5 Easy Ways to Get More Rent for Your Jacksonville Home
Jacksonville’s population is growing steadily as more renter’s like its diverse culture, art, and music scene. There are plenty of restaurants if you want to go on a gastronomic adventure. If you’re a nature lover, you’ll find nature trails, marshes, and massive urban parks. For those who like action, Jacksonville is a sports hub community; there are plenty of teams to root for.
Another noteworthy thing about Jacksonville is its proximity to many beaches, including Ponte Vedra, Jacksonville Beach, Neptune Beach, St. Augustine, and Atlantic Beach. It only takes an hour to reach these spectacular beaches to relax and have some fun in the sun.
Here are five easy ways you can get more rent for your Jacksonville property.
1. Reduce Turnovers
Lower your rent.
Low rent encourages your present tenants to continue signing lease renewals. A vacant property is costly for a landlord. Maintaining low rent prices in Jacksonville helps to avoid and fill vacancies. Steady rent income is beneficial to a landlord as it allows them to focus on generating income.
Focus on creating a great relationship with tenants.
Happy tenants don’t tend to seek to rent elsewhere. Tenants who feel looked after and that their needs are being met are unlikely to terminate their lease in Jacksonville. Focusing on fostering a great relationship with tenants will ensure loyalty and decrease turnovers.
If you can find a way to exceed your tenants’ expectations, you’ll create more rental satisfaction. Every business focuses on pleasing its customers. Due to the fact that your customers (tenants) are the lifeblood of your rental property business, keeping them happy should be one of your goals.
Consider providing discounts when tenants renew their leases. You can also give them coupons or gifts that show your appreciation of their continued loyalty. On holidays, you can give a fruit basket as a token. Also, being prompt in handling their requests will go a long way and show that you’re listening to their needs.
2. Strategic Rent Increase
Check the value of your property.
Assess the value of your Jacksonville property in relation to similar properties in your neighborhood. If you have great property features that others don’t have, you can increase your rent. You may have car parking, a swimming pool, or a clubhouse and gym facility. These are all great incentives that can help you gain more profit.
Improve your property to enhance value.
If you can afford to renovate your rental property in Jacksonville, it will greatly improve its value. You can then adjust the rent price to support these improvements. If your kitchen has a granite countertop, more storage cabinets, and new appliances, your property value increases. Most tenants want modern amenities for energy-saving efficiency resulting in cheaper utility bills.
Take the top spots in your area into account.
Highlight the attractions and wonderful amenities in Jacksonville and in your particular area. If it’s a famous spot to visit, then slightly raising the rent is a good strategy in your rental property business.
Jacksonville houses historical neighborhoods, an active art space and a Jacksonville Jazz Festival. Promote the community’s hidden and popular gems to attract many potential renters.
3. Diligent Rent Collection
Enforce strict late fee collection rules.
It’s beneficial for a landlord to enforce penalties. This way, renters will take the policy seriously and learn to pay on time.
Include a late payment structure in your lease agreement.
The late payment scheme in the lease agreement. Discuss it with your tenants to create awareness of this policy from the get-go. They’ll be encouraged to pay on time to save money. You can choose to use a fixed flat fee or a percentage of the monthly rent as a penalty.
Be firm and professional and collect rent promptly.
Be diligent in collecting rent to ensure your tenants pay on time. If you’re slow in collecting rent payments, tenants will be encouraged to delay instead. Such delays will hurt your property’s profitability over time and may create unwanted conflicts.
4. Multiple Revenue-Streams in Your Rental Business
Increase convenience for your tenants.
Find ways to generate more income from your Jacksonville property. There are always additional services you can offer that result in increased tenant convenience.
Housecleaning and landscaping services.
Some tenants are too busy to keep their place spotless and would appreciate a housecleaning and landscaping service. Professionals do a much better job of keeping your Jacksonville property clean.
Pet grooming services.
Consider pet grooming services to attract a wider pool of quality tenants. Offering pet grooming services generates more income in your Jacksonville property and makes pet owners happier. They’ll also be more prone to staying in your rental property.
5. Be Open to Short-Term Rentals
Sublet your tenants' rented unit for a fixed fee.
Allow your tenants to sublet their unit and collect a fixed fee.
This is a win-win situation. Your tenants can meet their monthly rent obligation more easily, and you get additional income for your Jacksonville property.
Allow shorter stays.
Shorter rentals can mean a higher charge per night, which translates to an increase in income for you. Being open to a shorter stay encourages a steady pool of tourists looking to enjoy a few days in Jacksonville. If they’re happy with their short stay, they can make positive referrals.
The Bottom Line
There you have it – 5 easy ways to get more rent for your Jacksonville rental property. If you need any help regarding the aforementioned, don’t hesitate to contact us at 888-870-5070.
