We're hearing many Arlington rental property owners who are worried about competing with multi-family units and other investors right now in this renter's market. However, this is a nationwide phenomenon that isn't isolated to Arlington real estate investors.
Online and across the country in bigger cities, we're seeing a trend of renters moving from major population areas to the suburbs. This shortage of renters in metro areas and sudden excess in supply of housing naturally causes some dips in the average rental rate for an area. For investors that have been enjoying consistent increases in rent up to this point, you might be wondering how to handle a renter's market when you find yourself facing down your next vacancy in the Arlington, VA area.
RentSimple can help! Here are some tips from an Arlington property management company for navigating a renter's market.
Set the Right Rent Rate
The most important thing to get right in a renter's market is the rental rate.
- Set this too high, and you just won't find a renter.
- Price your Arlington rental homes too low, and you're harming your ROI.
Setting a rent rate too low also has the added effect of making it harder for you to continue to provide great spaces for renters to live in. Arlington rental property owners provide an important service that needs to be balanced with what the market will support for maximum returns.
We use timely market data such as:
- The average cost per square foot
- Local vacancies
- MLS listings
And other key factors to ensure that our rental rate calculations are comprehensive and will help you make the most income from your investment. That's one of the advantages of working with an expert Arlington property management company like RentSimple!
Partner With a Tech-Forward Property Manager
Making the most of technology when it comes to your Arlington rental homes means we can provide you with better property management services at a better price. This means you can step back and benefit from our expertise without breaking the bank.
We've invested in technology that helps us perform better for our clients, such as:
- Marketing automation to find renters faster
- Pet screening to improve the pool of renters that qualify and takes the risk out of renting to pets for our clients
- Rent collection enhancements that ensure missed payment get immediate attention
- Better tenant screening techniques that nearly eliminate owner risk
- Great customer service that keeps great people renting your great spaces longer
- A streamlined investing experience from start to finish: you always know what is going on with your investment!
Plus, we back up what we do with our guarantees. Our clients always benefit from the best technology in the industry—without having to invest in all of these systems on their own.
Compete Where You Can
Most investors can't cut a huge deal for renters because someone still needs to pay the mortgage, property taxes; the list goes on. There are many incentives you can offer renters—sometimes, calling around to the competition is a good way to find them.
Apartments offer a ton of rental incentives because they understand that once the property is leased, a good renter is going to stay for a few years, and they'll make up these specials in rental increases over time. Some incentives we've seen in the Arlington rental market are:
- Reduced or waived deposits
- Gift cards with a new lease
- Reduced rent rates
- One month free for new residents
- Even a free TV!
During a renter's market, investors that own single-family homes are more likely to find themselves competing against multi-family properties with incentives that seem hard to compete with. We help our property owners come up with safe and smart incentives that work for them and maximize ROI at the same time.
As an Arlington property management company, our goal is to help match great spaces with great people to create lasting returns and happy renters. Understanding how to position your Arlington rental property to attract the right renters will make it easier to maximize your income while reducing the time your property is vacant.
Is Now a Great Time to Grow?
In some areas, sale prices are falling thanks to the pandemic, making this the perfect time to grow your portfolio if you've been considering adding more investment properties.
When you're already paired with a property management company like RentSimple, adding properties to your investment portfolio is simple. Our full-service property management approach helps you select your next great investment and then helps you reach its maximum potential.
Lease Faster with RentSimple!
- Has your rental property been on the market for too long?
- Would you benefit from the experience and technology that RentSimple brings to the table?
We'd love to help!
RentSimple leases properties in less than 17 days on average, and we handle the entire process—so you don't have to worry about losing income from vacancies. Whether you need full-service property management or just help to find the perfect renter, let us know. Ask us about our guaranteed rent, too!