According to WBTV, 2024 was the year of the renter in Charlotte, NC; while rental prices were extremely high in the post-pandemic years, prices finally started to fall in late 2023/early 2024.
Why did this happen? Because more rental units became available, which made being a landlord tougher. More competition meant more focus on landlord best practices, which you might desperately need.
Want to keep your properties filled with reliable renters? Then read on. In this article, we'll give you four tips for effective tenant placement in Charlotte.
1. Market Your Property Strategically
One of the best leasing strategies to follow is to market your property well. After all, if people don't find your rental appealing, they won't even consider it.
We've got some great property marketing tips for tough markets, but the gist is this:
- Carry out a rental analysis
- Perform upgrades and repairs
- Engage in online property marketing
Make sure that you highlight amenities and proximity to popular spots like NoDa or SouthPark. These are surefire ways to draw tenants in.
2. Screen Tenants Thoroughly
Tenant screening is of the utmost importance, as it protects your investment. Evictions can be a real nightmare to go through, but if you take the time and effort to perform checks, they're less likely to happen.
Conduct the following checks to ensure reliability:
- Credit
- Background
- Employment
In addition, double-check that the renters have a steady income and request references from past landlords. If you find this too much to do on your own, then consider outsourcing the tenant screening process. A rental property management company can take care of this, plus more.
3. Focus on Fair Housing Laws
Fair housing laws are in place to protect individuals while seeking housing. Not only are there federal regulations, but also state ones. It's essential that you're compliant with these laws, or else you'll face legal consequences.
When you're advertising your rentals or going through the application processes, take care to avoid discriminatory language. If you have any more questions, it's best to consult with a legal professional.
4. Tailor to Tenant Needs
They say that the best way to attract business is to step into your customers' shoes, and that's true of rental leasing too. You should emphasize Charlotte's lifestyle benefits, such as access to green spaces, dining, and cultural events.
Once you've reeled in potential renters, be flexible with lease terms. That way, you can appeal to different demographics.
Plus, move-in incentives will help. By offering perks like discounted first-month rent or free parking, you'll definitely attract high-quality tenants.
Good Luck With Tenant Placement
Tenant placement can be difficult, especially since Charlotte's a renter's market now. However, if you use our expert tips, you'll be able to fill your empty spaces.
To further increase your income, think about using a property manager. With an experienced one by your side, you'll have a steady revenue stream without all the hard work.
Contact us now if you'd like to use property management services. PMI Mecklenburg guarantees that we'll find a quality tenant in less than 21 days or you don't pay the first month of management fees.
