Avoid the Summertime Vacancy Blues

Avoid the Summertime Vacancy Blues
By: Nicholas A. Dunlap, CPM

Graduation time, kids are out of school, family vacations and three day weekends are here, you guessed it, summertime is upon us. Even the best apartment communities experience turnover in the summertime. Follow these 3 secrets to make sure you fill your vacancies before Independence Day as opposed to after Labor Day.

1.Know Your Market– Conduct a rental survey to understand where your proposed asking rent fits within your market. Identify a competitive rate based on the location of your property and the specific makeup of the unit and proceed accordingly. Be sure to price yourself for activity: not too high, not too low.

2. Respond Quickly– Whether it is a first showing, verifying a completed application or responding to an applicant on whether or not they have been approved for move-in, time is of the essence. Respond promptly to ensure your prospects do not look elsewhere.

3. Customer Service– Realize that the key to your success is serving your customers. Be hospitable, cheery and professional in your presentation.

Right now, the rental market is hot. The up-tick in consumer confidence reflected in recent Retail statistics has certainly found it’s way into the marketing and leasing sector of apartment homes. Just today, we processed 7 applications to rent our apartment homes and better yet, 6 of 7 were accepted outright without a co-signer! If this is a sign of things to come, we are in for a great summer.