The Milwaukee area is one of the most competitive rental markets in the nation. Between rising home prices and steep mortgage rates, more people are choosing to rent. However, the rental vacancy rate dropped from 7.6% last year to 3.7%.
More landlords are retaining renters to improve their occupancy rates. Without a rental leasing strategy of your own, your units could remain vacant.
Not sure how to compete? Apply these tenant retention tips today!
Research the Rental Market in Milwaukee
Before applying these lease occupancy tips, research the rental market in Milwaukee. What are other landlords offering that you're not? Consider:
- Amenities
- Special features
- Recent upgrades
- Rental rates
Comparing your rental to others can help you make informed improvements. Otherwise, renters will consider a more up-to-date rental.
Choose upgrades that improve your rental's value. These can include new floors, energy-efficient windows, and new appliances. Consider implementing smart home technology and property management software.
This software can improve the renter's living experience. They can use an online portal to automate rent payments and submit maintenance requests. Meanwhile, you'll benefit from the ease and convenience automation tools can offer.
Reach Renters Online
Your rental properties will remain vacant if you're not marketing the listing online. First, upgrade the listing using leasing best practices. It should feature:
- A compelling headline
- Amenities and special features
- The rental rate
- A thorough description
- Your contact information
- Photos and videos
- A strong call to action
Use digital marketing to gain more online visibility. First, optimize the listing for search engines. Add a location-specific keyword to the content to reach local renters.
Share photos of the property using social media marketing and digital advertising. As you attract more people to the listing, you can generate more applications.
Tenant Retention Tips
Encourage your current renters to renew their leases. Increasing lease renewals can improve your occupancy rate. It also helps you save money on marketing and tenant screening.
Apply these tenant retention tips:
- Upgrade the property
- Keep up with maintenance
- Offer a rental rate discount
- Communicate with renters
- Offer gift cards to stores or restaurants
Try to improve your tenants' living experiences. Keeping tenants happy can encourage them to stay for another lease cycle. For example, you can offer new amenities, host events, or send them birthday messages.
Rely on Milwaukee Property Management
Navigating the rental market in Milwaukee can feel daunting. Partner with a property management company to remain competitive. They can handle rent collection, marketing, and more.
Relying on their professional services and best practices can improve tenant satisfaction rates. Your renters will want to stay, knowing someone cares about their needs.
Leverage Our Rental Leasing Strategies Today
Don't apply these rental leasing strategies alone. Instead, outsource and partner with a property management company. Their leasing best practices can give you an advantage in today's competitive market.
Performance Asset Management is Wisconsin's rapid response manager. We financially outperform the competition to maximize returns without complexity or headaches. Trust our intuitive software and resident eviction guarantee.
Our properties only stay on the market for an average of 17 days. Benefit from our range of services to do more of what you love. Contact us now for a free rental analysis.
