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As the apartment rental season in Chicago winds down, landlords face a crucial challenge: keeping their rental properties occupied through the quieter months. The Apartment Source is a full-service Chicago brokerage with extensive expertise in leasing, sales, property management, and redevelopment; our primary focus this time of year is maintaining high occupancy rates to ensure consistent rental income for our landlord clients. Here are the top five ways to prevent vacancies for your Chicago apartment.
1. Optimize Rental Pricing with Market Insights
As the rental market cools down, it’s vital to reevaluate and adjust your rental pricing. As a full-service brokerage that specializes in rentals, The Apartment Source is able to leverage data to understand current market trends and help you adjust your rates accordingly. Competitive pricing will attract potential tenants and keep your property desirable any time of year, which ultimately can save you from the income loss you would otherwise face with vacancy. Consider offering concessions and special promotions such as reduced rent for the first month or a waived admin fee to stand out from other listings.
2. Boost Your Property’s Appeal with Upgrades
Now more than ever renters have high expectations, especially when the market is less competitive. Invest in property upgrades and maintenance to enhance your property’s appeal. This could include fresh paint, updated fixtures, or improved landscaping. If you really want to take your investment property to the next level, take advantage of unused space such as an unfinished basement or utility room that could be transformed into a bike room, storage lockers, or coworking space with internet! Work with our redevelopment division here at The Apartment Source to see where you can add value to your investment property, highlighting its best features to attract potential renters.
3. Implement Targeted Marketing Strategies
Effective marketing is key to filling vacancies during slower periods. Our marketing team at The Apartment Source will collaborate with you to create a well-rounded marketing plan for your rental property. We utilize online platforms, social media, and our 70+ expert leasing agents’ networks to reach potential tenants. High-quality photos, videos and virtual tours can make your property stand out, even in a less active market. No stone can be left unturned!
4. Focus on Tenant Retention
Maintaining good relationships with current tenants can help reduce turnover and prevent vacancies. Ensure your property is well-maintained and address any issues promptly. Regular communication and responsiveness can foster tenant satisfaction and encourage lease renewals, keeping your occupancy rates stable. The Apartment Source is now proudly managing 800+ units around the Chicagoland area. We aim to exceed our landlords’ expectations with happy tenants and fewer vacancies.
5. Offer Flexibility
Renters looking for housing during Chicago’s off-season are often moving under untraditional circumstances. The typical Chicago renter begins their search 60-90 days in advance, but the off-season renter might be relocating urgently from out of state for a new job, breaking a lease with a non-compliant landlord, or looking for an immediate living situation post break up. Be flexible with property showings to accommodate potential renters’ schedules. Offering evening and weekend showings as well as virtual tours can increase the chances of attracting interested tenants. If your property goes vacant, conduct repairs and turnover service promptly to accommodate the renter with an ASAP move-in date. Work with our expert leasing agents at The Apartment Source to coordinate and maximize the effectiveness of property viewings.
By implementing these strategies, landlords working with a Chicago rental brokerage like us at The Apartment Source can effectively navigate the transition from the busy leasing season to the quieter months. Staying proactive and leveraging market insights will help you maintain high occupancy rates and ensure your investment properties remain profitable throughout the year.
Facing vacancy? Give us a call: 773-404-9900 or send us an email to: info@apartmentsource.com. Working with The Apartment Source is working with the #1 leasing brokerage in Chicago. We look forward to exceeding your expectations!
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