space Customization Options
Renters also like to have more flexibility over their home's design as well. Consider giving tenants more say in the interior design options of their property, although this may be a bit more work for you.
Offering different interior colors, fixtures, or furniture options can help make a renter feel like they're more in control.
Create Discounts and Deals
Move-in discounts always do a great job of attracting more attention. Consider offering a discount or incentive, such as a first-month free rent deal or special gift, after a tenant moves in.
You may also want to offer incentives to renters later on to encourage them to renew their leases. These tenant retention methods can help to reduce overall property vacancies.
Allow Pets
A major deal breaker for many renters in the Lafayette property market is not being able to bring pets with them to a property. To attract a wider tenant pool, consider allowing them.
While there are pros and cons, the risks can be well worth it if you want to avoid vacancies and ensure you're making the most out of your property in Lafayette, IN.
Offer All-Inclusive Rent
In addition to offering flexible lease terms, another great tactic is to create rental bundles in which you'll offer all-inclusive rent.
Including utility costs and other fees in one inclusive cost can make things much simpler for tenants and can help them rest easy when trying to manage their budgets. Consider offering all-inclusive rent if you want to reduce vacancies.
Using These Creative Rental Leasing Strategies
If you want to decrease vacancies in your property, consider using these creative rental leasing strategies. Providing flexible lease terms, improving customization options, or offering all-inclusive rent are all great ways to make your property more exciting to potential tenants.
If you need help creating rental leases in Lafayette, IN, consider working with PMI Lafayette. With a dedication to client satisfaction and years of experience in the property management industry, we can help meet your needs.
Ready to get started? Contact us today to learn more about how we can help improve your real estate business.
