Did you know that the median house price is approximately $500,000? Unfortunately, this has made it challenging for many people to purchase a new home.
However, it has served as a great investment opportunity for owners of rental properties.
Having a low occupancy rate can be disheartening for property owners, but identifying the underlying causes can help you create a plan of action to increase your occupancy rate.
Here are four reasons your property in Bradenton may have a persistently low occupancy rate and what you can do about it.
1. Location, Location, Location
If your property is in an undesirable location, it can be challenging to attract would-be tenants. To combat this, consider investing in local marketing campaigns or offering additional amenities such as on-site laundry facilities, a swimming pool, or even discounts for long-term leases.
Unfortunately, there isn't much else you can do other than the above. Over time, many locations will continue to develop and become more attractive to tenants.
2. Your Pricing Doesn't Fit the Market
If your rental rate is too high compared to other properties in the area, customers will be deterred from inquiring. Analyze the current market and adjust your rental rate accordingly if necessary.
Don't be too quick to offer rock-bottom rates, though. This could cause you to lose out on a substantial amount of money.
3. A Lack of Curb Appeal
The outside appearance of your property (curb appeal) can make or break a potential tenant's interest in renting.
Make sure to keep the exterior clean and well-maintained, with fresh paint and landscaping. Additionally, consider adding attractive outdoor seating areas or even an outdoor kitchen.
4. An Unattractive Online Presence
An effective online presence is essential in today's digital world.
Make sure to create a website for your property that contains relevant and up-to-date information, including photographs of the exterior and interior of the property. Additionally, set up social media accounts to help spread the word about your rental and attract future tenants.
How to Increase Occupancy Rate
Once you have identified the underlying causes of your low occupancy rate, it is time to take action. Make sure to prioritize improvements that will yield the most significant impact and focus on maintaining a high level of customer service.
Contact local real estate agents or property management companies who can provide additional guidance and resources. With research and dedication, you can increase your property's occupancy rate in no time.
Improving a Low Occupancy Rate Is Easier Than It Seems
Sometimes, managing a low occupancy rate can seem overwhelming. As long as you keep these guidelines in mind, you will be sure to get the best results while minimizing your complications.
From here, you can ensure you get the most out of your Bradenton property.
Are you looking for more information about what we can do for your rental property? Then, reach out to us today to see how we can help.