Despite its small size, the beautiful state of New Hampshire attracts many homebuyers, renters, investors, and tourists each year. New Hampshire has so much to offer, and this makes owning investment property in the area a lucrative endeavor.
Vacant properties lead to lost income. As a landlord, it's crucial to do what you can to keep tenants happy and paying their rent month after month. This requires some creative leasing solutions to decrease vacancy rates.
Here's a guide to rental leasing strategies you can use in Southern New Hampshire.
Flexible Lease Terms
One strategy to attract a diverse pool of renters is to vary lease terms to meet the needs of tenants. Some ideas include month-to-month and lease-to-own options. A month-to-month lease appeals to individuals who need temporary houses, including people relocating to the area, vacationers, or business travelers.
A rent-to-own option works for properties you intend to sell. A portion of the tenant's rent is paid toward the purchase price. This can be an attractive option for someone who wants to buy a home but isn't in a position to do so now.
Invest in Marketing
Before you develop rental market strategies in NH, you should inspect the property thoroughly. First impressions matter, so keep curb appeal in mind. Some tips include:
- A fresh coat of exterior paint
- Outdoor lighting features
- Landscape the property
- Update the siding
A lovely exterior impresses renters and helps them visualize themselves living there. Staging a home is another way to draw potential tenants. Once you make improvements, consider hiring a photographer to take pictures and videos for marketing purposes.
A mix of marketing strategies, including social media and paid advertising will increase exposure to your rental property. This will draw more interest and provide greater potential for quality tenants.
Screen Applicants
When you have a vacancy you need to fill, you may be tempted to rent the property out quickly. This can leave you vulnerable to less-than-trustworthy tenants and cost you money in repairs or months of vacancy. Investing in sound tenant screening is a better approach. Strategies for effective vacancy reduction include gathering the following:
- Rental history
- References
- Employment verification
- Eviction history
- Credit checks
Investing in Southern NH property management is a great way to increase your chances of having reliable renters with a history of paying their rent on time. A property management company can help you screen tenants, market your property, and provide maintenance as needed.
Decrease Vacancies With Effective Rental Leasing Strategies
As a property owner, you know how hard it can be to market your property, choose quality tenants, and deal with upkeep and maintenance. The good news is these NH rental vacancy tips can help you find the right solutions for your property.
At PMI Property Management, we offer rental leasing solutions for residential and commercial property owners. Using state-of-the-art technology, we keep you informed about every aspect of your investment property. As a full-service property management service, we provide tenant screening, rent collection, maintenance, and financial reporting.
We aim to make your life easier and help you grow your investment over time.
Contact PMI Property Management today for a free rental analysis.
