Vacancies can wipe out a landlord’s cash flow, so limiting them is key to your success. If you want to know how to find tenants for your rental property, you’ve come to the right place. In this guide, we’ll equip you with all types of strategies and tips for advertising your rentals, screening applicants, and retaining your best renters!
What’s worse than a vacant property? A bad tenant! While you may be tempted to accept a questionable renter whenever you have a vacancy, consider the enormous downside of property damage, evictions, or legal issues.
You don’t just want any tenant. You want great tenants. This might make your search more difficult, but it could save your rental property in the long run. If you’re a landlord or property manager, here are some of the qualities you should be looking for in a new tenant:
Keep in mind that The Fair Housing Act prohibits discrimination based on race, sex, religion, disability, familial status, and other factors. Be careful when setting requirements and create an unbiased application process.
Attract better tenants by buying turnkey rentals!
Finding renters isn’t easy, but exhausting as many strategies as possible will widen your tenant pool and boost your chances of landing a great tenant. Here are ten of the best ways to find renters in 2024:
If you don’t have the bandwidth to find, screen, and place tenants, hire a property manager to handle the entire process instead. Property managers have a wealth of experience when it comes to placing tenants and delegating these responsibilities takes one more task off your plate.
Rent to Retirement provides management with their turnkey real estate investments, keeping your property occupied by high-quality tenants!
If you’d prefer to self-manage your property, find a property management tool that will make it easier to track, screen, and onboard your tenants.
Rental listing websites are where many tenants begin the search for their next home. Not all tenants use the same platforms, so the more places you can list your rental property, the better. There are dozens of rental listing websites, but the most popular options include:
Incomplete or outdated listings deter tenants. If you want to encourage the right tenants to apply, you need to provide accurate information and realistic expectations about your rental. Include as much information about your property as possible, including the following details:
There are several ways to use social media to find tenants. You can post to your timeline or feed to reach your own private network, but you can also use paid social ads to reach a much larger audience. What’s more, many cities and towns have local Facebook groups designed to connect landlords with potential tenants.
Looking for rentals with the best tenants?
Realtors host open houses to sell homes, but this can be an effective strategy for landlords, too. These events not only create buzz around your property but also help you save time by showing your property to multiple candidates at once.
Make sure you post ads, flyers, and signs in the days or weeks leading up to your event. You should also be well-rehearsed on your property’s unique selling points and answers to any questions potential tenants might have. Be upfront about rent charges, fees, and policies so that you’re setting the right expectations from the get-go.
Word of mouth is one of the most effective (and passive) ways to find tenants, as having people vouch for your property often holds more weight than traditional advertising. Create a referral program that rewards your current tenants for helping you find more renters. You could offer a small cash amount, rent discount, or additional amenity for every new tenant placed.
Your next renter could be driving by your property every day! Putting up a “for rent” sign is an easy (and free) way to grab their attention.
Visibility is key. Place the sign in your front yard, a large window, or another location where it will be easy to spot. Drivers will also only have a few seconds to scan your sign, so feature any key details in large print and a vibrant color.
Newspaper ads can be an effective alternative to digital advertising, especially if you live in a smaller town. Because every newspaper is different, make sure you do your research on your local news agency. You’ll want to know when they sell the most papers and run your ad on that day.
Keep in mind that larger ads can be pricey. If you’re on a budget, abbreviate common terms, limit information to your property’s most important details, and prioritize your property’s biggest selling points.
You can use flyers to advertise your actual rental or an upcoming open house event. Like for-rent signs, flyers should be easy to scan. List the most important details about your rental in large print and include a strong call to action. Consider adding a QR code that directs potential renters to your website, listing, or application form for convenience.
Many local businesses and organizations—such as grocery stores, laundromats, restaurants, and libraries—have public bulletin boards where you can pin a small ad. Start with the establishments that get the most foot traffic and those that are closest to your property.
A strong tenant screening process produces higher-quality tenants. Weed out poor candidates and attract the top tenants in town with these essential screening tips:
Determine your minimum requirements upfront so that you have a clear picture of your ideal tenant. Creating thresholds for things like income and credit score ensures that all tenants are screened fairly and prevents you from compromising when you have a vacancy.
Rather than funneling all tenant leads toward your application form, qualify them with a set of pre-screening questions. This will reduce your number of applicants to the most relevant candidates, which will help you save time when reviewing applications.
Tenants don’t always tell the truth. Before approving a renter based on the information they provide, verify as much information as possible. Although it may seem tedious to scan bank statements, run background checks, or contact landlords and employers, doing your due diligence could help you avoid a major blunder.
Renter history is a strong indicator of how a tenant might treat you and your property. Ask the potential tenant for their landlord’s contact information or request a free rental history report. When calling the landlord, first ask whether they have homes for rent. This allows you to quickly verify that you’re speaking with an actual landlord and not the tenant’s friend!
Finding great tenants is hard. Keeping them is another challenge entirely.
The most important factor is a rental property that tenants love. Rent to Retirement has high-quality turnkey properties that will keep your renters around for years!
Here are some things you can do to ensure that your best tenants stay with you long-term:
Ready to find high-quality tenants for your property and keep them around? Use the tips and strategies in this guide to build your tenant pool, attract more qualified applicants, and boost your occupancy rates!
There are several ways to find tenants for your rental property. Create and update your online listings, share your rental on social media, use different forms of print advertising, and start a tenant referral program. Or, hire a property manager and leave it to them!
Many landlords and property managers agree that October, November, December, and January are some of the hardest months to find tenants. Renters are less likely to move during the winter, and families with children often find it difficult to move during the school year.
Yes, good renters are hard to find, but there are also several strategies you can use to attract better tenants. First, cast a wide net by exhausting all forms of advertising. Next, qualify your tenant leads through your pre-screening process. Finally, verify all tenant information so you can be confident about the person you’re approving.