Should You Offer a Deal to Find New Tenants for Your Virginia Beach Rental Property?
Key Takeaways
- Virginia Beach’s rental market is highly competitive, so landlords must go beyond basic listings to attract tenants.
- Effective marketing, strong descriptions, quality photos, and multi-platform promotion, is essential for visibility.
- Property upgrades and value-added services (like free internet or utilities) can significantly boost tenant interest.
- Incentives like rent discounts or waived fees can help fill vacancies faster, but they come with financial risks and require careful tenant screening.
Virginia Beach is a ripe area for real estate investments. With its perfect combination of oceanfront views, a vibrant community, and a thriving job market, the area attracts new renters year-round.
However, as rental demand has grown, so has the supply. The rental market is more competitive than ever, meaning that landlords have to think outside the box to get their properties leased.
If you’re having a hard time getting your Virginia Beach rental leased, chances are you need to do things differently to attract tenants.
In this guide, the experts at Limehouse Property Management will evaluate different strategies to see if they really work or are just a waste of resources.
LEARN MORE ABOUT LIMEHOUSE PROPERTY MANAGEMENT
Best Practices to Attract Tenants to Your Virginia Beach Rental
Anyone can buy a property and list it for rent online. The tricky part is actually getting the property leased.
The rental market is more competitive than ever, with thousands of active listings online, making it incredibly difficult to attract tenants.
If you’re planning to rent out a property in a sought-after market like Virginia Beach, you need to actively work to ensure tenants are seeing your listing. Here are some tips to help:
Market the Property Effectively
Advertising a rental property starts with writing a short but engaging listing that incorporates some of the top keywords or adjectives tenants are looking for. Then, you need to take hi-res pictures of the unit.
Finally, you need to post the listing across multiple platforms. Additionally, you can run tailored ads on social media or popular search engines to increase the overall visibility of your listing.
Leverage Word of Mouth
If tenants are satisfied, they’re more likely to recommend your property to others. Asking former tenants to write reviews for your website or to simply let their family and friends know that your property is up for rent can go a long way in helping you find new tenants.
Invest in Upgrades and Renovations
If you want to attract tenants to your Virginia Beach rental, you need to make the property stand out from the rest. One of the easiest ways to do this is by upgrading your property.
Typically, major renovations, like kitchen or bathroom remodels, will get the most attention.
But even small upgrades, like painting the walls, installing new fixtures, or replacing old appliances, can have a major impact on your property’s appeal and marketability.
TALK TO A PROPERTY MANAGEMENT EXPERT
Offer Value-Added Services
Tenants are always on the lookout for features that will make their lives easier. Offering key services with the rent can be a great way to generate more interest in your rental.
For example, providing free internet, a cleaning service, or including utilities in the rent can make your property more appealing to prospective tenants.
Best Deals You Can Offer to Attract Virginia Beach Renters
If you’ve tried the practices outlined above and none of them worked, or you are simply looking for a simple and time-effective strategy to attract more tenants quickly, then you should consider offering deals and incentives for signing the lease.
Here are some things renters will love:
Waived Fees
Tenants get picky when they have to pay application fees. By waiving the application fee, you can effectively increase the number of applications your rental gets.
Discounts on Rent
Offering a free month of rent can encourage tenants to sign the lease more quickly. Even small discounts, like 10% off for the first six months of rent, can increase the appeal of your rental.
Free Utilities
Including the cost of utilities in the price of rent, or offering free utilities for the first 3 months, can help you generate more interest in your Virginia Beach rental.
Pet-Friendly Features
Allowing pets into your rental can significantly increase its desirability. If your Virginia Beach rental is already pet-friendly, you can offer some pet-friendly gifts instead, like a voucher for a free bath, treats, or some toys.
Free Parking
If your property doesn’t have a garage or on-street parking, you can offer to cover the first month of parking fees for new tenants.
The Pros and Cons of Offering Deals to Attract Tenants
Offering deals and incentives can be an easy way to get your Virginia Beach property leased faster. Things like rent discounts or waived fees can make more renters interested in your property. However, there are some risks you should consider:
Financial Losses
Offering one or several months of free rent or offering to cover the cost of utilities or parking sounds great, but is more expensive. It’s important that you budget for these deals or discounts to avoid ending with a negative bottom line.
High Tenant Expectations
If you offer a major deal for tenants to sign the lease, they may expect similar perks in the future. This can overcomplicate future lease renewals or rent increases.
Unsuitable Tenants
Offering deals can help you attract a wider pool of prospective tenants. However, not all of them will be suitable for your rental. Without an effective tenant screening process, you could end up with unsuitable or problematic renters.
Negative Perception
If you’re regularly offering perks or incentives to get your property leased, tenants may assume that there’s something wrong with the unit. Over time, this can affect your reputation and make it even more difficult to rent out the property.
Bottom Line
Finding tenants for your rental is a result of the output of the work you’ve done, from creating a compelling listing and publishing on multiple platforms to upgrading the property to keep up with market trends.
There can be times when you’re doing all you’re supposed to and are still not seeing results. In such cases, there’s nothing you can do but find creative ways to make your rental stand out, like offering deals and perks to new tenants.
This can be incredibly beneficial, as long as you budget appropriately and screen tenants carefully.
Want to learn how to make your Virginia Beach rental stand out from the rest? Contact Limehouse Property Management today!