It has always been challenging to find tenants to fill Chicago rental home vacancies during the winter. Even when the market typically slows down in the winter, there are still things you can do to attract tenants to your rental property. It is important that you keep your property’s appeal high to make your rental home stand out. With the following strategies, you can increase your rental home’s desirability and get tenants during the winter months.
Marketing seasonally is a great way to fill a winter vacancy. Attracting tenants in the winter needs a lot more than your standard marketing tactics. You can expand your audience by expanding the scope of where you post. You can also hire a professional, like Real Property Management Chicago Edge, to do photographs and write ad copies for you. When you go beyond your usual marketing efforts you attract more potential tenants for your property.
Offer Favorable Terms
Tenants are usually more interested in Chicago rental properties that offer favorable terms during the winter season. If you notice that you are getting way more inquiries than applications, you might consider having your lease documents reviewed. If your lease seems ok, you might want to loosen up your terms. Small changes can make a huge difference. For example, just changing your policy from not allowing pets to making your rental home pet-friendly could attract more tenants. You can also look into changing other terms such as lease length. If you offer shorter leases, you could fill that vacancy immediately, and have the option to renew the lease of the property during the busy summer or spring months.
You can make your home more interesting to renters by offering one or more incentives. There are many incentive options to choose from. Some ideas include offering your tenant a gift card, a wholesale membership, or local freebies. Another option is to offer a reduced rental rate or even to make their first month’s stay rent-free. It would seem like a lot of money, but losing one month’s rent is way better for your annual cash flows than letting your rental home stay vacant the entire winter.
Another way to effectively market your rental property during the winter is to ask for help. According to sales professionals, word-of-mouth is the best advertisement. Use it to your advantage! If your friends or family are willing to help, you can ask them if they know anyone who is in the market for a rental home. Social media is also a big help! Create a post about your rental that your friends can share with others. A good property management company can also help you find your next tenant. These property management brands have an established network of individuals and many resources that lets them find tenants even during slow seasons.
Although filling a winter vacancy can be a challenge, it is still possible with the right strategies. Would you like to learn more about how professional property management could help you reduce vacancies and increase your Chicago rental homes’ profitability? Contact us today or call us at 773-904-7700.
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