According to the US Census Bureau, the rental vacancy rate in the third quarter of 2024 was 6.9%. While most residents of Eau Claire love living in the city due to its vibrant culture and river scenes, many landlords are still dealing with vacancies.
Unfortunately, every unit sitting empty on your property will cause you to miss out on a potential rental income boost. Here are rental leasing strategies you can use to reduce vacancies in your Eau Claire property.
Offer Flexible Lease Terms
Flexible lease terms can attract people who might not want a long-term rental commitment. Such include:
- Temporary workers
- Divorcing couples
- Snowbirds
Since Eau Claire is a college town, you can use flexible terms to fill your student rentals. Establish a lucrative lease duration by identifying the number of months most students are willing to rent.
Then, market your property while highlighting its flexibility. You can use terms like 'short-term rentals' or 'flexible leasing options' in the ads to attract many potential tenants.
Add Amenities Eau Claire Renters Want
Amenities often influence renters, so it's vital to have things that will make your property stand out. Consider options such as:
- Pet-friendly policies
- Energy-efficient features
- Updated laundry facilities
- High internet speed options
- Secure storage spaces
- Community-focused spaces
Tailoring your property to include features Eau Claire renters want will make it more competitive. It also increases value, allowing you to charge a slightly higher amount than other landlords while keeping vacancies low.
Offer Rental Leasing Incentives
A small incentive can make someone choose your property over another. Here are some real estate leasing strategies to use:
- Offer discounts on rent
- Provide free perks like Wi-Fi for a few months
- Waive application fees
- Offer utility escrows
- Give early move-in credits
Such incentives will sweeten the deal and help you secure tenants faster. They also build a positive reputation for your property, encouraging tenants to stay longer or recommend it to others.
Create Effective Lease Agreements
A good lease agreement will help you avoid confusion and ensure tenants know what you expect from them.
Your leases should include rent payment terms and explain how you will handle maintenance requests. They must also mention the violations allowing you or the tenant to terminate the lease.
Hire an Eau Claire Property Manager
Managing your real estate investment may be stressful if you have multiple units or don't live in Wisconsin.
An Eau Claire property manager understands the local market and can suggest leasing strategies to attract the right tenants. They will apply practical property management tips to keep tenants happy and reduce turnovers.
Keep Your Units Full With General Property Management
Creative rental leasing strategies can lower vacancies, attract great tenants, and boost your income. Offer incentives and flexible lease terms to make your properties attractive. Further, include useful amenities and liaise with a local expert to optimize your investment.
General Property Management has been in the real estate market since 1994 and will take care of all aspects of managing your Eau Claire property. We offer a detailed analysis to help you evaluate the local market conditions and predict cash flow. Contact us for a free consultation.
